According to the research report titled ‘Global Gas Fired Boilers Market Research Report 2020’, available with Market Study Report, global gas fired boilers market was worth USD 10680 million in 2020 and is expected to register a y-o-y growth rate of 4.9% during the study period, subsequently accounting for USD 14980 million by the year 2026.
 

For the record, a boiler is an enclosed vessel in which water is heated as well as circulated as superheated steam, steam or hot water for applications such as powering, heating and producing electricity.
 

Strict regulatory scenario pertaining to GHG emission mitigation is a major factor driving the growth of worldwide gas fired boilers industry. Rapid urbanization, increasing infrastructural development and rising adoption of energy effective space heating as well as water boiling solutions are also stimulating the industry outlook.
 

As per type, 1MW-5MW segment holds 61% market share as of 2020 and is slated to experience a similar growth during the forecast period.
 

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Elaborating on the application spectrum, commercial segment accounts for 65% industry share and is presumed to expand substantially during the estimated timeframe. Increasing focus towards adopting green sources of energy in order to reduce the carbon footprint and strict emission regulations are favoring the product penetration across commercial application.  
 

As per the regional scope, U.S. and Europe are significant consumers of global gas fired boilers industry. Meanwhile, Asia-Pacific market is projected to record a momentous growth rate through 2026, primarily due to introduction of various government directives to reduce the carbon footprint as well as shifting focus towards using sustainable sources of energy. Surging investments towards development of green infrastructure is also promoting the business dynamics in Asia-Pacific.
 

The major companies in global gas fired boilers industry are Fondital, Parker Boiler, Hoval, Ferroli, Hurst Boiler & Welding Co. Inc., Fulton, Rentech Boiler, Miura, Babcock & Wilcox, Forbes Marshall, WOOD and Viessmann among others.