Global Gas Fired Boiler Market to amass $ 20 Bn by 2024

September 20, 2019

Worldwide gas fired boiler market is expected to surpass US $20 billion by the year 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2024.

Growing focus towards substitution of old boilers on account of their inferior operational performance and increasing maintenance cost will trigger gas fired boiler market growth. High energy efficiency, low maintenance cost, coupled with easy accessibility to fuel are some of the eminent features encouraging the product adoption.

Increasing economic growth in major nations across the globe, along with growing inclination towards processed food consumption will propel industrial gas fired boiler market. Supportive government schemes for development of industrial and commercial infrastructure will further aid the market growth.

Speaking of the capacity spectrum, <10 MMBtu/hr natural gas fired boiler segment was valued at US $9 billion in 2017. These units have substantial penetration in commercial sector, and current infrastructural investments towards the development of urban institutions will support the market growth over the forecast period. Increasing demand for space and water heating across emerging economies will improve the adoption of the product.

Considering the technology segmentation, gas fired boiler market from condensing segment is presumed to grow significantly over the forecast period, owing to product’s ability to provide comparatively low emission, high energy efficiency, and reduced heating costs. However, limitation to work under low temperatures and high initial cost will hamper the adoption of technology.

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Based on the regional outlook, natural gas fired boiler market in Asia Pacific is projected to grow on account of positive outlook towards manufacturing segment, coupled with rising service sector. Increasing focus towards replacement of low-efficiency residential boilers, coupled with rapid development across several Asian economies will drive the regional market growth.

The prominent companies operating in gas fired boiler market include Hurst Boiler, Miura America, Carrier, Babcock & Wilcox, Bosch, AMEC Foster Wheeler, A.O Smith, Forbes Marshall, and Viessmann among others.