| Product Code: ETC375564 | Publication Date: Aug 2022 | Product Type: Market Research Report | ||
| Publisher: 6Wresearch | Author: Ravi Bhandari | No. of Pages: 75 | No. of Figures: 35 | No. of Tables: 20 |
The India commercial boilers market import shipments experienced a negative Compound Annual Growth Rate from 2020 to 2024. However, there was a significant surge in growth from 2023 to 2024. The market showed signs of slowing down initially but rebounded strongly in the most recent period, indicating a potential shift towards expansion.
The commercial boilers market in India was valued at approximately USD 2 billion and is projected to grow at a CAGR of 3% due to increasing investments by private players along with relaxed regulations by India Government towards promoting industrialization & infrastructure development across various regions that have increased its usage drastically across both residential & commercial sectors throughout country .The growing trend toward using green buildings coupled with rapid urbanization are some other factors driving its adoption among manufacturing companies present within nation resulting into significant rise within industry size during coming years.
India commercial boilers market has experienced significant growth over the past few years due to several factors. The rising demand for energy-efficient heating solutions in commercial buildings and industrial facilities has been a major driver. With increasing urbanization and infrastructural development, the construction of commercial spaces such as hotels, hospitals, and office complexes has surged, further propelling the demand for commercial boilers. Additionally, government initiatives promoting clean and sustainable energy sources have encouraged businesses to adopt eco-friendly heating options, thus boosting the market.
The India commercial boilers market faces various challenges, including the need for energy-efficient and environmentally friendly solutions. As businesses strive to reduce their carbon footprint, boiler manufacturers must adapt their technologies to meet stringent emissions regulations. Additionally, the market faces price fluctuations in raw materials and competition from cheaper alternatives, which can impact profit margins.
The outbreak of COVID-19 in India significantly affected the commercial boilers market. As industries faced disruptions, project delays, and decreased demand, the market experienced a slowdown. Several companies in the hospitality and manufacturing sectors postponed their expansion plans, leading to a decrease in boiler installations. Additionally, supply chain disruptions and labor shortages further impacted the market`s growth during the pandemic.
In the India market for commercial boilers, several key players are leading the industry. These companies include well-established names like Thermax Limited, Forbes Marshall, Cheema Boilers Limited, and Industrial Boilers Limited. These players offer a wide range of commercial boilers catering to various industries, ensuring energy efficiency and reliability.