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The latest report by IMARC Group, titled “Commercial Boiler Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global commercial boiler market size reached a value of US$ 1.19 Billion in 2021. A commercial boiler is a pressurized system that produces heat by burning combustible fuel to provide heating in residential and commercial buildings. They consist of burners and electric coils to generate heat that is transferred to the water by heat exchange. The steam or hot water is circulated via pipes throughout the facility. They also include other components such as exhaust stacks, combustion chamber and controls, which are essential for the optimal operation of the system. Commercial boilers usually run-on natural gas, whereas boilers that burn fuel oil or employ electric resistance coils to generate heat from electricity are also available. As a result, they are widely installed in offices, warehouses, educational institutions, retail outlets, and hospitals.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Commercial Boiler Market Trends:
The market is primarily driven by the rising number of commercial and residential buildings that mandate safety rules for heating equipment. As a result, they are extensively employed in cold countries for heating water. Besides this, governments across various countries are taking initiatives to encourage the adoption of energy-efficient solutions. They are also aiming to minimize carbon emissions and support green buildings, which is significantly escalating the demand for commercial boilers. In addition to this, commercial boiler manufacturers are integrating safety relief valves in new variants to release excessive pressure and improve performance. They are also developing boilers with compact designs and energy-efficient accessories in accordance with regulatory standards, thereby facilitating market growth. Moreover, the expanding tourism sector, rapid industrialization and heavy investments in research and development (R&D) activities are also creating a positive market outlook. Looking forward, the market is expected to reach a value of US$ 1.56 Billion by 2027, exhibiting a CAGR of 4.20% during the forecast period (2022-2027).
Market Summary:
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