The latest report by IMARC Group, titled “Residential Boiler Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global residential boiler market size reached a value of US$ 7.73 Billion in 2021. Residential boilers are hydronic heating systems that convert chemical energy into thermal energy for heating purposes. They heat the water inside a tank and supply hot water or steam through pipelines and radiators to keep the residential area warm. They also offer high reliability, longer shelf-life, less maintenance, optimal energy efficiency, and environmental-friendly properties. As a result, residential boilers are widely utilized across public buildings, holiday homes, farmhouses, and other residential places across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Residential Boiler Market Trends:
The market is primarily driven by the escalating demand for energy-efficient water heating equipment in the residential sector. In addition, the implementation of stringent regulations by governments of different nations to promote the establishment of green buildings and the adoption of eco-friendly residential boilers as a sustainable heating technology represent another major growth-inducing factor. Besides this, various key players are making huge investments in research and development (R&D) activities to introduce coal, oil, and gas-fired residential boilers at reduced manufacturing costs. This, coupled with the rising utilization of condensing boilers in residential areas due to their beneficial properties, such as affordability, reduced carbon footprints, and clean heating operation, is positively influencing the market growth. Moreover, the growing environmental concerns among the masses, the increasing number of construction activities across developing economies, and the rising disposable incomes of individuals are some of the other factors creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 10.52 Billion by 2027, exhibiting a CAGR of 5.10% during the forecast period (2022-2027).
- Based on the type, the market has been segregated into water tube, fire tube, and electric boilers.
- On the basis of the fuel type, the market has been categorized into coal-fired, oil-fired, gas-fired, and others.
- Based on technology, the market has been classified into condensing and non-condensing.
- Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some of the key players being A. O. Smith Corporation, Ariston Holding N.V., Bradford White Corporation, Burnham Holdings Inc., Daikin Industries Ltd., FERROLI S.p.A, Lennox International Inc., NORITZ Corporation, Robert Bosch GmbH, Slant/Fin Corporation, SPX Corporation, and The Viessmann Group.
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