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Commercial Boiler Market Forecast: Rising Demand in Industrial and Commercial Sectors
A commercial boiler is a large-scale heating system designed to provide hot water or steam for various applications in commercial settings, such as offices, hotels, hospitals, and industrial facilities.
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Asia-Pacific commercial boiler market is projected to grow at the highest CAGR of nearly 6.1%, in terms of revenue, during the forecast period.
The major companies profiled in this commercial boiler market include A.O. Smith Corporation, Bosch Thermotechnology, Cochran Limited, Cleaver-Brooks, Fulton Boiler Company, Parker Boiler, Slant/Fin Corporation, Superior Boiler Works, Inc., Vaillant Group, and Weil-McLain.
Surge in emphasis on reducing greenhouse gas (GHG) emissions, as well as the enactment and strengthening of emission limits, are some of the major drivers driving the demand for energy efficient commercial boilers.
The commercial boiler market in the Europe is projected to be driven by a growing preference for environmentally friendly energy products, which is in line with legislation aimed at reducing carbon emissions.
By fuel type, the commercial boiler market is divided into oil, natural gas, coal, and others. Natural gas consumption has increased in comparison to other fuels as a result of the government's priority of natural gas, which has resulted in a rise in demand for natural gas in commercial boilers.
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By technology, the non-condensing commercial boiler market is anticipated to witness robust growth subject to government mandates to reduce the greenhouse gas emissions.
By capacity, the market is divided into less than 10 MMBtu/hr, 10-50 MMBtu/hr, 50-100 MMBtu/hr, 100-250 MMBtu/hr, and more than 250 MMBtu/hr. The less than 10 MMBtu/hr segment held the largest market share in 2020. These products are widely deployed across offices, retail stores, healthcare and lodging for heating applications.
By end user, the commercial boiler market for hospitals is anticipated to witness a strong growth on account of growing demand for hot water for sterilization of medical instruments, sheets and for space heating.
Impact Of COVID-19 On The Global Commercial Boiler Market
Some of the major economies suffering from the COVID-19 crises include Germany, France, Italy, Spain, the UK, Norway, and others. Many industries have been shut down due to lack of raw material availability and disruptions in the supply chain, owing to the virus outbreak. The worldwide lockdown has suspended the activities of educational institutions and lodging and many other sectors, which results in declining the demand for commercial boiler.
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Gaps in demand-supply, price volatility, and changes in government policy affect the growth of various end-use industries. In terms of its immediate and long-term effect on industry and consumers, the COVID-19 pandemic has outpaced any headwind ever encountered. The world economy of commercial boiler industries has been experiencing a rapid slowdown due to the constraints of the COVID-19 pandemic on economic activity.
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