Sellbyville, DE -- (SBWIRE) -- 03/01/2019 -- Growing need for space heating and hot water across cold regions coupled with increasing demand for high efficiency heating systems will drive the global market growth. Government initiatives toward renovation and substitution of inefficient building infrastructures will further enhance the industry. For instance, the European Union introduced Energy Performance of Buildings Directive, which aims to achieve zero carbon emissions from buildings 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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Oil fired commercial boiler market is predicted to surpass annual installation of 100 thousand units by 2024. Lower Annual Fuel Utilization Efficiency (AFUE) and relatively higher carbon emissions along with government initiatives to limit the GHG emissions may restrict the product deployment in medium term. However, better accessibility to fuel and lower initial cost are some of the key factors that will keep the product competitive in the boiler industry.

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.

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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.