February 11, 2022 05:23 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, Feb. 11, 2022 (GLOBE NEWSWIRE) -- The Commercial Boiler Market size was valued at USD 4.17 billion in 2020. The market is expected to grow from USD 3.98 billion in 2021 to USD 5.55 billion by 2028, exhibiting a CAGR of 4.9% during the forecast period. Rising commercial buildings, increased safety for heating equipment, and increasing applications of the product to foster market development. Fortune Business Insights™ presents this information in its report titled “Commercial Boiler Market, 2021-2028.”
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Commercial boiler is a pressurizing system responsible for burning combustible fuels and using electricity for water heating. Rising commercial buildings is expected to bolster the product’s adoption globally. Further, increasing safety concerns regarding heating equipment are expected to boost the product’s demand. Moreover, increasing boiler applications from public assembly buildings, retail stores, warehouses & storage facilities, hospitality, healthcare sector, offices, and educational institutions is expected to nurture the industry development. These factors may propel the market growth during the upcoming years.
Companies Profiled in the Report:
Manufacturing Restraints to Impede Market Development
This market is expected to be negatively affected during the COVID-19 pandemic due to restrictions imposed on heating equipment manufacturing. The alarming spike in COVID infections led to the imposition of stringent lockdown. Further, lack of raw materials and resources due to halt on transportation facilities may impede development. However, the adoption of reduced capacities and technologically advanced production machinery, protective gear, and sanitization methods may enable manufacturers to recover losses. These factors may propel market development during the pandemic.
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By fuel, the market is segmented into oil, coal, natural gas, and others. As per technology, it is bifurcated into condensing and non-condensing. On the basis of end-user, it is categorized into hospitality, offices, healthcare sector, educational institutions, and others. Geographically, it is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Robust Demand for the Product from Healthcare Sector to Foster Market Development
The rising demand for the product from the healthcare sector for space heating, sterilizing, and cleaning for boilers is expected to bolster the product demand. A rising focus on improving healthcare infrastructure among policymakers is expected to foster the product demand. Furthermore, the rising demand for new commercial boiler installations is expected to boost market development. Moreover, increasing research and development to produce novel products shall facilitate the product demand. For example, Bosch Thermotechnology announced the first of its kind connected boilers with the ability to be connected with tablets and laptops and enable the controlling and monitoring of multiple heating systems. These factors may drive the commercial boiler market growth.
However, high maintenance costs associated with the product is expected to hinder the market progress.
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Increasing Thermal Treatment Processes and Environmental Policies to Foster Growth in Asia Pacific
The market in Asia Pacific is expected to dominate the commercial boiler market share due to rising thermal treatment processes and environmental policies. The market in Asia Pacific stood at USD 2.01 billion in 2020 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, rising foreign direct investments in commercial buildings such as offices, sector, and healthcare sectors is expected to foster market development.
In North America, trends for up-gradation or replacement of existing heating systems and improvements in commercial boiling operability is expected to foster the product’s demand. Furthermore, stringent government norms, increasing fuel prices, and high maintenance and operating costs may foster the product demand. These factors may propel market development.
In Europe, the rising focus of government bodies towards reducing carbon emissions and implementing green building codes in the European region contributes to the industry growth.
Companies Launch Novel Products to Boost Brand Image
Prominent companies operating in the market announce novel products to improve sales and boost their brand image. For example, Viessmann Group launched its novel compact and gas wall-mounted boiler for the latest 200 generations in March 2020. It is extremely cost-effective, reliable, and extremely consistent during the condensing process. These factors may boost the company’s sales and boost its brand image. Further, the adoption of technologically advanced production techniques enables organizations to reduce manpower, boost productivity, reduce cost and resource utilization, improve product quality, and achieve organizational goals.
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