The commercial boiler market is estimated to be valued at US$ 2.11 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Commercial boilers are extensively used in various commercial and industrial applications such as hotels, hospitals, offices, shopping malls, schools, manufacturing facilities, greenhouse heating, and other similar applications. Commercial boilers generate steam at high temperature and pressure, which can be utilized for space heating, humidification, processing, and other heating applications.
Market Dynamics:
Rising demand for energy-efficient heating systems: Governments across various countries are promoting energy-efficient heating systems to reduce carbon emissions. Commercial boilers have high energy efficiency and use 30-50% less fuel than conventional boilers. This is expected to drive the demand for commercial boilers over the forecast period.
Increasing construction spending on commercial buildings: Growing construction of hospitals, hotels, malls, offices, and other commercial buildings is augmenting the demand for heating, ventilation, and air conditioning (HVAC) systems. Commercial boilers are an integral part of HVAC systems to provide space heating, hot water, and process heating requirements in various commercial settings. This is fueling the growth of the commercial boilers market.
SWOT Analysis
Strength: The Commercial Boiler Market Growth has significant growth opportunities due to rising demand from various end-use industries such as healthcare, hospitality, education, retail, and others. Commercial boilers provide reliable and efficient heating solutions. Technological advancements have led to the development of smart and eco-friendly commercial boilers.
Weakness: High initial investment requirements for commercial boilers can restrain their adoption, especially in cost-sensitive markets. Regular maintenance and repair services increases the operating costs of commercial boilers over time.
Opportunity: Rising demand for energy-efficient commercial boilers from green building projects presents an opportunity for market growth. Advancements in combustion and smart control technologies will further enhance the functionality of commercial boilers.
Threats: Volatility in raw material prices can increase the production costs of commercial boilers. Growing adoption of alternate heating solutions such as heat pumps pose a threat to market growth.
Key Takeaways:
The global commercial boiler market Size And Trends is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing demand for efficient and eco-friendly heating solutions from the industrial and commercial sector. Rapid urbanization and growth of the real-estate sector in emerging nations of Asia Pacific and Latin America will boost the sales of commercial boilers.
Regional analysis: North America dominates the global commercial boiler market, owing to stringent energy efficiency regulations and presence of leading market players. The Asia Pacific market is expected to grow at the fastest rate during the forecast period due to ongoing infrastructural developments and industrialization in countries such as China and India.
Key players operating in the commercial boiler market are A.O. Smith Corporation, Bosch Thermotechnology, Cochran Limited, Cleaver-Brooks, Fulton Boiler Company, Parker Boiler, Slant/Fin Corporation, Superior Boiler Works, Inc., Vaillant Group, and Weil-McLain. The market leaders are focusing on new product launches, mergers, and acquisitions to gain higher market shares.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile