Portland, OR, Oct. 07, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global residential boiler market was estimated at $7.6 billion in 2021 and is expected to hit $12.5 billion by 2031, registering a CAGR of 5.2% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market. The report is exclusively meant to help the readers with a comprehensive valuation of industry analysis and trends.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $7.6 Billion |
| Market Size in 2031 | $12.5 Billion |
| CAGR | 5.2% |
| No. of Pages in Report | 239 |
| Segments Covered | Type, Technology, Fuel Type, and Region. |
| Drivers | Increase in demand for space and water heating systems |
| Restraints | High cost associated with the installation and maintenance |
| Opportunities | Technological advancement toward improving energy efficiency of residential boilers |
Covid-19 scenario-
- Halted activities in several industries such as building & construction, oil & gas, and transportation gave way to declined demand for heating appliances, which impacted the global residential boiler market negatively, especially during the initial period.
- Drop in the LNG & crude oil prices also affected the market growth. However, the market has now reinstated its growth curve back.
The global residential boiler market is analyzed across type, technology, fuel type, and region. The report takes in an exhaustive analysis of segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
Based on type, the fire tube segment contributed to more than three-fifths of the global residential boiler market revenue in 2021, and is expected to dominate by 2031. The electric segment, however, would showcase the fastest CAGR 5.8% throughout the forecast period.
Based on technology, the condensing segment accounted for more than four-fifths of the total market revenue in 2021, and is expected to dominate by 2031. The same segment would also cite the fastest CAGR of 5.3% throughout the forecast period.
Based on fuel type, the gas fired segment garnered nearly three-fourths of the total market revenue in 2021, and is expected to dominate by 2031. The same segment would also project the fastest CAGR of 5.4% throughout the forecast period.
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Based on region, the market across Asia-Pacific generated around two-fifths of the total market revenue in 2021, and is anticipated to retain the lion’s share by 2031. The Asia-Pacific region, however, would showcase the fastest CAGR of 5.7% during the forecast period. The other regions studied in the report include North America, LAMEA, and Europe.
The key market players analyzed in the global residential boiler market report include Bradford White Corporation, Burnham Holdings, Ferroli S.p.A, Viessmann Manufacturing Company, Inc., Noritz Corporation, Robert Bosch GmbH, Slant/Fin Corporation, SPX Corporation, Ariston Thermo SpA, and Lennox International. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance, product portfolio, operating segments, and developments by the top players.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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