Commercial boilers are mechanical devices that are used to produce hot water or steam for space heating and processing applications in commercial buildings including offices, restaurants, hospitals, schools and other commercial establishments. Commercial boilers use fuels such as natural gas, oil, propane or biomass to heat water or generate steam which is circulated through piping systems and radiators or through air ducts with forced air blowers to provide space heating. They also find applications in industrial processes that require steam for applications such as humidification, sterilization, laundry, cooking etc. The demand for energy efficient commercial boilers owing to stringent regulations on energy consumption and rising need to reduce carbon footprint is a key factor driving the commercial boiler market.
The Global commercial boiler market is estimated to be valued at US$ 2.2 Bn in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the commercial boiler market are 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.
The Commercial Boiler Market Trends from developing countries of Asia Pacific and Latin America owing to rapid industrialization and urbanization. Rapid expansion of the healthcare, hospitality and commercial real estate sectors in these regions is also driving the demand for commercial boilers.
Globally, the USA dominated the commercial boiler market in 2020.
However, the commercial boiler market is witnessing highest growth in the Asia Pacific region owing to growing new construction activities and replacement demand in countries such as China and India. Countries such as Japan, South Korea and others are also witnessing significant demand.
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