Newark, Feb. 01, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 49.53 Billion in 2022 gas fired boiler market will reach USD 121.29 Billion by 2032. Along with replacing conventional heating units, the broad use of energy-efficient space and water heating systems will further enhance the corporate environment.
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97 - Tables
237 – Pages
Key Insight of the Gas Fired Boiler Market
Europe is anticipated to expand at the highest CAGR of 11.82% over the projection period.
Europe is expected to grow at the highest CAGR of 11.82% over the forecast period. The commercial and chemical sectors in Europe have grown significantly in the last few years, which is anticipated to encourage the region's sales of gas-fired boilers. Germany is predicted to have a growing market for gas-fired boilers because of the region's stringent pollution rules. Traditional heating methods have been replaced by more government legislation that has been passed and successfully implemented with the goal of minimising industrial pollution. High-efficiency gas-fired boilers are becoming more and more in demand as a result of outdated boiler inventory and increased efforts to maximise energy utilisation.
The > 10 - 50 MMBtu/hr segment is expected to register the highest CAGR of 12.03% over the projected period in the gas fired boiler market.
The > 10 - 50 MMBtu/hr segment is anticipated to grow at the highest CAGR of 12.03% in the gas fired boiler market. Growing the industry for gas powered boilers that produce between 10 and 50 million British thermal units per hour will help small and commercial enterprises use these boilers. The demand for these systems will increase due to the continued expansion of the industrial sector in developing economies and the optimistic prognosis for manufacturing facilities. The market penetration of gas powered boilers will be fueled by the ongoing shift towards energy-efficient technology and the provision of advantageous government programmes and subsidies.
Over the projected period, the commercial segment is expected to register the highest CAGR of 12.64% in the gas fired boiler market.
Over the forecasted period, the commercial segment is anticipated to grow at the highest CAGR of 12.64% in the gas fired boiler market. The market for commercial boilers is expected to rise as a result of the increased demand for green buildings and space heating in colder climates. Hospitals, workplaces, schools, and hotels all make substantial use of these boilers. The business environment will also be boosted by the government's increased investment in the construction of new commercial centres and the renovation of existing structures.
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Report Coverage and Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $ 49.53 Billion |
| Market Size in 2032 | $121.29 Billion |
| CAGR | 9.37% |
| No. of Pages in Report | 237 |
| Segments Covered | Capacity, Application |
| Drivers | Increasing demand for efficient heating solutions |
| Restraints | High initial installation costs |
Market Dynamics
Driver: Increasing demand for efficient heating solutions
The growing need for cost-effective heating solutions in the commercial, residential, and industrial domains is driving the market for gas-fired boilers. The industry is being driven by strict environmental rules that encourage the use of greener energy sources and boiler technological developments. The growing popularity of gas-fired boilers is being driven by the increased emphasis on energy efficiency and the shift to sustainable practices. The industry is also driven by the increased focus on lowering greenhouse gas emissions and the transition to greener, more ecologically friendly heating solutions.
Restraint: High initial installation costs
Although the market for gas-fired boilers is growing, there are still some limitations. The high upfront installation costs and reliance on natural gas prices may be obstacles to industry growth. Tight laws and regulations pertaining to emissions could potentially impede the expansion of the market. Furthermore, there is competition from the growing popularity of alternative heating options like electric boilers and renewable energy sources. Key competitors in the industry compete fiercely, which is seen in their innovative product creation, strategic alliances, and mergers and acquisitions. In order to remain competitive in the gas-fired boiler industry, businesses must prioritise technical developments, cost-effective solutions, and sustainable practices among this ever-changing landscape.
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Some of the major players operating in the gas fired boiler market are:
• Fulton Boiler Works
• Thermax
• Hurst Boiler and Welding
• Thermodyne Engineering Systems
• Bosch Industriekessel Gmbh
• Babcock & Wilcox
• Alfa Laval AB
• Bradford White Corporation
• General Electric
• Forbes Marshall
• Thyssenkrupp AG
Key Segments cover in the market:
By Capacity:
• ≤ 10 MMBtu/hr
• > 10 - 50 MMBtu/hr
• > 50 - 100 MMBtu/hr
• > 100 - 250 MMBtu/hr
• > 250 MMBtu/hr
By Application:
• Residential
• Industrial
• Commercial
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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