Published Date : 22 Nov 2022
The global commercial boiler market size was exhibited at USD 2.19 billion in 2022 and is expected to hit around USD 3.34 billion by 2030 with a registered CAGR of 4.8% during the forecast period 2022 to 2030.
A commercial boiler is a pressurized system that creates heat for commercial buildings by burning combustible fuel. The combustion chamber, burner, heat exchange, exhaust stack, and controls constitute a commercial boiler. These add-ons are critical for a commercial boiler’s proper operation.
The sales of commercial boilers are expected to rise due to an increase in the number of commercial buildings, as well as increased heating equipment safety regulations. Furthermore, one of the major drivers in the global commercial boiler market is the installation of safety relief valves in existing and new commercial boilers to release excess pressure and improve performance and efficiency.
One of the most important factors that is likely to decrease overall sales of commercial boilers throughout the projection period is the high expense of frequent maintenance and cleaning. The commercial boiler key market players are focusing on manufacturing energy-efficient accessories for commercial boilers and creating compact designs. Furthermore, manufacturers are producing industrial boilers in compliance with government standards. This has become a supply-side trend, which is expected to continue in the global commercial boilers market during the forecast period.
Commercial Boiler Market Report Scope
|Market Size In 2022||USD 2.19 Billion|
|Market Size By 2030||USD 3.34 Billion|
|Growth Rate from 2022 to 2030||
CAGR of 4.8%
|Forecast Period||2022 to 2030|
Europe is the largest segment of the commercial boiler market in terms of region. Due to technological improvements and increased efforts to reduce emissions of dangerous gases and pollutants, countries in Europe such as Germany, France, and the UK encourage the use of commercial boilers.
North America region is the fastest growing region in the commercial boiler market. This is attributed to increased demand from cold regions such as the U.S. and Canada. Due to an increase in new commercial buildings that demand heat to live a safe and comfortable life, North America is expected to grow at a rapid pace.
Drivers: Enhanced energy efficiency
Due to its cleaner operations and rising market demand for water and space heating systems, the global market has seen a significant increase in the deployment of condensing boiler technology. Because these systems reduce NOx emissions, they are preferred over other options. The adoption of products will be aided further by the implementation of favorable policies and mandates, as well as a variety of tax incentives and rebates. Condensing commercial boilers will improve the industry landscape by providing increased energy efficiency, minimal heating, and a low carbon footprint. Thus, enhanced energy efficiency is driving the growth of the commercial boiler market during the forecast period.
Restraints: Stringent government regulations
The government regulations for commercial boilers are strict in accordance to packaging and manufacturing. The International Boiler and Pressure Vessel Code Safety rules govern the fabrication, design, and inspection of pressure vessels and boilers. This law specifies the specifications for all types of power, micro, and electric boilers, as well as high-temperature water boilers for stationary usage and power boilers for locomotive, traction, and portable applications. As a result, the strict government regulations are a restricting factor for the growth of the commercial boiler market during the forecast period.
Opportunities: Growing adoption of cost-effective hot commercial boiler
Due to the increasing deployment of technology in commercial buildings, the hot water commercial boiler market is experiencing significant growth. The growing penetration of cost-effective technologies to meet the water storage and heating requirements of commercial facilities will contribute to the growth of the market. Various underlying features offered by hot commercial boilers, such as growing digital system integration for effective control and monitoring capabilities, ease of installation, and low acquisition prices, would promote the use of commercial boiler units. As a result, the growing adoption of cost-effective hot commercial boiler is creating lucrative opportunities for the growth of the commercial boiler market during the forecast period.
Challenges: High cost of commercial boilers
The factors such as boiler type, size of the boiler, efficiency level of the boiler, and other component costs result into the higher cost of commercial boilers. The raw material cost of boilers also leads to the high cost of the final products. Thus, the high cost of commercial boilers is the major challenge for market growth.
Key Players in the Report
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