The commercial boiler market is experiencing significant growth and technological advancements are expected by 2031. A new market research report indicates that the sector is set to expand due to various factors such as market size, share, and emerging trends.
This comprehensive report delves into the commercial boiler market, examining critical market segmentation and definitions. It sheds light on the key components driving growth, providing a clear picture of the industry’s path. Through SWOT and PESTEL analyses, the report assesses the market’s strengths, weaknesses, opportunities, and threats, while also considering political, economic, social, technological, environmental, and legal factors that impact the market landscape.
The study offers valuable insights into the competitive landscape, highlighting recent developments and geographical distribution across key regions. Expert competitor analysis provides a detailed understanding of market dynamics, offering strategic guidance for businesses and investors.
With thorough analysis and future projections, this report serves as a crucial resource for stakeholders looking to capitalize on emerging opportunities and navigate challenges in the commercial boiler market.
Market Analysis and Insights
The commercial boiler market is expected to witness growth in the forecast period of 2022 to 2029. Data Bridge Market Research projects the market to reach USD 13,178.04 million by 2029 and grow at a CAGR of 4.2% during the forecast period.
Commercial boilers are pressurized systems that burn combustible fuel or use electricity to heat water for providing heating in commercial buildings. They consist of five key accessories: burner, combustion chamber, heat exchanger, controls, and exhaust stack. These boilers are widely used in various industries such as offices, healthcare facilities, educational institutions, lodgings, and retail stores.
Factors such as increasing demand from end-use industries and the growing prominence of commercial boilers are driving market growth. The diverse usage of commercial boilers in end-user industries and their excellent elastic properties, used in the electrical industry as an insulation solution for wires and cables, are expected to further boost market growth. Additionally, the focus on reducing greenhouse gas emissions and strengthening emission limits are anticipated to support market growth. However, the lack of raw material availability and disruptions in the supply chain due to COVID-19 restrictions may hinder market growth.
Governments and investors are focusing on deploying energy-efficient equipment and creating sustainable commercial infrastructure, which is expected to create numerous opportunities for the market. On the other hand, the recent downturn in the automotive industry could pose a challenge to the growth of the commercial boiler market.
Key Players in the Market
Some of the major players operating in the commercial boiler market include Babcock & Wilcox Enterprises, Inc., Thermax Ltd., General Electric, Doosan Heavy Industries & Construction, Siemens, IHI Corporation, DEC., Bharat Heavy Electricals Ltd., Hurst Boiler & Welding Co, Inc., Bryan Steam, Superior Boiler Works, Inc., Vapor Power, Sofinter S.p.a, AB&CO GROUP, Suzhou Hailu Heavy Industry Co. Ltd, Cleaver-Brooks, Inc, ZOZEN boiler Co., Ltd.,Harbin Asia Power Engineering Company Limited., Mitsubishi Electric Corporation., and Hitachi Ltd., among others.
Market Overview and Future Projections
The global commercial boiler market is expected to grow significantly between 2024 and 2031. The market is currently growing steadily, and with the adoption of strategies by key players, it is projected to rise further. North America, especially the United States, is expected to play a crucial role in the market, with substantial growth opportunities. Europe is also expected to experience significant growth during the forecast period.
The market size is projected to reach a multimillion USD value by 2031, compared to 2024, at an unexpected compound annual growth rate. Despite intense competition, investors remain optimistic about the sector, with new investments expected to enter the market in the future.
In conclusion, the commercial boiler market is poised for growth, driven by factors such as increasing demand, technological advancements, and sustainable practices. Stakeholders and investors can leverage the insights provided in the market research report to capitalize on emerging opportunities and navigate challenges in the market landscape.