Sellbyville, DE -- (SBWire) -- 02/21/2019 --Growing need for hot water and space heating solutions across cold climatic regions along with shifting trend toward adoption of energy efficient heating units will drive the global market growth. Government efforts toward promotion of energy efficient systems in high carbon footprint buildings will further augment the product deployment. The European Union adopted the Energy Performance of Building Directive (EPBD), targeting a zero-greenhouse gas release from building infrastructures by 2050. Global Commercial Boiler Market is set to surpass USD 15 Billion by 2024, as reported in the latest study by Global Market Insights, Inc.
Standing as one of the top-notch energy transition verticals, commercial boiler market is poised to amass substantial gains, with a global installation target of 300,000 units by 2024. Boiler efficiency has been touted as one of the foremost factors determining the overall efficiency of a central heating system. According to the U.S. DOE, commercial infrastructure consumes more than 7 trillion joules of site energy annually. The boiler efficiency also has a major impact on the carbon emissions and cost reduction, owing to which the demand for commercial boilers has observed a sharp uptick globally.
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Gas fired commercial boiler market is predicted to expand over 3% by 2024. Low carbon emissions, relatively lower operational cost and low maintenance requirement will accelerate the product adoption. Growing investments toward development and extension of gas infrastructure will further drive the business growth. In 2016, as per the European Commission, the EU has invested over USD 200 million toward the development of Balticconnector, a natural-gas pipeline connecting Estonia and Finland.
The U.S. market is predicted to surpass an annual installation of 80,000 units by 2024. Resurgent economic growth coupled with rapidly increasing population will drive the industry growth in coming years. As per the World Bank, the U.S. has witnessed a GDP growth of 34.5% between 2009 and 2017, and a population surge of 6.1% within the same period.
In context of energy efficiency, the ongoing renovation activities of inefficient building infrastructure is providing a substantial impetus to the commercial boiler industry trends. The fraternity has been witnessing a slew of product developments and technological proliferations to develop advanced, efficient, and sustainable equipment. In this regard, condensing boilers have registered a massive demand across the commercial sector, primarily driven by their emission reduction capabilities.
Growing need for hot water and space heating solutions across cold climatic regions along with shifting trend toward adoption of energy efficient heating units will drive the global market growth. Government efforts toward promotion of energy efficient systems in high carbon footprint buildings will further augment the product deployment. The European Union adopted the Energy Performance of Building Directive (EPBD), targeting a zero-greenhouse gas release from building infrastructures by 2050.
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It is imperative to mention that amidst the stringent regulatory backdrop, gas-fired commercial boiler industry has witnessed a massive penetration globally. Besides meeting the emission standards, these boilers also have lower maintenance and operational costs which is further fueling its deployment across the commercial sectors. In terms of commercialization, this segment is forecast to record a CAGR of 3% over the coming six years.
Notable industry participants across the global market
- Viessmann
- Vaillant Group
- Weil-McLain
- Cleaver-Brooks
- Ferroli S.p.A.
- Navien, Inc.
- BDR Thermea Group
- MIURA AMERICA CO., LTD.
- A. O. Smith Corporation
