Portland, OR, June 28, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global commercial boiler market generated $1.9 billion in 2020, and is estimated to garner $2.8 billion by 2030, witnessing a CAGR of 4.2% from 2021 to 2030.The report provides detailed analysis of changing market dynamics, key segments, value chain, top investment pockets, regional scenario, and competitive landscape.
Expansion of commercial tourism infrastructure and increase in adoption of energy efficient solution drive the growth of the global Commercial Boiler Market. However, high installation cost hinders the market growth. On the other hand, demand for compact design of the steam boiler is expected to present new opportunities in the coming years.
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Covid-19 Scenario:
- Manufacturing activities have been stopped partially or completely due to lack of raw material availability and disruptions in the supply chain with lockdown restriction implemented by governments of many countries.
- The worldwide lockdown also restricted the activities of educational institutions, lodging, and many other sectors, which in turn, declined the demand for commercial boiler.
- The demand is expected to rise during the post-lockdown as daily operations across end user industries resume with full capacity.
The report offers detailed segmentation of the global commercial boiler market based on fuel type, technology, capacity, end user, and region.
Based on fuel type, the natural gas segment held the largest market share, accounting for more than one-third of the total market share in 2020, and is estimated to continue its lead position throughout the forecast period. Moreover, this segment is expected to register the highest CAGR of 4.5% from 2021 to 2030.
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Based on technology, the non-condensing segment accounted for the highest market share in 2020, contributing to more than half of the global commercial boiler market, and is estimated to continue its lead position during the forecast period. However, the condensing segment is expected to manifest the largest CAGR of 5.0% from 2021 to 2030.
Based on region, Europe contributed to the highest market share in 2020, accounting for more than two-fifths of the total share, and is projected to maintain its dominance in terms of revenue by 2030. However, Asia-Pacific is estimated to portray the highest CAGR of 6.1% during the forecast period.
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Leading players of the global commercial boiler market analyzed in the research includeA.O. Smith Corporation, Cochran Limited, Bosch Thermotechnology, Fulton Boiler Company, Cleaver-Brooks, Slant/Fin Corporation, Parker Boiler, Vaillant Group, Superior Boiler Works, Inc., and Weil-McLain.
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