Used as water and space heating solutions, gas boilers offer excellent operational benefits. One, they reduce corrosion during shut down and two, there low maintenance and have ample observation ports. Moreover, they are so much simpler in terms of design and set-up than alternatives.
In the developing economies, industrial development is leading to increase in demand for these gas boilers. To add to this factor, increase in greenhouse gases and their harmful effects on the environment are also creating demand for gas boilers. As stringent regulations are noted worldwide, so are higher growth numbers for the market. It is pertinent to note here that these boilers are not just cleaner with better efficiency for fuel; they are the perfect solution to current woes posed by environmental woes.
Promising government initiatives and rising private investment in infrastructure of various industries is driving growth in countries such as India and China which are witnessing impactful development in the market landscape and growth in manufacturing and pharmaceutical industries.
Rise in industrial activity is a result of westernization and rapid urbanization in these countries and will create untapped growth opportunities for the market players in the Asia Pacific (APAC) region. Owing to environmental laws imposed by European Union (EU), Europe will also chart a growth trajectory in the global gas boilers market.
All this wil lead to a steady CAGR (Compound Annual Growth Rate) between 2019 and 2027, creating ample opportunities in the market landscape to keep the players hooked. Some of the most prominent market players in the already fragmented market landscape include Isjec Heavy Engineering Ltd., Forbes Marshall Pvt., Ltd, Alfa Laval AB, Bosch Industriekessel GmbH, Westinghouse Electric Corporation, Rite Engineering and Manufacturing Corporation, Sofinter S.p.a, and Velocity Boiler Works among others.
Gas Boilers Market: Introduction
Gas boilers (gas-fired boilers) are primarily used for heating the water to create the steam and process it. Gas boilers are fueled with natural gas or propane with simple modifications in the design. Gas boilers are employed in water- and space-heating solutions. They offer excellent operational benefits such as reduced corrosion during shutdown and easy maintenance led by adequate observation ports. Moreover, the setup of gas boilers is simpler than other types of boilers.
Increase in the demand for space- and water-heating solutions is driving the global gas boilers market. The industrial development, primarily in developing economies, backed by private and public investments has augmented the demand for boilers. This, in turn, is driving the gas boilers market. Moreover, stringent environmental regulations on greenhouse gas (GHG) emissions have augmented the demand for gas boilers, due to cleanliness and improved fuel efficiency offered by them. However, technical limitations in terms of working under low temperature of gas boilers and higher capital costs are likely to hinder the global market during the forecast period.
Global Gas Boilers Market: Segmentation
The global gas boilers market can be segmented based on type, capacity, application, and region. In terms of type, the market can be divided into condensing and non-condensing. Reduction in costs, such as heating costs, and increased fuel efficiency of condensing gas boilers are projected to drive the market during the forecast period.
Based on capacity, the global market can be categorized into <10 MMBtu/h, 10–50 MMBtu/h, 50–100 MMBtu/h, 100–250 MMBtu/h, and >250 MMBtu/h. The <10 MMBtu/h segment is anticipated to expand at a significant pace during the forecast period, owing to increasing popularity of these gas boilers among domestic users led by their efficient operation. Based on application, the global gas boilers market can be segregated into domestic and industrial. The industrial segment can be sub-segmented into power generation, hospitality, and others (including hospitals). Rising urbanization and growing trend of replacing of low-efficiency domestic boilers, primarily in developing economies, are driving the market for domestic gas boilers.
Global Gas Boilers Market: Regional Outlook
In terms of region, the global gas boilers market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Demand for gas boilers in developing economies, such as China and India, is estimated to rise during the forecast period, owing to ongoing developments, primarily in manufacturing and pharmaceutical industries in these countries. Promising government initiatives and rising private investments in the development of industrial infrastructure have resulted in rapid industrial growth. Moreover, rapid urbanization and improved lifestyle have resulted in increased demand for domestic gas boilers in these countries. Thus, the gas boilers market in Asia Pacific is projected to expand at a rapid pace during the forecast period.
Implementation of stringent environmental laws imposed by the European Union and the U.S. Government regarding greenhouse gas (GHG) emissions is expected to drive the gas boilers market in North America and Europe during the forecast period. The market in Middle East & Africa is projected to witness considerable growth, primarily in countries such as the UAE, Saudi Arabia, Egypt, and Nigeria, due to availability of natural gas resources in these countries.
Global Gas Boilers Market: Competition Landscape
Key players operating in the global gas boilers market are Babcock & Wilcox, Hurst Boiler & Welding Co, Inc., Forbes Marshall, AMEC Foster Wheeler, Rentech Boiler, Miura America, Fulton Boiler Works, SIME Hoval, Fondital, Viessmann, Groupe Atlantic, Bosch, Weil-McLain, Bradford White Corporation, Burnham Holdings, Inc., A.O. Smith, BDR Thermea Group, Parker Boiler, and Vaillant Group.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.