New York, USA, Sept. 14, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global residential boiler market is envisioned to generate a revenue of $13,849.4 million and rise at a CAGR of 6.4% throughout the estimated period from 2021 to 2028.
As per our analysts, with the rising involvement of the government in setting up regulations for energy utilization for heating, ventilation, and air conditioning, the residential boiler market is expected to experience progressive growth during the analysis period. Besides, the increasing incorporation of new technologies by manufacturers to develop energy-efficient boilers is further predicted to bolster the growth of the market during the forecast period. Moreover, the residents are searching for innovative technologies for saving money and energy by setting IoT on their boilers or water heaters is the factor expected to create wide investment opportunities for the market over the estimated period.
Segments of the Residential Boiler Market
The report has divided the market into segments based on fuel type, technology, and region.
Fuel Type: Gas Fired Sub-Segment to be Most Profitable
The gas-fired sub-segment is expected to generate a revenue of $8,008.5 million throughout the estimated timeframe. This is mainly due to the high utilization of gas-fired boilers because of less energy utilization and fewer emissions. Moreover, the increasing greenhouse gas emissions and their harmful impacts on the environment are generating higher demand for effective and renewable boilers which is expected to fortify the growth of the market sub-segment during the forecast period.
Technology: Condensing Sub-Segment to be Most Productive
The condensing sub-segment is projected to garner a revenue of $11,072.2 million during the analysis timeframe. The increasing utilization of condensing boilers due to its numerous benefits such as improved control, increased efficiency, and many more are expected to upsurge the growth of the market sub-segment throughout the forecast period.
Region: Europe Region to Have Extensive Growth Opportunities
The Europe region of the residential boiler market is predicted to generate a revenue of $4,881.9 million over the forecast timeframe. The growing demand for the most reliable and effective boilers from residents to meet the required environmental regulations is predicted to drive the regional growth of the market during the estimated period.
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Covid-19 Impact on the Residential Boiler Market
The outbreak of the Covid-19 pandemic has had an undesirable impact on the residential boiler market, likewise in several other industries. This is mainly due to the disruption in supply networks and services all across the world because of the stringent guidelines imposed by the governments of many nations. However, post-pandemic, the adoption of different tactics and strategies such as collaborations by leading manufacturers to obtain more market share is expected to boost the growth of the market.
Key Players of the Market
The major players of the residential boiler market include
- Viessmann Manufacturing Company Inc.
- SPX Corporation
- DAIKIN INDUSTRIES, Ltd.
- Ariston Thermo SpA
- Thermax Limited
- A.O. Smith
- NORITZ Corporation
- Lennox International
- Burnham Holdings, Inc.
- Robert Bosch GmbH
These players are broadly working on the development of new business strategies such as partnerships and collaborations, mergers and acquisitions, and product development to acquire a leading position in the global industry.
For instance, in January 2022, Bosch Thermotechnology, a leading manufacturer of energy-efficient heating products and hot water solutions in Europe announced the launch of its line of products named IDS Light, IDS Premium Connected, and Climate 5000 ductless system mini-split heat pump. These three products are designed to offer accessibility to high-quality systems to boost connectivity and provide installation guidance, easy warranty registration, troubleshooting, and remote monitoring of high-quality heating, cooling, and hot water systems. Inquire here before purchasing a full report
Further, the report also presents other important aspects including product portfolio, the financial performance of the key players, SWOT analysis, and the latest strategic development.
More about Residential Boiler Market:
- Innovation of Eco-Friendly Residential Boiler System and its Benefits
- Residential Boiler Market Flourishing due to the Promising Government Initiatives
