The Gas Fired Boiler Market crossed USD 15 billion in 2017 and the annual installation is poised to exceed 7 million units by 2024 as regulatory measures to mitigate the environmental impact of greenhouse gas emissions will fuel the industry demand.

Sellbyville, DE -- (SBWire) -- 02/28/2019 --Gas fired boiler market is set to witness robust growth on account of growing adoption of energy efficient space and water heating solutions along with ongoing regulatory measures toward the mitigating the greenhouse gas (GHG) emissions. For instance, the EU has set a target to reduce its GHG emissions by a minimum of 40% from 1990 levels by 2030. Ongoing investments toward infrastructure development coupled with favorable government initiatives and policies across developing economies will further boost the industry growth.

High energy efficiency and reduced heating costs along with the product's ability to offer lower carbon emission are some of the key features that will boost the condensing gas fired boiler market growth. The technology recovers latent heat from steam by condensing the water vapor from exhaust. However, its limitation to work under very low temperatures and high initial cost may hamper the technology adoption.

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Rising demand for specialty chemicals and the shift toward consumption of processed food along with resurgent economic growth across key developing countries will drive the industrial gas fired boiler market share. As per UNIDO, manufacturing valued added by chemical industry in 2016, was worth over USD 400 billion. Supportive government policies toward development of industrial facilities along with increasing investment toward expansion of commercial centers will positively impact the business landscape.

Commercial gas fired boiler market share is predicted to witness growth over 3% by 2024. Rapidly expanding population size and urbanization on a global scale coupled with focus toward cleaner fuel will augment the business landscape. The ongoing development and expansion of commercial centers along with measures to encourage the replacement of traditional boilers will further accelerate the deployment of gas fired boilers.

Condensing gas fired boiler market is predicted to witness growth of over 4% by 2024. Ability of these boilers to offer low environmental pollution, reduced heating costs and high energy efficiency are some of the prominent features which will stimulate product adoption over available alternatives. Government measures toward energy conservation along with regulatory mandate toward minimal energy efficiency requirement will positively influence the industry growth.

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The demand for gas-fired boilers jumped significantly in China, after the regional governments war on air pollution & climate change accelerated the initiatives to eliminate coal-fired boilers at industries and fuel stoves in households and replace them with cleaner and natural gas-fired units. The regulatory officials have however reported that the government will be first ensuring enough natural gas storage before impelling residents and industries for eliminating coal or fossil fuel-based boilers. This proliferating use of energy alternatives for reducing the carbon footprint have created favorable investment trends for potential gas fired boilers industry players.

Prominent industry participants across the gas fired boiler market include Amec Foster Wheeler, Forbes Marshall, Fondital S.p.a, Groupe Atlantic, Hoval, Weil-McLain, GRUNDFOS, Carrier Corporation, Ariston Thermo Group, Vaillant Group & O. Smith Corporation