Published Date: February 23, 2023
Commercial Boiler Market size is set to surpass USD 24.5 billion by 2032, according to a new research report by Global Market Insights Inc.
This growth is attributed to the ongoing initiatives towards the decarbonization of the global commercial sector. Recently, in September 2022, the US DOE launched its latest, industrial emissions reducing, Energy Earthshot Initiative, Industrial Heat Shot, to reduce industrial heating emissions by 85% by 2035. Meanwhile, ongoing efforts towards transitioning economies to a clean energy ecosystem is also likely to elevate the demand for energy-efficient heating systems. In fact, according to the IEA, global government investments on clean energy transition efforts have reached over USD 1.2 trillion since the onset of the COVID-19 pandemic.
In terms of capacity, the commercial boiler market from ≤ 0.3 - 2.5 MMBtu/hr capacity segment is poised to grow at over 6.5% CAGR from 2023 to 2032, driven by their widescale use across commercial establishments such as offices, retail stores, healthcare units, schools, institutions, and other commercial venues. These boilers are relatively easy to install and also boast of low operating and maintenance expenses and can heat the water instantly, making them ideal for the aforementioned avenues. These boilers also have a compact design and are easy to operate, making them the go-to choice for customers.
Commercial boiler market from the condensing technology segment is slated to observe more than 9.5% gains between 2023 and 2032, fueled by the low fuel consumption and energy efficiency of condensing boilers. These boilers are designed to collect the escaped heat energy produced by burning fuels such as oil and natural gas and using it for providing heating solutions. This allows the boilers to yield a relatively lower carbon footprint than its counterparts while also being notably cost-effective. Increasing government emphasis energy conservation makes these boilers the ideal tool to make the transition.
In terms of application, the commercial boiler market size from retail stores is anticipated to reach nearly USD 5 billion by 2032. This growth is likely to be spurred by increasing private investments towards retail outlet development projects and growing number of retail stores across the globe. Recently, in 2022, Target, the leading American big-box store chain announced the opening of more than 23 new retail units. Many retailers are also putting more efforts towards keeping temperature conditions across retail store premises under control, fostering a strong product demand.
Browse key industry insights spread across 1060 pages with 1834 market data tables & 48 figures & charts from the report, “Commercial Boiler Market Size By Fuel (Natural Gas, Oil, Coal, Electric), By Capacity (≤ 0.3 - ≤ 2.5 MMBtu/hr, > 2.5 - ≤ 10 MMBtu/hr, > 10 - ≤ 50 MMBtu/hr, > 50 - ≤ 100 MMBtu/hr, > 100 - ≤ 250 MMBtu/hr), By Technology (Condensing, Non-Condensing), By Product (Hot Water, Steam), By Application (Offices, Healthcare Facilities, Educational Institutions, Lodgings, Retail Stores), 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/commercial-boiler-market
Asia Pacific commercial boiler market is predicted to attain 7% growth rate through 2032, on account of supportive government policies for the construction of novel manufacturing facilities in the region. Last year, while unveiling the Union Budget for FY 2021-2022, the government of India announced an investment of more than USD 26 billion towards improving the country’s manufacturing capabilities. Meanwhile, growing foreign investment towards commercialization is also outlining the demand for commercial boilers in the region.
Top players in the global industry are Cleaver-Brooks, VIESSMANN, FONDITAL, Hoval, FERROLI, Hurst Boiler & Welding Co., Atlantic Boilers, and Babcock & Wilcox Enterprises, among others. Many of these companies are emphasizing product innovations to reinforce their industry position. For instance, in June 2022, B&W Renewable Service, a portfolio firm of American nuclear power company, Babcock & Wilcox, installed new biomass-fueled boilers as part of a green energy initiative in Europe.The systems would be used as a district heating solution for thousands of residents and businesses in Denmark. The green energy initiative uses energy-efficient, renewable fuel to lower emission levels while offering heating solutions to the customers.
Ankit Gupta, Nikhil Paranjape