New York, US, Aug. 29, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Residential Boiler Market Analysis by Type, Technology, Fuel Type and Region — Forecast till 2030” valuation is poised to reach USD 13 Billion by 2030, registering a 6% CAGR throughout the forecast period (2022–2030).
Residential Boiler Market Overview
The increasing concerns about greenhouse gas emissions and the measures to decrease the carbon footprints will offer lucrative opportunities for the market in the assessment period.
Residential Boiler Market Report Scope:
| Report Metric | Details |
| Market Size by 2030 | USD 13 Billion |
| Growth From 2022 to 2030 | 6% CAGR |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Key Market Opportunities | Growing Concerns regarding Greenhouse Gas Emissions to offer Robust Opportunities |
| Key Market Drivers | Growing Need for Heating Equipment to Boost Residential Boiler Market Growth |
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Drivers
Growing Need for Heating Equipment to Boost Market Growth
The growing need for heating equipment for keeping home warm and heating water across the world will boost market growth in the assessment period.
High Installation Cost to act as Market Challenge
The high installation cost of residential boilers may act as a market challenge over the forecast period.
Complexity in Installation and Maintenance of Boilers to act as Market Challenge
The complexity in the installation and maintenance of residential boilers may act as a market challenge over the forecast period.
Residential Boiler Market Segments
The global residential boiler market is bifurcated based on type, technology, and fuel type.
By type, fire tube boiler will lead the market over the forecast period. This is explained by the surge in demand for boilers used in residential applications for applications such as space heating & water heating. Additionally, the demand for warm air and hot water from regions of North America & Europe with colder climates is rising, which is anticipated to support the fire tube boiler market's expansion in the upcoming years.
By technology, condensing will dominate the market over the forecast period. The increased use of heating products that are energy-efficient and decreased fuel use are credited with this growth. Condensing boilers have advantages like lower costs, smaller footprints, higher efficiency, and others that are predicted to drive the market growth in the course of the study period.
By fuel type, gas fired will spearhead the market over the forecast period. This is linked to an increase in demand for gas-fired domestic boilers, which have advantages such as energy efficiency, quiet operation, cost effectiveness, clean heating, and other attributes.
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Residential Boiler Market Regional Analysis
APAC to Head Residential Boiler Market
Due to the region's untapped residential boiler market and the growing attention major boiler manufacturing businesses are paying to it, Asia-Pacific is predicted to experience the maximum growth rate in this market. Due to the strong growth of the residential sector and higher living standards, the market for residential boilers within the Asia-Pacific area is expanding rapidly. In terms of revenue growth, Asia-Pacific led the world market in 2019 and is predicted to continue to dominate during the forecast period. The increase in demand for household heating systems within the area is to blame for this.
Additionally, due to its dependability and high energy efficiency, residential boiler is becoming more and more important in houses, flats, and other residential places for heating water & air applications. During the projected period, this is anticipated to boost the residential boiler market's growth. The APAC market is expected to expand significantly as a result of the region's increasing urbanization and increased disposable income. The deployment of such units will increase as sustainable construction projects continue to advance and zero emission building goals are met. China has turned into the world's top markets for boiler systems in recent years as a result of government initiatives to foster the development of energy-efficient technologies. The widespread usage of boilers will also be aided by the region's high need for hot water and the growing popularity of private homes.
North America to Have Favorable Growth in Residential Boiler Market
The demand for cleanliness & environmental awareness is expected to increase significantly, which will boost the North American residential boiler business. For homeowners, residential boilers are a terrific investment since they manage heating & cooling systems, maintain clean air, and ensure that there is always hot water available. It is anticipated that North America would account for a sizable portion of the worldwide market. Over the forecast term, it is anticipated that this growth will continue. In the coming years, it is projected that factors including the demand for energy-efficient boilers both in residential & commercial buildings would propel the market's expansion.
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The adoption of supportive legislative frameworks and the growing need for sustainable hot water technology will have a positive impact on the deployment of residential boilers throughout the region. A favorable environment for market participants will be created by the growing government initiatives to encourage sustainable heating systems that reduce GHG emissions and enhance energy efficiency. The need for space & water heating systems has increased in recent years as a result of the harsh weather in Canada and the northern United States, which has also boosted the range of boiler installations. During the projected period, North America is predicted to have a commanding market share. It is due to the quick industrialization of nations like the US and Canada, which has increased the need for home boilers for purification of air and produced significant amounts of carbon emissions and pollution. Additionally, the introduction of several new policies toward the deployment of residential boilers as an alternative source to obtaining hot water using renewable resources is demonstrating the growing focus of the governments of the various countries within the region towards bringing environmental sustainability.
COVID-19 Analysis
Boiler demand from residential customers declined as a result of lockdowns implemented in response to the COVID-19 pandemic, which resulted in a temporary prohibition on import and export as well as manufacturing and processing activity across many industries. Due to this, market growth contracted in 2020's second, third, & fourth quarters. But by the first quarter of 2021, the market is anticipated to bounce back as COVID-19 immunization has begun in a number of countries throughout the world, which will boost the world economy.
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Residential Boiler Market Competitive Analysis
Dominant Key Players on Residential Boiler Market Covered are:
- Ariston Thermo SpA
- Bradford White Corporation
- Burnham Holdings Inc.
- Ferroli S.P.A.
- Lennox International
- Noritz Corporation
- Robert Bosch GmbH
- Slant/Fin Corporation
- SPX Corporation
- Viessmann Manufacturing Company Inc
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