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North America Boiler Market Analysis

Report ID: GMI7285
Published Date: Jun 2024
Report Format: PDF

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North America Boiler Market Analysis

North America Boiler Market Size, By Capacity, 2022 - 2032 (USD Billion)

The ≤ 10 MMBtu/hr boiler market will reach over USD 5.5 billion by 2032. The implementation of supportive government policies aimed at achieving high energy efficiency, especially in developing nations, will further encourage the deployment of boilers. These boilers will gain significant momentum on account of the introduction of various government tax incentives aimed at promoting the adoption of energy-efficient technologies that consume less fuel and deliver high energy.

North America Boiler Market Revenue Share, By Fuel, 2023

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The electric boiler market size will witness a growth rate of over 11% through 2032. Stringent government regulations mandating the use of low-emission fuels will boost the demand for these systems. In addition, the production of cost-effective heating systems along with the swift adoption of natural gas-based units further enhances the product penetration. The involvement of private entities and government in the development and expansion of commercial and industrial buildings will foster a favorable business environment.

U.S. Boiler Market Size, 2022 - 2032 (USD Billion)

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U.S. boiler market is set to surpass USD 8 billion by 2032. Growing demand for space heating in commercial buildings and a heightened focus on corporate sustainability will foster the business outlook. This demand is primarily driven by key factors including ongoing replacement of existing heating units with energy-efficient boilers and surging deployment of energy efficient technologies. Additionally, the paradigm shift towards decarbonization has significantly contributed to the increasing demand for these units.

Stern policy framework for the development of green buildings along with positive outlook toward chemical & food processing industries will propel the Canada boiler market. The industry is witnessing a shift toward advanced technologies such as condensing boilers that offer higher efficiency and lower operational costs over traditional models. The resurgent construction sector and ongoing commercial expansion will boost product demand.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of North America boiler was worth USD 6.7 billion in 2023 and is projected to witness 5.8% CAGR through 2032, due to the robust expansion of commercial spaces along with ongoing replacement of the existing heating systems with energy-efficient units.

North America electric boiler market is poised to witness over 11% CAGR from 2024 to 2032, owing to the stringent government norms pertaining to the adoption of low-emission fuels across the region.

U.S. boiler market size is set to surpass USD 8 billion by 2032, driven by the rising need for space heating in commercial structures and the heightened focus on corporate sustainability.

Some of the top boiler firms in North America are Carrier Corporation, Lennox International Inc., Trane Technologies, Bosch Thermotechnology, Burnham by U.S. Boiler Company, Fulton Boiler Works, Slant/Fin Corporation, Columbia Boiler Co., New Yorker Boiler Company, and A.O. Smith, among others.