Commercial Boilers Market size to grow by USD 3,587.85 million from 2022 to 2027; Increasing demand for commercial boilers from the hospitality sector to boost the market

Sep 02, 2023

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08 Aug, 2023, 22:00 ET

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NEW YORK, Aug. 8, 2023 /PRNewswire/ -- The Commercial Boilers Market size is estimated to grow at a CAGR of 4.12% between 2022 and 2027 and the size of the market is forecast to increase by USD 3,587.85 million, according to Technavio - Request a sample report.

Commercial Boilers Market Insights -

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Commercial boilers market - Company Insights

The growing competition in the market is compelling companies to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market companies including - A. O. Smith Corp., Burnham LLC, Carrier Global Corp., Clayton Industries, Cochran Ltd., Heating Ontario, Hurst Boiler and Welding Co. Inc., Maxima Boilers Pvt. Ltd., Parker Boiler Co., R.F. MacDonald Co., Robert Bosch GmbH, SPX Corp., Superior Boiler, The Cleaver Brooks Co. Inc., The Fulton Companies, Thermodyne Engineering Systems, U.S. Boiler Co., Vaillant GmbH, Watts Water Technologies Inc., and Slant Fin Corp.

Commercial Boilers Market – Market Dynamics

Key Drivers

Increasing demand for commercial boilers from the hospitality sector is a key factor driving market growth. Boilers used in commercial facilities demonstrate higher energy efficiency compared to residential ones due to their frequent use of hot water. This high utilization in places like hospitals, hotels, and airports results in multiplied energy savings for each watt saved in water heating.

Consequently, the hospitality sector is witnessing increased demand for boiler deployment, driven by substantial energy savings and growing investments in new hotels. The surge in global air passenger traffic and the rise in the number of airports further contribute to the demand for commercial boilers, especially in luxury hotels. Additionally, luxury hotels, shopping centers, and airports' high demand for hot water significantly add to the market growth. As a result, the Increasing demand for commercial boilers is expected to witness significant growth during the forecast period.

Major Trends

The increasing use of smart devices is a major trend in the market. Advancements in portable devices and monitoring systems have revolutionized the management of heating water for end-users. Integrated monitoring systems within boilers can detect and eliminate contaminants, allergens, harmful particles, and viruses, resulting in reduced wear and tear on the boiler and fewer requirements for regular maintenance and repairs.

Furthermore, the incorporation of advanced firmware, algorithms, and learning capabilities further enhances boiler energy efficiency while keeping maintenance costs at a minimum. Additionally, certain companies are developing smart thermostats equipped with Wi-Fi-enabled water heaters, enabling automatic adjustments of water temperature based on data from the thermostat. Users can also remotely control water temperature through a mobile app, as IoT integration expands the functionality of water heaters. Hence, these factors are expected to drive market growth during the forecast period.

Significant Challenges

The growth of the boiler rental sector is a significant challenge restricting market growth. The demand for steam and hot water in industries tends to fluctuate, leading to the purchase of additional boilers to meet peak load demands and ensure backup security for unexpected failures or maintenance. As a solution, industrial operations are increasingly relying on boiler rental services to address peak demand efficiently.

Consequently, the boiler rental sector is expected to grow. However, the global commercial boiler market experiences sluggishness since each sector installs its boilers for baseload demand and resorts to renting when demand exceeds it. This approach might impede the overall market growth. Since demand from different sectors does not peak simultaneously, landlords can optimize their response to market needs by purchasing fewer commercial boilers. Hence, these factors are expected to restrict market growth during the forecast period.

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The commercial boilers market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as prospects.

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Commercial Boilers Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 4.12%

Market growth 2023-2027

USD 3,587.85 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

3.65

Regional analysis

APAC, North America, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 38%

Key countries

US, China, Japan, South Korea, and Germany

Competitive landscape

Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Key companies profiled

A. O. Smith Corp., Burnham LLC, Carrier Global Corp., Clayton Industries, Cochran Ltd., Heating Ontario, Hurst Boiler and Welding Co. Inc., Maxima Boilers Pvt. Ltd., Parker Boiler Co., R.F. MacDonald Co., Robert Bosch GmbH, SPX Corp., Superior Boiler, The Cleaver Brooks Co. Inc., The Fulton Companies, Thermodyne Engineering Systems, U.S. Boiler Co., Vaillant GmbH, Watts Water Technologies Inc., and Slant Fin Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Fuel Type

7 Market Segmentation by Technology

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com

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