Commercial Boiler Market to Reach $2.8 Bn, Globally, by 2030 at 4.2% CAGR: Allied Market Research
The expansion of the commercial tourism infrastructure and the increasing acceptance of energy efficient solutions are fueling the growth of the global commercial boiler market
PORTLAND, Ore., August 10, 2021 / PRNewswire / – Allied Market Research released a report titled, Commercial Boiler Market By Fuel Type (Natural Gas, Oil, Coal, And Others), Technology (Condensing And Non-condensing), Capacity (Less Than 10 MMBtu / hr.). , 10-50 MMBtu / hr and others) and end users (offices, hospitals, educational institutions, accommodations and others): Global Opportunity Analysis and Industry Forecast, 2021-2030. “According to the report, the global commercial boiler industry was valued at $ 1.9 billion in 2020 and is expected to arrive $ 2.8 billion by 2030 with a CAGR of 4.2% from 2021 to 2030.
Drivers, Limitations and Opportunities –
The expansion of the commercial tourism infrastructure and the increasing acceptance of energy efficient solutions are fueling the growth of the global market for commercial boilers. However, high installation costs hamper market growth. On the other hand, it is expected that the demand for the compact design of the steam boiler will offer new opportunities in the coming years.
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The outbreak of the pandemic gave way to raw material shortages and disruptions in the supply chain, hampering manufacturing activities in several industries.
The lockdown in most countries has also disrupted the activities of educational institutions, housing and many other sectors. Accordingly, the demand for commercial boilers has decreased.
Still, the demand for the COVID situation is expected to increase as day-to-day operations in the end-user industries are revived at full capacity.
The natural gas segment should dominate by 2030-
In terms of fuel type, the natural gas segment held the largest market share with more than a third of the total market share in 2020 and is expected to maintain its leading position throughout the forecast period. In addition, the highest CAGR of 4.5% is expected in this segment from 2021 to 2030. This is because natural gas is considered a very economical fuel for commercial heating and is used for both water and steam systems.
The story goes on
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The non-condensing segment to keep the dominant portion
By technology, the non-condensing segment had the highest market share in 2020, contributing to more than half of the global commercial boiler market and is expected to maintain its leading position over the forecast period. Because non-condensing boilers work in any weather. However, the condensing technology segment is expected to have the largest CAGR of 5.0% from 2021 to 2030. Due to the increased demand for space and water heating systems, the market for condensing boilers has seen a significant increase in demand.
Asia Pacific, followed by LAMEA and North America, would grow with the fastest CAGR by 2030 –
Depending on the region, Europe contributed to the highest market share in 2020 with more than two fifths of the total share and is expected to maintain its dominance in terms of sales through 2030. Healthcare and retail are expected to be a significant contributor to the commercial boiler business in the UK. At the same time, the market is cross Asia Pacific is expected to report the fastest CAGR of 6.1% over the forecast period. This is due to the increasing demand for boilers in China.
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SOURCE Allied Market Research