Commercial Boiler Market to Reach $2.8 Bn, Globally, by 2030 at 4.2% CAGR: Allied Market Research

Expansion of commercial tourism infrastructure and increase in adoption of energy efficient solution fuel the growth of the global commercial boiler market

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Allied Market Research

Aug 10, 2021, 08:50 ET

PORTLAND, Ore., Aug. 10, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Commercial Boiler Market by Fuel Type (Natural Gas, Oil, Coal, and Others), Technology (Condensing and Non-Condensing), Capacity (Less than 10 MMBtu/hr, 10-50 MMBtu/hr, and Others), and End User (Offices, Hospitals, Educational Institutions, Lodging, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global commercial boiler industry 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.

Drivers, restraints, and opportunities-

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.

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Covid-19 Scenario:

The outbreak of the pandemic gave way to shortage of raw materials and disruptions in the supply chain, thereby hampering manufacturing activities of several industries.
The lockdown in most countries also deranged the activities of educational institutions, lodging, and many other sectors. Accordingly, there's been a decline in demand for commercial boilers.
Nevertheless, the demand is anticipated to rise post COVID situation as daily operations in the end-use industries would revive with full capacity.

The natural gas segment to dominate by 2030-

By fuel type, the natural gas segment held the largest market share, accounting for more than one-third of the total 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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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.

Asia-Pacific, followed by LAMEA and North America, would grow at the fastest CAGR by 2030-

Based on region, Europe contributed to the highest 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.

Frontrunners in the industry-

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

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