Increasing efforts to reduce carbon emissions to foster global commercial boiler market outlook
Selbyville, Delaware, United States, October 7 2020 (Wiredrelease) Global Market Insights, Inc –:Rising consumption of hot water across regions with extreme cold temperatures like Europe and Canada could accelerate global commercial boiler market size. In simple terms, a commercial boiler can normally be defined as a pressurized system that uses electricity or burns combustible fuel to heat water. Lately, factors such as rising expenditure on electricity bills and growing inclination towards sustainable heating systems have compelled various commercial boiler manufacturers to launch energy-efficient boilers that help lower carbon emissions.
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In order to minimize their carbon footprint, governments all over the world have started to implement stringent regulatory norms. Federal bodies have even rolled out several progressive initiatives to promote the adoption of sustainable heating units. Citing an instance, the European Union has implemented “Performance of Buildings Directive (EU) 2018/844”, with a vision to attain zero Co2 emission from buildings by 2050.
Meanwhile, progressive investments towards the development of ecologically & economically sustainable infrastructure across numerous commercial sectors could advance the global commercial boiler market forecast.
Earlier in 2017, the European Commission had presented Framework Level(s), to enhance the sustainability of commercial infrastructures. Rising adoption of such emission norms and standards in the near future could play a significant role in increasing the demand for energy-efficient steam generating systems.
On the basis of application, the commercial boiler market is segmented into healthcare, offices, lodgings, institutions, and retail. Among these applications, the healthcare commercial boiler segment is expected to observe tremendous growth in the future. Healthcare facilities generally use hot water to clean medical instruments, sheets, and floors.
Constant investment towards upgradation and expansion of existing healthcare structures would stimulate the product’s deployment. To cite an instance, back in 2017, the Centers for Medicare and Medicaid Services had published a report which revealed that the U.S. had invested roughly USD 3.5 trillion to develop the infrastructure of the healthcare sector.
As per regional share, the commercial boiler market of U.S. is projected to record substantial growth, with annual installation expected to exceed a total of 80,000 units by 2024. This growth can be attributed to the region’s booming population rate and expanding economic growth. In fact, the U.S. had seen a GDP growth of 34.5% between 2009-17 and population growth of 6.1% in the same period.
The adoption of stringent regulatory norms to cap the increasing GHG emissions could supplement the growth of condensing commercial boiler industry in the U.S. Reportedly, the U.S. EPA has employed National Emission Standards for Harmful Air Contaminants with an objective to minimize GHG emissions from industrial as well as commercial infrastructures. Compact design, reliable operation, and simple control are a few major features that could accelerate product adoption by customer in the U.S.
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