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Commercial Boiler Market Size, Trends Analysis And Overview By 2024-2033
Commercial Boiler Market Size
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According to The Business Research Company's, The commercial boiler market size has grown strongly in recent years. It will grow from $3.81 billion in 2023 to $4 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to increased heating and hot water demand, increased industrial process heat, energy efficiency regulations, fuel prices and availability, and economic growth.
The commercial boiler market size is expected to see steady growth in the next few years. It will grow to $4.86 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to growing green and sustainable heating solutions, renewable energy integration, growing need for building energy management, growing carbon emissions reduction goals, market entry of new players, and emerging market demand. Major trends in the forecast period include introduction of advanced control systems, iot and smart building integration, advanced combined heat and power (chp) systems, technological advancements, strategic partnerships.
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Market Drivers and Trends:
The rising commercial buildings and increase in safety equipment are expected to propel the growth of the commercial boiler market. Commercial buildings such as offices, retail stores, warehouses & storage facilities, and hospitals are rising due to various reasons such as economic development, rapid urbanization, industrial development, and others. A commercial boiler consists of a pressurized system that uses electricity or burns fuel to heat the water or provide heat in commercial buildings. Commercial boilers keep the commercial buildings safe and comfortable with lesser wastage of energy. Commercial boilers are a safe and cost-effective choice for commercial buildings. The rising commercial buildings and increase in the safety equipment required will generate demand for commercial boilers as these are an important part of commercial buildings for heat/steam applications. For instance, according to a factsheet by the Center for Sustainable Systems, in the USA, the commercial building floor space is expected to reach 124.3 billion square feet by 2050, showing an increase of 33% from 2020. Thus, the rising commercial buildings and increase in safety equipment will drive the commercial boiler market growth.
The launch of innovative boiler systems is a key trend gaining popularity in the commercial boiler market. The commercial boiler market is witnessing the arousal of innovation trends such as the introduction of low NOx (nitrogen oxide) boilers, and high-efficiency boilers with compact designs, reduced carbon footprints, enhanced efficiency, easy installation, and others. These innovative commercial boilers offer companies increased sales, and an opportunity to gain a competitive edge in the market. For instance, in April 2022, Bosch, a global manufacturer of heating products launched its latest commercial boiler series, the Condens 7000 WP. The new series with new a design is created to increase install time with ease/convenience. It can save up to 60% on average installation times compared to the other models. It also offers the maximum output.
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Major Key Players of the Market:
AO Smith Corporation, Bosch Thermotechnology, Cochran Limited, Cleaver-Brooks, Fulton Boiler Company, Mitsubishi Heavy Industries Ltd, Siemens Energy AG, Asea Brown Boveri, Alfa Laval AB, Babcock & Wilcox Enterprises Inc., Harbin Electric Co. Ltd., Hurst Boiler & Welding Company Inc., IHI Corporation, Miura Co. Ltd., Thermax Limited, Zhengzhou Boiler (Group) Co. Ltd., Parker Boiler, Superior Boiler Works Inc., Vaillant Group, Weil-McLain, Slant Fin Corporation, Pelco Products Inc., Lochinvar LLC, Burnham Commercial, Raypak Inc., Mestek Inc., Laars Heating Systems Company, Columbia Boiler Company, Victory Energy Operations LLC, UNILUX
Commercial Boiler Market 2024 Key Insights:
• The commercial boiler market size is expected to see steady growth in the next few years. It will grow to $4.86 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%.
• Booming Commercial Building Sector And Safety Equipment Surge Fuel Commercial Boiler Market Growth
• Product Innovations Transforming The Commercial Boiler Market
• North America was the largest region in the commercial boiler market in 2023
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