Boiler Market Size

Boiler Market Size

Boiler Market was valued at USD 92.4 billion in 2023 and is projected to expand at more than 7.6% CAGR from 2024 to 2032, owing to the introduction of strict regulations to mitigate carbon footprint. owing to the introduction of strict regulations to mitigate carbon footprint.

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Boilers and associated systems are considered efficient heat exchange systems that generate steam and hot water for power generation, heating, and other applications. In recent years, stringent regulations are being introduced due to the escalating greenhouse gas emission. According to data from the UN Environment Program, in 2021, the energy-related carbon dioxide emissions from the building and construction sector rose by 5% over 2020. Such factors will encourage consumers to make a shift toward carbon-neutral technologies, including natural gas-fired boilers, for heating applications.

With the growing awareness of clean energy, consumers are also emphasizing the replacement of traditional heating systems with more efficient units. Strict policies from government authorities have also influenced end users to mitigate their carbon footprint from industrial and commercial establishments, thereby boosting the construction of green buildings. In addition, the high requirement for space heating will generate lucrative opportunities for the business growth. Nevertheless, the high initial investment costs may limit the installation of these units to some extent.