According to the report published by Allied Market Research, the global commercial boiler market generated $1.9 billion in 2020, and is estimated to garner $2.8 billion by 2030, witnessing a CAGR of 4.2% from 2021 to 2030.The report provides detailed analysis of changing market dynamics, key segments, value chain, top investment pockets, regional scenario, and competitive landscape.
Expansion of commercial tourism infrastructure and increase in adoption of energy efficient solution drive the growth of the global Commercial Boiler Market. However, high installation cost hinders the market growth. On the other hand, demand for compact design of the steam boiler is expected to present new opportunities in the coming years.
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The report offers detailed segmentation of the global commercial boiler market based on fuel type, technology, capacity, end user, and region.
Based on fuel type, the natural gas segment held the largest market share, accounting for more than one-third of the total market share in 2020, and is estimated to continue its lead position throughout the forecast period. Moreover, this segment is expected to register the highest CAGR of 4.5% from 2021 to 2030.
Based on technology, the non-condensing segment accounted for the highest market share in 2020, contributing to more than half of the global commercial boiler market, and is estimated to continue its lead position during the forecast period. However, the condensing segment is expected to manifest the largest CAGR of 5.0% from 2021 to 2030.
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Based on region, Europe contributed to the highest market share in 2020, accounting for more than two-fifths of the total share, and is projected to maintain its dominance in terms of revenue by 2030. However, Asia-Pacific is estimated to portray the highest CAGR of 6.1% during the forecast period.
Leading players of the global commercial boiler market analyzed in the research includeA.O. Smith Corporation, Cochran Limited, Bosch Thermotechnology, Fulton Boiler Company, Cleaver-Brooks, Slant/Fin Corporation, Parker Boiler, Vaillant Group, Superior Boiler Works, Inc., and Weil-McLain.
Get detailed COVID-19 impact analysis on the Market
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.
- 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.
- Governments around the world enacted stringent lockdowns, forcing the closure of a variety of residential and commercial infrastructure projects. This has had a direct impact on the expansion of a number of industries, including the residential boiler sector.
Key findings of the study
- By region, the 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.
- By fuel type, the natural gas segment accounted for the largest market share in 2020.
- By capacity, the less than 10 MMBtu/hr segment accounted for the largest market share in 2020.
- By technology, the non-condensing segment garnered the largest commercial boiler market share in 2020.
- By end user, the offices segment garnered the largest market share in 2020.
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