USD 14.78 billion
Commercial Boiler Market Size, Share, Growth Analysis, By Fuel Type(Natural Gas, Oil, Coal, and Others), By End user(Offices, Hospitals, Educational Institutions, Lodging), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25H2038 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
66
|Figures:
68
Commercial Boiler Market Insights
Commercial Boiler Market size was valued at USD 14.78 billion in 2021 and is poised to grow from USD 15.27 billion in 2022 to USD 19.8 billion by 2030, growing at a CAGR of 3.3% in the forecast period (2023-2030).
The commercial boiler market is expected to witness growth due to the implementation of building energy codes and increased investments in urban center expansion. Modern heating systems are highly efficient and can be integrated with home automation systems, leading to a higher demand for these products. Additionally, government initiatives aimed at reducing the carbon footprint of commercial establishments have led to increased spending on upgrading existing facilities, further driving the demand for energy-efficient boilers. Furthermore, the commercial sector's focus on developing cost-effective and environmentally friendly infrastructure is also projected to contribute to the global market growth for commercial boilers.
Common applications for commercial boilers include heating various types of buildings such as schools, offices, apartment complexes, and hospitals. These boilers can be powered by either gas or oil and are designed to produce hot water or steam. The heated water or steam then circulates through a system of radiators, baseboard units, and fan coils to distribute the heat throughout the building's interior spaces. The heating process may involve transforming hot water into steam or utilizing cold water, depending on the type of boiler. The heat in commercial boilers is generated by burners or electric coils, which transfer the heat to the water through a heat exchanger. This results in the production of either hot water or steam, which is then distributed through pipes to the various parts of the commercial building for heating purposes. Natural gas is the most commonly used fuel in commercial boilers, although some models also utilize fuel oil or electric resistance coils to generate heat from electricity.
US Commercial Boiler Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Natural Gas
Fastest Growth
Natural Gas
Growth Rate
3.3% CAGR
Global Commercial Boiler Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Commercial Boiler Market Segmental Analysis
The global commercial boiler market is segmented on the basis of fuel type, technology, capacity, end user, and region. By fuel type, the market is segmented into natural gas, oil, coal, and others. By technology, the market is segmented into condensing, non-condensing. By capacity, the market is segmented into less than 10 MMBtu/hr, 10-50 MMBtu/hr, and others. By end user type, the market is segmented into offices, hospitals, educational institutions, lodging, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Commercial Boiler Market Analysis By Fuel Type
“Natural gas” is the dominant fuel type in the commercial boiler market for several reasons. It is widely available and relatively affordable compared to other fuel sources. Moreover, natural gas is considered a cleaner option, emitting fewer pollutants and greenhouse gasses than coal or oil. As environmental concerns and regulations drive the demand for cleaner energy solutions, natural gas has become the preferred choice for commercial boiler installations in many regions.
On the other hand, the fastest-growing fuel type in the commercial boiler market is Oil. This growth can be attributed to various factors such as geopolitical considerations, regional availability, and specific industry requirements. In certain regions where natural gas infrastructure is limited, oil-based boilers provide a viable alternative for meeting heating demands in commercial establishments. Additionally, advancements in oil boiler technology and the development of cleaner and more efficient oil-fired systems have contributed to the increased adoption of oil-based commercial boilers.
Commercial Boiler Market Analysis By End user
The commercial boiler market's most dominant segment is “Offices”. The demand for commercial boilers in office buildings was consistently high due to the widespread use of heating systems in offices to provide a comfortable working environment for employees and visitors.
On the other hand, the fastest-growing segment in the commercial boiler market is “Hospitals”. Healthcare facilities, including hospitals and medical centers, require reliable and efficient heating systems to ensure a comfortable and sterile environment for patients, medical staff, and visitors. With the increasing focus on healthcare infrastructure and the expansion of healthcare facilities, the demand for commercial boilers in hospitals saw significant growth.
Global Commercial Boiler Market By Fuel Type
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Commercial Boiler Market Regional Insights
The global commercial boiler market is analyzed based on its regional presence, which includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Among these, Asia Pacific is considered the most dominant region in the global commercial boiler market. The dominance of the Asia-Pacific region in the market is primarily attributed to countries like India, China, and Japan. The region's economic prosperity has led to the growth of various industries, including offices, hospitals, educational institutions, and hotels. Moreover, the Asia-Pacific region has emerged as a major global manufacturing hub, thanks to its diverse range of manufacturing and processing industries. China, in particular, has transformed into a high-skilled manufacturing powerhouse, while other developing nations like India, South Korea, Taiwan, and Vietnam also play a significant role. These countries are attracting businesses looking to relocate their low- to medium-skilled manufacturing operations due to the lower labor costs available in these regions.
On the other hand, Europe is expected to be the fastest-growing region in the commercial boiler market. The expansion of the commercial boiler market in the region is primarily driven by countries like the United Kingdom, Germany, and France. Among these nations, the United Kingdom has a significant reliance on low-pressure heating systems in various buildings, including healthcare facilities and educational institutions. To meet the heating demand during extremely cold weather, these establishments often install commercial boiler units with a central plant. The commercial boiler market in the UK is expected to experience substantial growth, particularly in sectors like healthcare and retail. There is a strong demand in these industries to replace traditional boilers with new and more efficient commercial boilers, which presents excellent growth potential for the industry. Additionally, the increased spending on commercial infrastructure development is likely to boost the demand for commercial boilers during the forecast period.
Global Commercial Boiler Market By Geography
- Largest
- Fastest
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Commercial Boiler Market Dynamics
Commercial Boiler Market Drivers
Implementation of Building Energy Codes and Regulations
- One of the primary drivers of the commercial boiler market is the implementation of building energy codes and regulations by governments and authorities. These codes mandate the use of energy-efficient heating systems in commercial buildings to reduce greenhouse gas emissions and promote sustainability. As a result, there is an increasing demand for modern, high-efficiency commercial boilers that comply with these regulations, driving market growth.
Urban Center Expansion and Commercial Infrastructure Development
- The expansion of urban centers and the development of commercial infrastructure also contribute significantly to the growth of the commercial boiler market. As more commercial buildings, such as offices, shopping complexes, and hospitals, are constructed, there is a higher demand for reliable and efficient heating solutions. Commercial boilers play a crucial role in providing heating for these establishments, further fueling the market's expansion.
Commercial Boiler Market Restraints
High Initial Investment Costs
- One of the major restraints for the commercial boiler market is the high initial investment costs associated with purchasing and installing these heating systems. Commercial boilers can be expensive, especially the more advanced and energy-efficient models. This cost factor can deter some potential buyers, particularly smaller businesses, from investing in these systems, hindering market growth.
Slow Replacement Cycles
- Commercial boilers are durable and have relatively long lifespans, leading to slow replacement cycles in the market. Many existing boilers continue to function effectively, which reduces the immediate need for replacements. This slow turnover rate can limit the demand for new commercial boilers, affecting the market's growth to some extent.
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Commercial Boiler Market Competitive Landscape
The global commercial boiler market is characterized by intense competition among key players. Established boiler manufacturers, as well as emerging companies, vie for market share through product innovation, energy efficiency enhancements, and strategic partnerships. Prominent players continually invest in research and development to introduce advanced technologies, ensuring compliance with evolving environmental regulations. Additionally, efforts to offer comprehensive customer support, efficient after-sales services, and competitive pricing further intensify the competition. Market leaders focus on expanding their global presence, while new entrants aim to carve out niches in specific regions. Overall, the competitive landscape remains dynamic, driven by a strong emphasis on sustainability, performance, and customer satisfaction.
Commercial Boiler Market Top Player’s Company Profile
- A.O. Smith Corporation (U.K.)
- Bosch Thermotechnology (Germany)
- Cochran Limited (U.K.)
- Cleaver-Brooks (U.S.)
- Fulton Boiler Company (U.S.)
- Slant/Fin Corporation (U.S.)
- Weil-McLain Solvay S.A. (U.S.)
- Vaillant Group (Germany)
- Babcock and Wilcox Enterprises (U.S.)
- Ferroli (Italy)
- Superior Boiler Works, Inc (U.S.)
- Viessmann (Germany)
- Simoneau Group (Canada)
Commercial Boiler Market Recent Developments
- In July 2022, Bosch introduced an electric steam boiler that provides sustainable steam and heat supply. This fully electric and carbon-neutral boiler offers an output range of 350 to 7500 kilograms of steam per hour.
- In December 2022, Mitsubishi Heavy Industries, the parent company of Mitsubishi Power, and Mitsubishi Electric established a joint venture to strengthen their presence in the power generation segment.
- In December 2022, Bharat Heavy Electricals Limited (BHEL) and Sumitomo SHI FW reached an agreement to enhance BHEL's capabilities in meeting power plant requirements and emission norms in India. This partnership will boost sales and manufacturing of subcritical and supercritical boilers.
- In January 2023, Babcock & Wilcox Enterprises, Inc. formed a partnership with Fidelis, an energy transition company focused on decarbonization and renewable fuels. The collaboration aims to produce clean hydrogen with zero carbon intensity.
Commercial Boiler Key Market Trends
- Commercial Shift towards Energy Efficiency:
There has been a significant emphasis on energy efficiency in the commercial boiler market. As businesses and organizations strive to reduce their carbon footprint and operating costs, they are increasingly opting for energy-efficient boiler systems. Manufacturers have been responding to this demand by developing high-efficiency boilers that utilize advanced technologies to optimize fuel consumption and minimize heat loss. Energy-efficient boilers not only help businesses save on energy expenses but also align with environmental regulations and sustainability goals.
- Integration of Smart and Connected Features:
The commercial boiler market has witnessed a growing trend of integrating smart and connected features into boiler systems. These advancements enable remote monitoring, control, and diagnostics, providing building owners and facility managers with real-time insights into boiler performance and efficiency. By leveraging Internet of Things (IoT) technology and data analytics, businesses can optimize their boiler operations, detect potential issues proactively, and schedule maintenance more efficiently. Smart boiler systems offer greater convenience, better energy management, and improved overall system performance.
Commercial Boiler Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global commercial boiler market analyses, building energy codes and urban expansion investments are the key drivers. Modern, efficient heating systems that can be integrated with home automation are in high demand. Government initiatives to reduce carbon footprints have boosted spending on upgrading existing facilities, fueling demand for energy-efficient boilers. The commercial sector's focus on developing cost-effective and eco-friendly infrastructure also contributes to market growth.for industry players.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 14.78 billion |
| Market size value in 2031 | USD 19.8 billion |
| Growth Rate | 3.3% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Commercial Boiler Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Commercial Boiler Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Commercial Boiler Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Commercial Boiler Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Commercial Boiler Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Commercial Boiler Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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