Artificial intelligence is fastest growing application fueling the growth of commercial boiler market

 

The global commercial boiler market is estimated to be valued at US$ 2.02 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Commercial boilers are heating systems essential for many non-residential spaces such as hotels, hospitals, offices, schools and others. They provide steam or hot water needed for space heating, domestic hot water, humidification or process needs. Commercial boilers offer advantages like fuel flexibility to utilize natural gas, oil, propane or biomass as fuel sources. They provide high efficiency, lower emissions and improved durability. The growing construction of commercial spaces coupled with replacement of aging boilers is driving the demand in the market.

Market key trends:
The commercial boiler market is witnessing growing adoption of artificial intelligence technology. AI is helping in remote monitoring of boilers to predict maintenance needs and performance issues. It allows monitoring thousands of operating parameters to detect anomalies and improve efficiency. AI is also enabling integration of boilers with smart home automation for remote operations through apps and voice commands. With growing construction of green buildings, the demand for condensing boilers is rising as they offer highest efficiencies of upto 98%. Their ability to extract more heat from flue gases makes them environment-friendly.

Segment Analysis
The global commercial boiler market is segmented on the basis of type, fuel, application, and region. Based on type, the market is segmented into water-tube boiler and fire-tube boiler. Among these, the water-tube boiler segment dominates the market as it provides greater efficiency and can withstand higher pressures compared to fire-tube boilers.

Key Takeaways
The global commercial boiler market is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing demand for energy-efficient heating solutions from the commercial sector.

The commercial boiler market size is estimated to reach US$ 2.02 Bn in 2023. Regionally, North America dominates the commercial boiler market currently owing to severe winters and high demand from industries. The region is expected to maintain its dominance during the forecast period.

Key players operating in the commercial boiler market are A.O. Smith Corporation, Bosch Thermotechnology, Cochran Limited, Cleaver-Brooks, Fulton Boiler Company, Parker Boiler, Slant/Fin Corporation, Superior Boiler Works, Inc., Vaillant Group, and Weil-McLain. Among these, AO Smith Corporation and Bosch Thermotechnology collectively accounts for over 35% of the global commercial boilers market share.

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