Gas Fired Boilers Market Size, Share and Global Trend By Material Type (Cast Iron, Stainless Steel, Cast Aluminum, Others), By Capacity (100-500 Kg/hr, 500-5,000 Kg/hr, >5,000 Kg/hr), By Application (Residential, Industrial, Commercial) and Regional Forecast, 2024-2032

Boilers have applications in the industries in order to provide hot water or steam as a utility to numerous processes. The boiler manufacturers have also developed various boilers for residential and commercial heating applications. The different types of boilers available in the market include oil fired boilers, gas-fired boilers, and coal-fired boilers, among others. The classification of the boilers is done on the basis of the efficiency of heating and fuel type used.

The oil-fired boilers use heating oil as fuel while the gas-fired boilers use natural gas and liquified petroleum gas as fuel. The gas-fired boilers generally provide higher efficiency as compared to other types of boilers. The gas-fired boilers are easy to maintain and clean as compared to the oil-fired boilers.

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By material type, the gas-fired boilers available in the market are cast iron, cast aluminum, and stainless steel gas-fired boilers among others. The heating efficiencies of the cast iron gas-fired boilers are lower as compared to the cast aluminum and stainless steel gas-fired boilers. The stainless steel gas-fired boilers exhibit the highest efficiency among the gas-fired boilers by material type.

By capacity, the gas-fired boilers are categorized depending on the output capacity as 100 to 500 Kg/hr, 500 to 5,000 Kg/hr and >5,000 Kg/hr. The capacities of the gas-fired boiler are designed as per their applications in the residential, commercial and industrial spaces. The residential applications use the small capacity of the gas-fired boilers, and commercial spaces and industries use all (small, medium, and high) capacities of gas-fired boilers.

Gas-fired boilers can achieve efficiencies up to 95%, which makes them more efficient as compared to the other boilers. Owing to this, the gas-fired boilers are expected to witness a surge in demand for residential and commercial applications in the coming years. The residential application of gas-fired boilers is for heating the water, and the growth in the construction of residential buildings is thus expected to drive the sales of gas-fired boilers in the coming years.

The gas-fired boilers are efficient than the oil-fired boilers, but the cost of the fuel which is natural gas or liquefied petroleum gas is higher as compared to the heating oil which is expected to retard the growth of gas-fired boilers market during the forecast period.

Key Players Covered

Some of the major companies that are present in the global gas-fired boiler market are Isjec Heavy Engineering Ltd., Forbes Marshall Pvt., Ltd, Alfa Laval AB, Thermodyne Engineering Systems (India), Carrier Corporation, U.S. Boiler Company, Inc., Viessmann Manufacturing Company Inc., Thermax limited, Lochinvar Ltd, Weil-McLain, Microtech Boilers Pvt. Ltd., ThyssenKrupp AG, Bosch Industriekessel GmbH, Westinghouse Electric Corporation, Rite Engineering and Manufacturing Corporation, Sofinter S.p.a, and Velocity Boiler Works.

SEGMENTATION

Regional Analysis

The global gas-fired boiler market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America region is expected to create an excellent platform for the growth of the gas-fired boilers market in the coming years. The climatic conditions in the North America region have accelerated the growth of water heating equipment sales, owing to which the gas-fired boilers market is expected to grow at a decent rate in the North America region. Europe region has witnessed significant growth in the commercial spaces and the chemical industry in the recent past. The growth of the commercial spaces and chemical industry in Europe is expected to drive the sales of the gas-fired boilers in the region. Latin America region is expected to drive the gas-fired boilers market owing to the increasing demand from the commercial and industrial applications. The growth of the oil and natural gas industry in Latin America is expected to aid in the growth of the gas-fired boilers market in the region. The Middle East and Africa region have developed new commercial spaces owing to the increasing tourism in the region. The growth of the commercial spaces in the region is expected to boost the sales of gas-fired boilers market in the Middle East and Africa in the near future. Asia Pacific region is a high potential market for the growth of the gas-fired boilers market. The high population in the region has lowered the labor costs, which has added to the growth of different industries, commercial spaces, and residential buildings in the region. Owing to this, the demand for the gas-fired boilers in the coming years is expected to remain high in the region.

Key Industry Developments

• In June 2019, Rheem Manufacturing Company acquired Intergas Heating, a Dutch boiler manufacturer to expand its boiler and water heating equipment portfolio for both domestic as well as residential applications. Rheem Manufacturing Company is focused on the expansion of its global footprint in order to increase its sales
• In April 2019, Lochinvar Ltd launched 4 models of empty fruit bunch ultra-low nitrogen dioxide gas-fired condensing boilers with an output range of 85 to 151 KW
• In January 2019, Weil-McLain launched a gas boiler product line in order to meet the demand from the residential and commercial applications. The company launched the gas boilers under the brand names Ultra™ Series 4, Evergreen®, AquaBalance® Series 2, and GV90+®