North America Commercial Hot Water Boiler Market Size - By Fuel (Natural Gas, Oil, Coal, Electric), By Technology (Condensing, Non-Condensing), By Application (Offices, Healthcare Facilities, Educational Institutions, Lodgings, Retail Stores) & Forecast,

North America Commercial Hot Water Boiler Market Size - By Fuel (Natural Gas, Oil, Coal, Electric), By Technology (Condensing, Non-Condensing), By Application (Offices, Healthcare Facilities, Educational Institutions, Lodgings, Retail Stores) & Forecast, 2023 - 2032

North America commercial hot water boiler market size is projected to expand at over 6.6% CAGR from 2023 to 2032. The increasing focus on energy efficiency together with the influx of stringent regulations for promoting sustainable heating solutions is contributing to the rising demand for reliable hot water in commercial establishments. Additionally, the growing awareness of environmental impacts is adding to the adoption of green building initiatives.

Higher technological advancements, including the integration of smart and connected systems will also fuel the demand for commercial hot water boilers in the region. For instance, in April 2023, Canadian commercial heat pump manufacturer Transom launched its new CO2 (R744) air-to-water commercial hot-water heat pump tailored for the diverse needs of the West Coast commercial market in North America.

The North America commercial hot water boiler industry is segregated based on fuel, capacity, technology, application and region.

Based on technology, the market value from the non-condensing segment is projected to increase at substantial CAGR through 2032. This is due to the cost-effectiveness, simple design, and suitability offered by non-condensing hot water boilers in various applications. The robust demand for reliable hot water solutions in commercial settings across the region will also add to the segment growth.

In terms of fuel, the North America natural gas commercial hot water boiler industry is estimated to accumulate sizeable revenue share by 2032. The growth can be attributed to the abundant availability of natural gas due to its cost-effectiveness. There has also been increasing emphasis across the region on cleaner and more efficient fuel options in commercial heating applications.

The lodgings application segment is projected to register commendable CAGR through 2032, attributed to the expanding hospitality sector in North America along with the increasing demand for hot water in hotels and accommodations. Moreover, the higher focus on providing energy-efficient and reliable heating solutions in lodging establishments will boost the segment growth.

Regionally, the Canada commercial hot water boiler industry is slated to expand at rapid pace during 2023-2032, driven by the increasing emphasis on energy efficiency and regulatory support for sustainable heating solutions. The growing demand for reliable hot water in various commercial applications will also drive the regional market expansion.