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Commercial Boiler Market Size By Fuel (Natural Gas, Oil, Coal, Electric), By Capacity, By Technology (Condensing, Non-Condensing), By Product (Hot Water, Steam), Application & Forecast, 2023 - 2032

  • Report ID: GMI2809
  • Published Date: Feb 2023
  • Report Format: PDF

Industry Statistics

Commercial Boiler Market size exceeded USD 12 billion in 2022 and is projected to expand at more than 7% CAGR from 2023 to 2032, driven by the tightening regulatory scenario around global carbon emissions.

Commercial Boiler Market

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Carbon emissions-curbing regulations put in place by regional and federal governments across the globe have bolstered the demand for more efficient commercial boilers, shaping the industry outlook in a prominent manner. The regulations are also accompanied by favorable support policies that make the shift to low carbon energy more financially viable. In December 2022, the US government unveiled a USD 3.7 billion investment in the country’s CO2 removal industry. Meanwhile, earlier in March 2022, the UK government had announced a £288 million (USD 347 million) fund for green heating projects to minimize the country’s carbon footprint. Global gas fired boiler industry is poised to cross USD 105.9 billion by 2032.

Increasing adoption of green construction practices is also likely to outline industry expansion through 2032. As per reliable estimates, almost 50% of a building’s energy consumption is dedicated towards space and water heating, which contributes over 2450 Mt of direct CO2 emissions worldwide. 

High initial investments associated with commercial boilers may impede industry development

The high initial investments associated with commercial boilers, owing to their costly nature and high installation as well as labor costs, may restrain industry growth. Commercial boilers cannot be easily replaced or repaired, and the downtime caused by a damaged boiler can prove very expensive. Despite their advertised energy efficiency, high electricity expenses in many nations make commercial boilers a non-viable heating option. In such settings, many consumers turn to coal-fired industrial boilers with immense emission rates, hindering business development further.

Energy-efficiency of commercial oil-fired boilers to drive fuel segment growth

Commercial Boiler Market Share By Fuel

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In terms of fuel, the oil segment held over 20% of the global commercial boiler market share in 2022. This growth is attributed to the all-round availability of the resource throughout the globe and its relatively energy efficient nature. Oil-fired boilers also present customers the ability to use renewable fuels for heating purposes. Several companies are now providing heating oil blended with biodiesel to help reduce a region’s dependency on foreign oil while also leveraging a locally available energy source. Such boilers incur a low running cost than even electric boilers.

Many industry players are also capitalizing on the supportive policies introduced by governments to grow the consumer base for their oil-fired commercial boilers, shaping the segment outlook.

Tightening building codes and standards to impel hot water product segment growth

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of commercial boiler crossed USD 12 billion in 2022 and is expected to grow at over 7% growth rate through 2032, owing to tightening government policies on carbon emissions and rising prominence of energy-efficient boilers over conventional heating systems.

The North America market valuation is set to surpass USD 4 billion by 2032, driven by an increasing demand for space heating and growing spending on construction.

The oil-fired commercial boiler market held over 20% of the revenue share in 2022, these systems are likely to foresee more demand owing to their low running costs.

The major commercial boiler suppliers include Slant/Fin Corporation, Precision Boilers, Remeha, HTP, WOLF, Lattner Manufacturing Co., Ariston Holding, Immergas, and Cleaver-Brooks, among others.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 34
  • Tables & Figures: 1882
  • Countries covered: 27
  • Pages: 1060
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