Worldwide Boiler Market worth over $180 Bn by 2032

Boiler Market size is set to surpass USD 180 billion by 2032, according to a new research report by Global Market Insights Inc.
 

The strong focus on decarbonization and the high preference for renewable energy are among the prominent factors bolstering boiler production. According to the European Environment Agency estimates, in 2021, renewable energy accounted for 22% of the energy consumed in the EU. Such trends are likely to augment the demand for steam boilers from hydro, solar, wind, biomass, and other clean energy sources. Likewise, rapid urbanization and the installation of space heating systems will add impetus to industry expansion, especially in developing nations.
 

Oil boiler installation to gain momentum as cost-effective central heating solutions

The oil fuel segment held over 15% share of the boiler market in 2022. This growth is attributed to the high calorific value and extensive availability and supply of fuel. Oil boilers are being increasingly used as cost-effective methods for powering central heating systems. The product can also be utilized alongside clean energy heaters, thereby offering flexibility among homeowners. Despite the favorable business landscape, safety concerns and price volatility may limit oil-fired boiler installation.
 

Stringent emission norms will foster the usage of boilers with ≤ 10 MMBtu/hr capacity

Boiler market from the ≤ 10 MMBtu/hr capacity segment is predicted to observe nearly 8% growth rate through 2032, given the introduction of strict emission regulations. As per the IEA, in 2021, over half of the energy demand from buildings was for water and space heating, leading to 2,450 Mt of direct carbon dioxide emissions. The acceptance of low-carbon heating technologies with low fuel requirements has therefore increased. The report cites that efforts to achieve energy optimization will drive the use of low-fuel-fired boiler machines, especially in small- and medium-scale facilities.
 

High spending on commercial establishments hastens boiler heater development

Commercial boiler market is projected to depict more than 7% CAGR between 2023 and 2032, on account of the proliferation of construction projects. According to data from an Associated Builders and Contractors report, in November 2022, non-residential construction spending reached a seasonally adjusted rate of nearly USD 930 billion, an 8.5% hike Y-o-Y. Furthermore, the growing consumer awareness about space heating and the rapid installation of reliable and efficient heating units will enhance the need for boiler heaters in commercial establishments.
 

Browse key industry insights spread across 980 pages with 1309 market data tables & 76 figures & charts from the report, “Boiler Market Size By Fuel (Natural Gas, Oil, Coal, Electric), By Capacity (≤ 10 MMBtu/hr, > 10 - 50 MMBtu/hr, > 50 - 100 MMBtu/hr, > 100 - 250 MMBtu/hr, > 250 MMBtu/hr), By Application (Residential, Commercial {Offices, Healthcare Facilities, Educational Institutions, Lodgings, Retail Stores}, Industrial {Food Processing, Pulp & Paper, Chemical, Refinery, Primary Metal), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/boiler-market
 

Escalating investment in construction projects to amplify boiler adoption in North America

North American boiler market size is anticipated to reach USD 11 billion by 2032, owing to the high investment in infrastructural development and construction projects. Based on data from the U.S. Census Bureau, in 2022, the construction value crossed USD 1,792.9 billion, a 10.2% hike from that of 2021. The demand for space heating solutions for both commercial and residential applications is also expected to rise and in turn, accelerate the need for boiler services across the region.
 

Acquisition strategies by key participants to influence the industry landscape

The strategic landscape of the global boiler market is inclusive of companies including Weil-McLain, Rentech Boilers, Remeha, John Cockerill, Babcock Wanson, Immergas, Hurst Boiler & Welding, Hoval, General Electric, Fonderie Sime, Bradford White Corporation, Bosch Industriekessel, Bharat Heavy Electricals Limited, BDR Thermea Group, ACV, and A. O. Smith, among others. Mergers and acquisitions are among the key strategies being deployed by these firms to expand their presence in the industry.
 

For instance, in January 2023, Babcock Wanson acquired Parat and PBS Power Equipment, a high-voltage boiler provider. This acquisition will enable the company to gain more market share and boost its customer base in the global industry.