The global commercial boiler market size was US$ 1.97 billion in 2021. The global commercial boiler market is forecast to grow to US$ 2.7 billion by 2030 by growing at a compound annual growth rate (CAGR) of 4.8% during the forecast period from 2022 to 2030.
Factors Influencing the Market
Rising investments in the expansion of the urban sector will fuel the growth of the global commercial boiler market. In addition, growing energy standards will benefit the commercial boiler industry during the forecast period.
Modern heating systems are more efficient and have fewer breakdowns. Such benefits are forecast to upsurge its demand during the forecast period. In addition to that, growing initiatives by government bodies aiming at reducing carbon footprint across commercial institutions will benefit the overall commercial boiler market. On the contrary, the high production costs of the commercial boilers may hold down the global commercial boiler industry.
Rapidly expanding commercial tourism infrastructure will contribute to the growth of the global commercial boiler market. The market is also driven by the rising number of commercial and residential buildings and the increasing safety rules for heating equipment.
Commercial boilers find their wide applications in various end-use verticals, such as offices, hospitals, educational institutions, lodging, etc. Thus, the vast applications of commercial boilers will drive the overall market forward.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic led to worldwide lockdown, which resulted in the suspension of various activities in lodging, educational institutions, etc. The stringent regulations led to a halt in the oil & gas, food & beverages, and other industry. As a result, it also hampered the growth of the global commercial boiler market.
The expansion of diverse end-use sectors is hampered by significant demand-supply gaps and variations in government policy. The COVID-19 epidemic has changed the outlook of the commercial boiler industry due to changes in consumer choices and immediate and long-term impact on business.
Regional Analysis
Europe is forecast to hold the highest share in the global commercial boiler market, owing to the presence of large educational institutions and healthcare facilities in the UK. These units require commercial boiler units to meet the heating demand in extremely cold weather. Furthermore, the rapidly growing retail and the healthcare sectors are forecast to upsurge the demand for commercial boiler business in the UK. Moreover, the market is witnessing substantial demand to replace traditional boilers with new commercial boilers because of a rising preference for environment-friendly energy products. As a result, the European market for commercial boilers will grow at a significant pace during the forecast period.
Competitors in the Market
Market Segmentation
The global commercial boiler market segmentation focuses on Fuel, Technology, Capacity, End-Users, and Region.
By Fuel Type
By Technology
By Capacity
By End-User
By Regional Outlook
