BURLINGAME, Calif, Dec. 14, 2023 /PRNewswire/ — Coherent Market Insights published a report, titled, the global commercial boiler market is estimated to be valued at US$ 2.02 Billion in 2022 and is forecast to reach a value of US$ 2.82 Billion by 2030 at a CAGR of 4.3% between 2023 and 2030.
The commercial boiler market is being driven by two main factors. Firstly, there is a growing demand for energy-efficient heating systems in commercial buildings, driven by the need to reduce operating costs and comply with stringent environmental regulations. Energy-efficient boilers can help businesses save on energy consumption and lower their carbon footprint. Additionally, they can provide better control over temperature settings, ensuring optimal comfort for building occupants. Secondly, the increasing adoption of smart technology and automation in commercial boilers is contributing to market growth. Smart boilers are equipped with sensors and advanced control systems that allow for remote monitoring and automation of heating operations. These systems can optimize boiler performance, improve energy efficiency, and enable predictive maintenance, reducing downtime and improving overall operational efficiency.
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Market Trends:
The commercial boiler market is witnessing two key trends. Firstly, there is a growing preference for condensing boilers. Condensing boilers are highly efficient, as they recover and utilize waste heat from flue gases to preheat water, resulting in lower energy consumption and reduced emissions. The increasing focus on sustainability and energy efficiency is driving the demand for condensing boilers in commercial applications.
Secondly, there is a rise in the adoption of biomass boilers. Biomass boilers use organic materials, such as wood pellets or agricultural waste, as fuel. These boilers provide a renewable and carbon-neutral heating solution, making them highly attractive for industries and commercial buildings looking to reduce their carbon footprint. The growing emphasis on eco-friendly heating systems and the availability of government incentives and subsidies are driving the adoption of biomass boilers in the commercial sector.
Market Opportunities:
The hospital industry is one of the major end-user industries for commercial boilers. Hospitals require a steady and reliable source of hot water and steam for various applications, including heating, sterilization, and laundry services. As the healthcare industry continues to expand, the demand for commercial boilers in hospitals is expected to increase.
With advancements in technology, commercial boilers are now more energy-efficient and environmentally friendly. Hospitals are becoming increasingly conscious of their carbon footprint and are looking for sustainable solutions without compromising on performance. This presents an opportunity for commercial boiler manufacturers to develop and offer innovative products that meet the specific needs of the healthcare sector.
Educational institutions, such as schools and universities, are also significant consumers of commercial boilers. These institutions require hot water for heating and other applications. With rising energy costs and the need to reduce energy consumption, there is a growing focus on energy-efficient solutions in the education sector.
Commercial boiler manufacturers can capitalize on this market opportunity by developing high-efficiency boilers that help educational institutions reduce their energy consumption and operational costs. There is a growing demand for boilers that can provide optimal performance while minimizing energy waste.
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Key Market Takeaways:
The commercial boiler market is anticipated to witness a CAGR of 4.3% during the forecast period 2023-2030, owing to the increasing demand for heating solutions in various industries.
On the basis of fuel type, the natural gas segment is expected to hold a dominant position. Natural gas is a cleaner and more cost-effective fuel option compared to oil and coal. It is widely available and produces lower emissions, making it an attractive choice for commercial boiler applications.
In terms of technology, the non-condensing segment is expected to dominate the market. Non-condensing boilers are less expensive and easier to install compared to condensing boilers. They are suitable for smaller-scale applications and are preferred by end-users looking for a cost-effective solution.
The segment with a dominant position in terms of capacity is less than 10 MMBtu/hr. These boilers are suitable for small to medium-sized buildings and offer efficient heating solutions.
Hospitals are expected to be the dominating end-user industry. The healthcare sector requires a constant supply of hot water and steam for various applications, making commercial boilers an essential component.
In terms of region, Europe is expected to hold a dominant position over the forecast period. The region has stringent regulations regarding emissions and energy efficiency, driving the adoption of commercial boilers.
Key players operating in the commercial boiler market include A.O. Smith Corporation, Bosch Thermotechnology, Cochran Limited, Cleaver-Brooks, Fulton Boiler Company, Parker Boiler, Slant/Fin Corporation, Superior Boiler Works, Inc., Vaillant Group, and Weil-McLain. These players are investing in research and development to introduce advanced and energy-efficient products to meet the increasing demand from various industries.
Recent Developments:
In year 2022, Bosch strengthened heat pump production in Germany, expanding existing facilities. The plant previously manufactured hot water storage tanks for integration with Bosch Thermotechnology products, leading to successful expansions in Sweden and Portugal.
On 27 November 2022, O. Smith, a leading water heater company, launched the Voltex® AL (anti-leak) hybrid electric heat pump water heater. This innovative device features advanced leak detection, smart connectivity, and improved water connections, making it the ideal choice for businesses and homeowners seeking an energy-efficient and user-friendly water heating solution.
In conclusion, the commercial boiler market presents significant opportunities in the healthcare and education sectors. Manufacturers can capitalize on the growing demand for energy-efficient solutions by developing innovative products tailored to the specific needs of these industries. With increasing regulations and the need for sustainable heating solutions, there is a strong market potential for commercial boilers with improved efficiency and reduced emissions.
Read complete market research report,” Commercial boiler Market, By Fuel Type, By Technology, By Capacity, By End-User Industry, By Geography, Market Size And Share Analysis – Growth Trends And Forecasts 2023-2030“, Published by Coherent Market Insights.
Detailed Segmentation:
- Global Commercial boiler Market, By Fuel type
- Natural gas
- Oil
- Coal
- Others
- Global Commercial boiler Market, By Technology
- Condensing
- Non-condensing
- Global Commercial boiler Market, By Capacity
- Less than 10 MMBtu/hr
- 10-50 MMBtu/hr
- Others
- Global Commercial boiler Market, By End-User Industry
- Offices
- Hospitals
- Educational Institutions
- Lodging
- Others
- Global Commercial boiler Market, By Region
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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