The changing dynamics Global Commercial Boiler Market with covid-19 impact assessment
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Global Commercial Boiler Market.
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Global Commercial Boiler Market.
It was estimated prior to this unanticipated outbreak Global Commercial Boiler Market will reach CAGR of 3.3% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Global Commercial Boiler Market Insights
Global Commercial Boiler Market is likely to witness a CAGR of 3.3% during the forecast period. Factors such as the increasing requirement for space heating and hot water across cold regions along with the growing demand for high-efficiency heating systems, initiatives by the government towards renovation and replacement of inefficient building infrastructures are expected to enhance the size of the industry and fuel the global market growth during the forecast period. Further, increase in focus toward minimizing emission of greenhouse gas along with enactment and strengthening of emission standards will accelerate the demand for energy efficient commercial boilers.
Market Share Analysis
Global Commercial Boiler Market Share: By Fuel Type
Based on the fuel type, the market is segmented as natural gas, oil, coal, and others. Factors such as lower carbon footprint, comparatively low operation & maintenance costs, and ongoing investments directed towards expansion of natural gas infrastructure, globally, are expected to enhance the deployment of natural gas and fuel the growth of the industry during the forecast period. On the other hand, lower annual fuel utilization efficiency and relatively high emission of carbon accompanied by government initiatives for limiting greenhouse gas emission may cause restriction of product deployment in medium term. Though, the key factors such as better fuel accessibility and lower initial cost would be able to keep the oil product as a competitor in the boiler industry.
Global Commercial Boiler Market Share: By Application Type
Based on the application type, the market is segmented as offices, healthcare, institutions, lodgings, retail, and others. The healthcare commercial boiler market is estimated to register a high growth rate owing to the increasing demand for hot water for sterilizing the medical instruments, sheets, and for the purpose of space heating. Furthermore, the increase in government and private investments in the direction of expansion and modernization of healthcare infrastructure is expected to accelerate the product demand during the forecast period. The rapid growth of the IT industry, accompanied by shifting trends from agricultural to industrial economy has made the construction of commercial spaces necessary, eventually fueling the growth of the market.
Global Commercial Boiler Market Share: By Capacity Type
Based on the capacity type, the global commercial boiler market is segmented as 0.3-2.5 MMBtu/hr, 2.5-10 MMBtu/hr, 10-50 MMBtu/hr, 50-100 MMBtu/hr, and 100-250 MMBtu/hr. The 0.3-2.5 MMBtu/hr products are broadly deployed across offices, healthcare, retail stores, and lodgings for the application of heating. Their easy installation along with cost effectiveness over their available counterparts is expected to fuel the growth of the industry during the forecast period. On the other hand, 2.5-10 MMBtu/hr commercial boiler product penetration is boosted by the shifting trends toward energy-efficient condensing boilers along with modernization and expansion of commercial centers during the forecast period.
Global Commercial Boiler Market Share: By Technology Type
Based on the technology type, the market is segmented as condensing and non-condensing. The condensing commercial boiler market is estimated to register a faster growth rate depending on the instructions given by the government for reducing greenhouse gas emission. For example, National Emission Standards for Hazardous Air Pollutants was introduced by the U.S. Environmental Protection Agency to be headed in the direction of regulating greenhouse emission across commercial and industrial centers. Its purpose to address all the requirements for an energy-efficient HVAC system is further expected to boost the growth of the industry.
Global Commercial Boiler Market Share: By Region
In terms of regions, the U.S. is estimated to witness high growth rate attributed to the stringent federal legislative for limiting carbon footprints from commercial infrastructures along with investments for replacements and upgradation of conventional heating units during the forecast period. Furthermore, a range of measures has been introduced by the federal government in conjunction with the respective state agencies to control the rapid increase of air pollution. On the other hand, China is expected to witness strong growth rate due to the rapid urbanization and investments in the direction of developing commercial centers.