Global Gas Fired Boiler Market to Cross USD 20 Billion By 2024

May 08, 2020

As per the report titled ‘Gas Fired Boiler Market Size By Application, By Capacity Industry Analysis Report, Regional Outlook  Application Potential, Competitive Market Share & Forecast, 2018 - 2024’, available with Market Study Report LLC, global gas fired boiler market is projected to cross USD 20 billion by the year 2024.

Improving economic status of developing nations coupled with growing focus towards adoption of energy-efficient water and space heating solutions is driving the growth of gas fired boiler market. Inflowing infrastructural investments, alongside regulatory measures to curb GHG emissions are encouraging the adoption of gas fired boilers. Emphasis towards substitution of traditional boilers owing to their rising maintenance costs and lower operational efficiency is boosting the demand for gas fired boilers.

Low maintenance costs, high energy efficiency, and easy availability of fuel are the key factors that will encourage the product adoption throughout the forecast duration. Consumer inclination towards processed food is augmenting the demand for industrial gas fired boilers. In addition, favorable government policies regarding the expansion of industrial infrastructures and development of commercial projects will expand the business landscape in the coming years.

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Based on the capacity, <10 MMBtu/hr segment was valued at USD 9 Billion in 2017 and is predicted to gain decent traction during the study period. The growth can be attributed to widespread adoption of these units across the commercial sector and increasing investments for the development of urban establishments. Moreover, surging demand for water and space heating solutions in developing nations, along with growing availability of natural gas for commercial and domestic space heating will enhance the market outlook in the forthcoming years.

Elaborating on the technology, condensing segment is expected to see modest growth during the forecast period. Various benefits such as reduced heating costs, high energy efficiency, and comparatively lower emissions are favoring technology penetration.

As per the regional analysis, gas fired boiler market in Asia Pacific is predicted to experience prominent gains during the study period, owing to rapid growth of manufacturing industry and steadily expanding service sector. Growing focus towards upgradation of conventional residential boilers with highly efficient gas fired boilers, in tandem with rapid urbanization in several Asian countries are supporting the expansion of Asia Pacific market.

Major players operating in global gas fired boiler market include Babcock and Wilcox Enterprises, Inc., Forbes Marshall Private Limited, Fulton Boiler Works, Inc., AMEC Foster Wheeler Ltd., Rentech Boiler Systems Inc., General Electric, Miura America Co., Ltd., Viessmann Limited, Hoval, Groupe Atlantic, Hurst Boiler and Welding Co, Inc., Fondital S.p.A, SIME, Victory Energy Operations, LLC, and Bosch Thermotechnology among others.

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