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Commercial boiler market size was estimated at over USD 8.5 billion in 2020 and is set to register more than 4% CAGR between 2021 and 2028. Ongoing shift from conventional heating systems to the adoption of efficient and cost-effective water heating systems will augment the market growth for commercial boilers. Increasing investments towards the development of green buildings to reduce the carbon emissions will further drive the market preference for commercial boiler units.
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Over the last few years, global commercial boiler industry has observed a noteworthy growth on account of ongoing replacement & upgradation of conventional heating systems. Growing efforts to reduce the GHG emission coupled with rising deployment of strict environmental policies are few of the paramount factors fueling the industry growth. Low operating cost coupled with high heating efficiency are few essential features offered by the technology which will further complement the global market trends.
However, the ongoing covid-19 pandemic has impacted the global economy with major impact across raw material suppliers and manufacturing industries. Various governmental bodies had imposed strict lockdown protocols which resulted in shutdown of numerous commercial and residential infrastructure projects. As a result, the pandemic has affected the growth of several businesses including global commercial boiler market. However, major pharmaceutical corporations across the world have developed vaccines in late 2020 to curb any further spread of the virus, which in turn is anticipated to aid in regaining the market growth of commercial boiler by FY 2021.
The study determines a detailed analysis of industry trends across the globe segmented on regional basis across technology, capacity, fuel, product and application. Furthermore, the market estimates & forecasts are completely aligned with the data signified by government authorities including the California Energy Commission, Office of Energy Development, Utah, American Boiler Manufacturers Association (ABMA), International Trade Administration, Environmental Protection Agency (EPA), Department of Energy (DOE), Power Magazines and company reports.
| Report Coverage | Details |
|---|---|
| Base Year: | 2020 |
| Market Size in 2020: | 8.5 Billion (USD) |
| Forecast Period: | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR: | 4.30% |
| 2028 Value Projection: | 12.5 Billion (USD) |
| Historical Data for: | 2018 to 2020 |
| No. of Pages: | 650 |
| Tables, Charts & Figures: | 1,268 |
| Segments covered: | Fuel, Capacity, Technology, Product, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Growing gas network will augment the global natural gas-based commercial boiler market share
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Gas fired commercial boiler market will witness over 4.5% CAGR between 2021 and 2028. Burgeoning focus on the acceptance of cleaner fuels has augmented the penetration of gas-fired boiler systems. The policy makers have executed stringent mandates & norms pertaining to GHG emissions linked with the fossil fuel combustion, which in turn complements the preference of the efficient boiler technology.
Extensive range of commercial applications will propel the market statistics for boilers with ≥ 0.3 - ≤ 2.5 MMBtu/hr. capacity
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Commercial boilers with ≥ 0.3 - ≤ 2.5 MMBtu/hr. capacity are expected to witness a growth of over 3.5% through 2028. These units find an extensive range of applications in various commercial establishments including retail stores, educational institutions, healthcare facilities and lodgings amongst others, which in turn will fuel the commercial boiler market demand for ≥ 0.3 - ≤ 2.5 MMBtu/hr. capacity boilers. Ability to provide instantaneous hot water, ease of installation and low maintenance cost are few of the key features, which will augment the penetration of these units over other available technologies.
Enhanced energy efficiency and lower fuel consumption amongst the key drivers propelling the market statistics for condensing commercial boilers
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Commercial boiler market from condensing technology is anticipated to observe a CAGR of over 12.5% through 2028. Global market have noted a substantial growth in the deployment of condensing boiler technology owing to its cleaner operations coupled with the rising market demand for water & space heating systems. These systems minimize the NOx emissions which make them a preferred choice over other alternatives. Deployment of favorable policies and mandates along with several tax incentives & rebates will further complement the product adoption across the regions. Enhanced energy efficiency, minimal heating and low carbon footprint are amongst the prominent features offered by condensing commercial boilers, which will enhance the industry landscape.
Growing adoption of energy efficient and cost-effective water heating systems for commercial applications will enhance hot water commercial boiler industry trends
Hot water commercial boiler market is witnessing a noteworthy growth owing to the increasing deployment of the technology across commercial buildings. Rising penetration of highly cost effective & efficient systems in order to meet the water storage & heating requirements across the commercial facilities will favor the product adoption over the forecast period. Growing digital system integration for effective control & monitoring capabilities, ease of installation and low acquisition costs are various underlying features offered by the hot water commercial boilers, which in turn will favor the adoption of commercial boiler units.
Growing consumer spending toward tourism will augment the global market share from lodging sector
Global commercial boiler market from lodging sector was valued at over USD 850 million in FY 2020. Over the last few years, hospitality and tourism industry has observed a significant growth owing to the increase in consumer spending behavior toward international & domestic travelling. Substantial rise in the infrastructural development including the refurbishment of existing hotels and lodges will complement the market statistics for commercial boiler technology.
Positive outlook towards service sector across developing nations to boost the market penetration of the technology from Asia Pacific region
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Asia Pacific region over the years has emerged as a key center of commercial activities due to rising income levels and demand for better facilities, thereby generating a shift of commercial offices from developed nations. This shift will facilitate a market expansion for the commercial boiler units across the region owing to the increase in number of commercial establishments. In addition, low currency exchange rate across developing nations including India, Vietnam, Thailand and others will attract tourists on account of expansion in hospitality sector and economical travel, which will fuel the deployment of the technology across the hospitality sector in the forecast timeframe.
Innovation across cost effective and energy efficient heating systems acting as the focal point for major market players
The key market players are engaged in technological advancements across their boiler technologies to cater to the end user’s need, thereby anticipating a growth in market share. Furthermore, increasing R&D investments along with strategic partnerships and alliances are some of the key strategies utilized by the prominent industry players to gain a competitive edge in the market.
The major players operating in the global commercial boiler market include Babcock and Wilcox Enterprises, Inc., Fondital S.p.A, Groupe Atlantic, and Bosch Thermotechnology amongst others.
Global commercial boiler market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units’, ‘MMBtu/hr’ & ‘USD” from 2018 to 2028, for the following segments:
By Fuel
- Natural gas
- Oil
- Coal
- Others
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
- Warehouse & storage facilities
- Retail Stores
- Educational Institutions
- Lodgings
- Public Assembly Buildings
- Healthcare Facilities
- Others
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- UK
- Poland
- Italy
- Spain
- Austria
- Germany
- Sweden
- Russia
- Asia Pacific
- China
- India
- Philippines
- Japan
- South Korea
- Australia
- Indonesia
- Middle East & Africa
- Saudi Arabia
- Iran
- UAE
- Nigeria
- South Africa
- Latin America
- Argentina
- Chile
- Brazil
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