IMARC Group, a leading market research company, has recently releases report titled “Commercial Boiler Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global commercial boiler market growth, share, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Commercial Boiler Market?
The global commercial boiler market size reached US$ 1.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 1.6 Billion by 2028, exhibiting a growth rate (CAGR) of 4.11% during 2023-2028.
What are Commercial Boiler?
Commercial boilers are pressurized systems that heat water by using electricity or combustible fuels to provide heating in a commercial building. They consist of a heat exchanger, controls, burner, combustion chamber, and exhaust stack. Some commonly used commercial boilers include firetube, water tubes, commercial electric, vertical, and condensing boilers. They commonly use natural gas, but some boilers use electric resistance coils to produce heat from electricity or burn fuel oil. As a result, commercial boiler finds extensive applications in offices, warehouses, educational institutions, retail outlets, and hospitals across the globe.
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What are the growth prospects and trends in the commercial boiler industry?
The global commercial boiler market is primarily driven by the rising number of commercial and residential buildings that require safety regulations for heating equipment. Additionally, the increasing use of commercial boilers in cold countries for heating water is positively influencing the market growth.
Moreover, several favorable initiatives by governments of numerous countries to promote the adoption of energy-efficient solutions have catalyzed market growth. Along with this, the rising focus on reducing carbon emissions and supporting the development of green buildings has augmented the product demand. Furthermore, several key players are integrating safety relief valves in new variants to release excessive pressure and enhance performance.
In line with this, the development of boilers with compact designs and energy-saving accessories that comply with regulatory standards is contributing to the market growth. Other factors, including rising investments in research and development (R&D) activities, significant expansion in the tourism sector, and rapid industrialization, are also anticipated to drive the market further.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Fuel Type:
• Natural Gas
Breakup by Technology:
Breakup by Capacity:
• Less Than 10 MMBtu/Hr
• 10-50 MMBtu/Hr
Breakup by End User:
• Educational Institutions
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Aerco International Inc. (Watts Water Technologies), Ariston Holding N.V., Cleaver-Brooks Inc., Energy Kinetics Inc., Parker Boiler, PB Heat LLC. (NORITZ Corporation), Slant/Fin Corporation, Superior Boiler Works Inc., The Fulton Companies, Vaillant Group, Weil-McLain (SPX Corporation) and Wolf GmbH (Centrotec SE).
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