The growing concern among the regulators about the depleting fossil fuel resources is also one of the major factors fueling the gas fired boiler industry size
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Presently, people have become more aware of the cost-effectiveness and economic use of energy generating facilities, which has been changing their preference toward natural gas from oil. A recent report on home improvements claims that as per the U.S. Energy Information Administration, in the year 2017, oil cost an average of USD 1700, while natural gas accounted for less than USD 900 for heating a house. The year before, price fluctuations led to oil heating costs of around USD 2000, while natural gas witnessed a steady cost around USD 900 in the last winter. Thus, in order to produce cheaper energy for households, offices, commercial sites, and industrial areas, natural gas-based solutions such as boilers have come to be the product of choice. Indeed, the United Nations Industrial Development Organization (UNIDO) claims that in 2016, chemical industries contributed a manufacturing value of USD 400 billion to the gas fired boiler market share.
As per an analysis by the U.S. Energy Information Administration, nearly 40% of the energy consumed in the residential sector is received from gas fired and space heating facilities. The concerns raised by the Department of Energy related to the energy efficiency of gas furnaces has also encouraged players in the gas fired boiler market to work on the enhancement of the energy level of the appliances. In 2015, the DOE set a minimum allowable efficiency level for energy generating utilities to 80 percent. However, most of the gas furnaces those are already deployed in the market meet the defined level of energy efficiency.
The deployment of stringent regulatory norms along with the standards set by the policymakers to promote the clean energy initiatives have been generating lucrative business opportunities for the players in the gas-fired boiler industry. In Europe, several countries have taken initiatives to promote clean energy practices by setting a goal to become a carbon dioxide emission free region. In addition, to encourage the European citizens and industries to use highly efficient and environmentally friendly heat generating equipment, the EU has enforced a ban on the use of aging boilers and set strict eco-design standards for household boilers.
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As of now, water heaters and gas boilers having integrated energy-efficient condensation technology are allowed for sale in the European Union. In this regard, the companies located in Europe as well as outside the European region have been adopting new design directives to extend their reach in Europe Economic Area (EEA), which would eventually propel Europe gas fired boiler market.
The European Environmental Bureau (EEB) has found that heating equipment of Europe accounts for 25% of the continent’s carbon dioxide emissions, which is nearly equal to the emissions from the automotive industry. The EEB also claimed that the development of boilers in line with the standards will significantly reduce the energy demand as well as home energy bill by on an average 480 euros by 2020. Reportedly, gas and oil-fired central heating boilers covered more than 80% of the Europe market share, which will further have a considerable impact on the future industry trends.
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Indeed, the growing awareness among the regulatory bodies regarding the surging need for energy efficiency and emission-free heating systems has been accelerating the gas fired boiler market trends. The presence of a strict regulatory spectrum has been promoting companies to adapt to eco-design standards for expanding their reach across the U.S. and Europe. The continuous involvement of companies in the enhancement of existing product ranges for achieving energy efficiency goals will also further strengthen the product demand. For the record, by the end of 2024, the overall gas fired boiler market will surpass a revenue collection of USD 20 billion.
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
Chapter 3 Gas Fired Boiler Market Industry Insights
Chapter 4 Gas Fired Boiler Market, By Application
Chapter 5 Gas Fired Boiler Market, By Capacity
Chapter 6 Gas Fired Boiler Market, By Technology
Chapter 7 Gas Fired Boiler Market, By Region
Chapter 8 Company Profiles
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