Is the boiler market heating up?
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The global commercial boiler market reached $8.5 billion in 2020 and is anticipated to grow 4% per year through 2028, according to market research from Global Market Insights. That’s a lot of anticipated growth in the industry, which led PM Engineer to check in with a few manufacturers and get their take on what’s looking like a hot market.
Part of the growing demand comes from a focus on high efficiency and boiler system control technology, David DeVries, director of product management at Weil-McLain, says in the article. “The boiler market will continue down the path of non-condensing boiler system replacements with tougher minimum efficiency requirements on the horizon with advanced condensing boiler designs achieving greater system efficiency and footprint optimization for new build and boiler system upgrade projects. Boiler system control technology, building automation system integration and monitoring will continue to be targets for market differentiation.”
Reporter Natalie Forster adds that while multifamily and single-family projects are the largest growth drivers, education, hospitality and restaurant-related projects follow close behind. If your building or client is looking to upgrade a boiler system with efficiency or improved controls in mind, check out our article with a 7-point plan to find the right boiler.