Expansion of commercial tourism infrastructure and increase in adoption of energy efficient solution fuel the growth of the global commercial boiler market. However, high installation cost hinders the market growth. On the other hand, demand for compact design of the steam boiler is expected to present new opportunities in the coming years.
The global commercial boiler market was estimated at $1.9 billion in 2020, and is anticipated to hit $2.8 billion by 2030, registering a CAGR of 4.2% from 2021 to 2030.
A commercial boiler is a durable and dependable piece of heating equipment. It has a number of advantages, including energy efficiency, cleaner operations, and compliance with environmental regulations. Product adoption is expected to increase in the next years by a shift in preference toward reliable and energy efficient systems, as well as rise in customer demand for inexpensive heating solutions.
Commercial Boiler Market Segment Overview
The non-condensing segment to maintain the dominant share-
By technology, the non-condensing segment accounted for the highest market share in 2020, contributing to more than half of the global commercial boiler market, and is estimated to continue its lead position during the forecast period. This is because non-condensing boilers work in any weather. However, the condensing segment is expected to manifest the largest CAGR of 5.0% from 2021 to 2030. Due to the increased demand for space and water heating systems, the condensing boiler area of the market has seen a significant rise in demand.
The natural gas segment to dominate by 2030-
By fuel type, the natural gas segment held the largest commercial boiler market share, accounting for more than one-third of the total commercial boiler market share in 2020, and is estimated to continue its lead position throughout the forecast period. Moreover, this segment is expected to register the highest CAGR of 4.5% from 2021 to 2030. This is due to the fact that natural gas is considered as a highly economical fuel for heating in the commercial sector and used for both water and steam systems.
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Asia-Pacific, followed by LAMEA and North America, would grow at the fastest CAGR by 2030-
Based on region, Europe contributed to the highest commercial boiler market share in 2020, accounting for more than two-fifths of the total share, and is projected to maintain its dominance in terms of revenue by 2030. The healthcare and retail sectors are expected to contribute significantly to the commercial boiler business in the UK. Simultaneously, the market across Asia-Pacific is projected to cite the fastest CAGR of 6.1% during the forecast period. This is attributed to the rising demand for boilers in China.
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Commercial Boiler Market Key Players
- Bosch Thermotechnology
- Superior Boiler Works, Inc.
- Cochran Limited
- Fulton Boiler Company
- Parker Boiler
- Cleaver-Brooks
- Weil-McLain
- Slant/Fin Corporation
- A.O. Smith Corporation
- Vaillant Group
The report provides a detailed analysis of these key players in the global commercial boiler market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in the country. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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