July 20, 2024
commercial boiler market

Software is fastest growing segment fueling the growth of Commercial boiler Market

The global Commercial boiler Market is estimated to be valued at US$ 2.11 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Commercial boilers are used for space heating, domestic hot water, and process needs in facilities like hospitals, schools, office buildings, hotels and more. They provide an efficient and reliable method of heating through various fuel options like natural gas, oil, propane or electricity.

Market key trends:
One of the key trends in the commercial boiler market is the growing demand for condensing boilers. Condensing boilers have higher efficiency compared to traditional boilers, as they are able to extract additional energy from flue gases by condensing water vapor in the exhaust. This allows condensing boilers to achieve efficiencies of 80-98%, providing building owners with significant energy savings over the lifetime of the boiler. The ability to reduce energy costs is driving increased adoption of condensing boilers in commercial applications.

Segment Analysis
The Commercial Boiler Market Growth is segmented by fuel type, capacity, and application. By fuel type, the natural gas segment dominates the market and is expected to continue its dominance over the forecast period. Natural gas offers various benefits such as clean burning, high energy efficiency, and easy availability in many regions, which has resulted in its widespread adoption for commercial applications.

By capacity, the 500 to 1,000 KBTU output segment held the largest share in 2022. This segment is expected to continue its leadership position owing to its ability to provide heating and hot water requirements for spaces with medium heating loads such as hospitals, schools, office buildings and retail outlets.

By application, the space heating segment accounted for the major market share in 2022. Rising demand for efficient space heating systems from the commercial sector is driving the growth of this segment.

Key Takeaways
The global commercial boiler market is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing demand for energy-efficient and eco-friendly heating solutions from the commercial sector.

Regional analysis – North America dominates the global commercial boiler market, accounting for over 30% share of the overall market revenues in 2022. Rapid development of commercial infrastructure and stringent regulations regarding energy efficiency are driving the demand for commercial boilers in the region. The Asia Pacific region is expected to grow at the fastest pace during the forecast period owing to energetic infrastructure development and rising investments in new commercial projects in countries such as China and India.

Key players – Key players operating in the commercial boiler market are 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. The market is highly competitive with presence of numerous global and regional players. Manufacturers are focusing on new product launches with advanced technologies to gain competitive edge.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it