Market overview:
The Residential Boiler Market was worth USD 8.57 billion in 2020 and is expected to be worth USD 13.74 billion by 2028, growing at a CAGR of 6.16 percent between 2021 and 2028.
As more commercial and residential buildings use heat pumps to generate heat and coolness, there is a greater demand for energy-efficient boilers. Because heat pumps are known to be more energy efficient than older systems like furnaces and radiators, advancements in heat pump technology are a driving force in the market. This is expected to lead to an increase in the number of buildings switching to heat pumps. The government's emphasis on energy efficiency is another factor that is expected to contribute to the rising demand for energy-efficient boilers.
Furthermore, ongoing investments in the green building industry will boost market growth. Furthermore, rising efforts to reduce GHG emissions and the increasing adoption of stringent regulatory measures are some of the significant factors driving industry growth. The Global Residential Boiler Market trends will be further improved by low operating costs and high heating efficiency.
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Market segmentation:
In terms of type, due to increased demand for boilers for space heating and water heating applications from residential applications, the fire tube boiler segment held the largest market share in 2019. Furthermore, demand for hot water and warm air from cold weather areas in North America and Europe is expected to drive growth in the fire tube boiler segment in the coming years.
In terms of fuel type, the gas-fired segment had the highest market share of 71.2 percent during the forecast period, owing to increased demand for gas-fired residential boilers, which have benefits such as clean heating, comfort, eco-friendliness, quiet operation, cost-effectiveness, safe operation, energy savings, and others.
Regarding technology, the condensing segment dominated the residential boiler market in 2019. This is due to a greater awareness of the benefits of using energy-efficient heating products and less fuel consumption. Condensing boilers provide advantages such as lower costs, less space, lower carbon footprint, high efficiency, and others, which are expected to drive market growth during the period under consideration.
Regional analysis:
The global residential boiler market has been segmented into four regions: North America, Europe, Asia-Pacific, and the Rest of the World. Due to the region's unsaturated boiler market and the increasing focus of major boiler manufacturing companies, Asia-Pacific is expected to grow at the fastest rate in the residential boiler market. The Asia-Pacific residential boiler market is expanding steadily due to strong growth in the residential sector and rising living standards. Due to industrial advancement and a desire to reduce harmful gases and environmental pollution, countries in Europe such as the United Kingdom, Germany, and France have also promoted the use of residential boilers. Furthermore, Latin American countries such as Brazil and Mexico have made significant progress.
Recent developments:
- Viessmann, a manufacturer of hydronic heating systems, will announce its newest products at an upcoming virtual event in June 2021. This release is expected to highlight new Vitodens boilers and new digital applications for homeowners and contractors.
- Smith Corporation announced in October 2021 that it had acquired Giant Factories, Inc., a Canadian manufacturer of residential and commercial water heaters. Due to regular purchase accounting adjustments, the acquisition was neutral to fourth-quarter 2021 EPS and accretive to EPS in the first full year after closing.
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Report Attribute
Details
Forecast Period
2022 - 2030
Market Growth value
XX % CAGR
Revenue forecast in 2022-2030
USD XX billion
Base year for estimation
2021
Historical data
2019 – 2020
Unit
USD Billion, CAGR (2021 – 2030)
Segmentation
By Application, By End-Use, and By Region
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