New York, United States , Aug. 07, 2024 (GLOBE NEWSWIRE) -- The Global Commercial Boiler Market Size is to Grow from USD 4.39 Billion in 2023 to USD 7.63 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.68% during the projected period.
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A commercial boiler is an appliance for providing heating and hot water to commercial properties. Usually, such devices are pressured systems that use fuel or energy to produce hot water or steam. This hot water or steam is then distributed over the building via a network of pipes and utilized when necessary to create a pleasant environment. The considerable cost of frequent cleaning and maintenance. A leading industrial boiler producer focuses on creating small and environmentally friendly commercial boiler accessories. Moreover, manufacturers produce industrial boilers in accordance with legal requirements. This has been a supply-side trend in the worldwide commercial boiler market, and it is likely to continue during the forecast period. However, the expensive maintenance charges of these boilers can hinder the growth of the industry.
Browse key industry insights spread across 220 pages with 115 Market data tables and figures & charts from the report on the "Global Commercial Boiler Market Size, Share, and COVID-19 Impact Analysis, By Fuel Type (Natural Gas, Coal, Oil, and Others), By Technology (Condensing, and Non-Condensing), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033"
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The natural gas category is likely to hold the highest share of the global commercial boiler market throughout the forecast period.
Based on fuel type, the global commercial boiler market is divided into natural gas, coal, oil, and others. Among these, the natural gas category is likely to hold the highest share of the global commercial boiler market throughout the forecast period. It is widely available and relatively cost-effective when compared to other fuel sources. In addition, natural gas is regarded as a more environmentally friendly fuel than coal or oil, emitting fewer contaminants and greenhouse gases. As environmental issues and laws raise demand for cleaner energy options, natural gas has emerged as the fuel of choice for commercial boiler systems in many places. Natural gas produces minimal emissions when compared to oil and coal as fossil fuels; also, natural gas has a high energy density, which means it provides the greatest heat during the combustion process. Natural gas is also advocated by governments around the world as an alternative to solid fuels since it improves overall efficiency while reducing polluting gases released into the environment.
The condensing technology has the highest share of the market over the forecast period.
Based on fuel type, the global commercial boiler market is divided into condensing, and non-condensing. Among these, the condensing technology has highest share of the market over the forecast period. Condensing boilers are typically 15% to 30% greater in efficiency than non-condensing boilers. As a boiler runs at its highest efficiency, it can use less fuel to provide the same amount of central heating. Lower fuel usage will result in lower energy costs. Non-condensing boilers draw air from the building, whereas condensing boilers have closed systems. They only breathe outdoor air, which enters the facility through the flue pipe. In the event of a malfunction, additional safety systems such as pressure release valves will cut off the boiler.
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Asia-Pacific is expected to hold the largest share of the commercial boiler market over the forecast period.
Asia-Pacific is expected to hold the largest share of the commercial boiler market over the forecast period. The region's financial stability has led to the expansion of a wide range of industries, including offices, hospitals, educational facilities, and hotels. Furthermore, the Asia-Pacific region has emerged as a major global manufacturing hub due to its diverse manufacturing and processing sectors. China, in particular, has emerged as a high-skilled industrial powerhouse, with other developing nations such as India, South Korea, Taiwan, and Vietnam also playing significant roles. These countries are attracting businesses looking to transfer their low- to medium-skilled manufacturing activities due to the reduced labour costs available in these regions.
Europe is predicted to grow at the fastest pace in the commercial boiler market during the projected timeframe. The commercial boiler industry in the UK is expected to grow rapidly, particularly in healthcare and retail. There is a strong desire in these businesses to replace traditional boilers with newer, more efficient commercial boilers, creating an appealing prospect for the growth of the market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the commercial boiler market include Weil-McLain Solvay S.A, Valliant Group, Babcock and Wilcox Enterprises, Ferroli, Superior Boiler Works, Inc, Viessmann, Simoneau Group, A.O. Smith Corporation, Bosch Thermotechnology, Cochran Limited, Cleaver-Brooks, Fulton Boiler Company, Slant/Fin Corporation, and Others.
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Recent Developments
- In January 2023, Babcock & Wilcox Enterprises, Inc. formed a partnership with Fidelis, an energy transition firm that focuses on decarbonization and renewable fuels. The cooperation hopes to generate clean hydrogen with a low carbon footprint.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global commercial boiler market based on the below-mentioned segments:
Global Commercial Boiler Market, By Fuel Type
- Natural Ga
- Coal
- Oil
- Others
Global Commercial Boiler Market, By Technology
- Condensing
- Non-Condensing
Global Commercial Boiler Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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