SELBYVILLE, Del., July 27, 2021 /PRNewswire/ -- The commercial boiler market value is projected to cross USD 12.5 billion by 2028, according to a new research report by Global Market Insights Inc. The commercial boiler industry is experiencing robust traction across hospitality and healthcare sectors. Educational institutes, offices, and retail outlets are also generating significant demand for economical and energy efficiency heating solutions. Modern commercial boiler technologies are characterized by greater efficiency and lower emission discharge.
The equipment adoption is likely to increase in the near future led by tightening energy efficiency regulations across the commercial sector. Based on the aforementioned factors, it is estimated that the global commercial boiler market could surpass an annual installation of more than 400,000 units by the end of 2028.
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Let's explore some major trends and developments outlining the growth of the market in the forthcoming years:
Oil fired boilers - an economical long-term solution for commercial applications
Oil fired boilers are anticipated to witness strong demand across the commercial sector. Over the years, the deployment of these boilers has been quite stagnant due safety concerns and the availability of alternatives such as gas fired systems. However, in the long run, oil fired systems prove to be highly economical and energy efficient, which is fuelling their adoption. Easy availability of raw materials, cost benefit, and efficient operation makes these boiler systems a promising option for commercial settings.
Promising opportunities for commercial boiler manufacturers across healthcare
The healthcare sector will account for a notable share of the commercial boiler market by 2028. Improving healthcare infrastructure is a major priority among policymakers worldwide, which is continuously driving new investments. An exponential surge in hospital admissions due to the recent COVID-19 pandemic has further accelerated investments in healthcare. Growing expenditure on installation of new boiler systems and upgradation of existing ones will benefit commercial boiler manufacturers globally.
Condensing boilers - why is the technology replacing conventional boiler systems
The condensing commercial boiler industry is likely to grow substantially by 2028. With the introduction of stricter energy efficiency standards and ongoing energy conservation efforts, these boilers are gradually replacing conventional boiler systems used in commercial applications. Condensing boilers offer numerous advantages including higher efficiency, compact design, and easy installation.
Strict energy efficiency standards to fuel Europe commercial boiler market size
Commercial boiler deployment in Europe is expected to gather pace due to the demand for efficient district and space heating across the commercial sector. Stringent energy efficiency regulations are driving new boiler installations as well as the replacement of conventional systems. Europe is home to a large number of businesses, commercial enterprises, and educational institutions, making it a promising market for commercial boiler companies.
A.O. Smith, Weil McLain, Fulton, and Babcock & Wilcox are some of the notable names in the commercial boiler market. These companies are expanding their distribution networks to facilitate easy availability of boiler solutions in the market. Product innovation is also a key area of focus among manufacturers to stay ahead of the competition.
Commercial boiler companies are set to witness plenty of opportunities in the near future, as the need for reliable, economical, and energy efficient district and space heating solutions increases. In October last year, for instance, Babcock & Wilcox had secured a US$4 million contract from Creative Energy to supply two boilers for a district heating project in Vancouver.
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Commercial Boiler industry Forecasts 2021-2028
SOURCE Global Market Insights Inc.