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| Commercial Boiler Market Growth |
The global commercial boiler market is estimated to be valued at US$ 2.11 Bn or billion in 2023 and is
expected to exhibit a CAGR of 4.3% over
the forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Overview:
Commercial boilers are equipment used to heat water or generate streams for
heating residential and commercial buildings. They function by burning fuel
such as natural gas, oil, coal or wood to heat water or steam, which circulates
through pipes supplying radiators, convectors or fins-and-tubes within
buildings. Commercial boilers provide efficient heating solutions for various
applications in large buildings such as hospitals, universities, hotels and
office premises. Their advantages include lower maintenance costs over long
run, energy efficiency and space heating.
Market key trends:
One of the key trends in the commercial boiler market is rising adoption of
energy efficient condensing boilers. Condensing boilers recover latent heat
from exhaust gases exiting the boiler, which otherwise would have been wasted.
This significantly improves their efficiency to over 90%. Growing concerns
regarding energy security and carbon emissions are propelling demand for such
eco-friendly heating solutions across commercial establishments. Furthermore,
advancement in combustion and flue gas treatment technologies have enhanced
boiler efficiencies, reducing carbon footprints.
Porter’s Analysis
Threat of new entrants: The Commercial
Boiler Market Growth requires high initial investment for R&D,
production facilities, brands etc. which poses high entry barriers for new
players.
Bargaining power of buyers: Large industrial and commercial buyers have
significant bargaining power due to their bulk buying abilities which compel
existing players to offer competitive prices.
Bargaining power of suppliers: Few large players dominate raw material supply
which gives them power to influence prices. However, availability of
substitutes balances their power.
Threat of new substitutes: Alternate heating solutions like heat pumps,
combined heat and power systems pose threat to commercial boilers. However,
limited geographic scope and requirement of existing infrastructure favor
boilers.
Competitive rivalry: The market is highly fragmented with presence of numerous
global and regional players. Intense competition keeps prices low and forces
players to strengthen distribution and focus on differentiated products.
Key Takeaways
The global commercial boiler market is expected to witness high growth,
exhibiting CAGR of 4.3% over the
forecast period, due to increasing industrialization and infrastructure
development in emerging economies.
The Asia Pacific region dominates the global commercial boiler market, with
China being the largest market. This is attributed to growing manufacturing
activities, power generation, and rapid urbanization in the region. North
America is another major market for commercial boilers driven by rising demand
from food & beverage, chemical, and industrial sectors.
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. These companies are focusing on new product launches,
partnerships, and mergers & acquisitions to gain market share.
Read More: https://www.rapidwebwire.com/commercial-boiler-market-size/