Commercial Boiler transcend USD 15 Billion during the Forecast timeframe: 2018 – 2024 | A. O. Smith Corporation, Babcock & Wilcox, Vaillant Group, Weil-McLain, Cleaver-Brooks

Growing need for space heating and hot water across cold regions coupled with increasing demand for high efficiency heating systems will drive the global market growth. Government initiatives toward renovation and substitution of inefficient building infrastructures will further enhance the industry. For instance, the European Union introduced Energy Performance of Buildings Directive, which aims to achieve zero carbon emissions from buildings by 2050. Global Commercial Boiler Market is set to surpass USD 15 Billion by 2024.

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Introduction of stringent government legislatives toward the reduction of carbon emissions will boost the condensing commercial boiler market. For instance, National Emission Standards for Hazardous Air Pollutants was implemented by the Environmental Protection Agency in order to restrict the greenhouse gas emissions from industrial and commercial establishments. Reliable operation, simple controls and compact design are the underlying features that will boost the product adoption.

Gas fired commercial boiler market is predicted to expand over 3% by 2024. Low carbon emissions, relatively lower operational cost and low maintenance requirement will accelerate the product adoption. Growing investments toward development and extension of gas infrastructure will further drive the business growth. In 2016, as per the European Commission, the EU has invested over USD 200 million toward the development of Balticconnector, a natural-gas pipeline connecting Estonia and Finland.

Growing focus toward minimization of Greenhouse Gas (GHG) emissions coupled with enactment and strengthening of emission standards are some of the paramount factors which will drive the demand for energy efficient commercial boilers. The respective governments and investors are continuously focusing toward deployment of energy efficient devices and the development of economically and ecologically sustainable commercial infrastructure. For instance, in 2017, the European Commission (EC) launched a Voluntary Reporting Framework Level(s) toward improvement of sustainability of buildings.

The U.S. market is predicted to surpass an annual installation of 80,000 units by 2024. Resurgent economic growth coupled with rapidly increasing population will drive the industry growth in coming years. As per the World Bank, the U.S. has witnessed a GDP growth of 34.5% between 2009 and 2017, and a population surge of 6.1% within the same period.

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It is imperative to mention that amidst the stringent regulatory backdrop, gas-fired commercial boiler industry has witnessed a massive penetration globally. Besides meeting the emission standards, these boilers also have lower maintenance and operational costs which is further fueling its deployment across the commercial sectors. In terms of commercialization, this segment is forecast to record a CAGR of 3% over the coming six years.

Notable industry participants across the global market include Viessmann, O. Smith Corporation, Babcock & Wilcox, Vaillant Group, Weil-McLain, Cleaver-Brooks, BDR Thermea Group., Ferroli S.p.A., NIBE Energy Systems Limited, Fulton Boiler Works (GB) Limited, MIURA AMERICA CO., LTD., Le Groupe Simoneau, Navien, Inc. & WOLF GmbH.

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This release was published on openPR.