New York, United States, Feb. 27, 2024 (GLOBE NEWSWIRE) -- A residential boiler is a heating appliance that generates heat for applications such as space heating and water heating. A residential boiler may occasionally be used in commercial applications, increasing capacity. Residential boiler systems typically use hot water boilers. The most popular fuel for residential boilers is natural gas. Propane, which is more expensive than natural gas, can be used as an alternative fuel in places where it is unavailable. Boilers used in homes can also heat water for bathing and cooking.
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Proliferating Residential Construction Industry Drives the Global Market
According to Straits Research, “The global residential boiler market size was valued at USD 8,744.5 million in 2021. It is expected to reach USD 14,648.68 million by 2030, growing at a CAGR of 5.9% during the forecast period (2022–2030).” Rapid urbanization increased the number of homes being built, raising the demand for residential boilers to meet consumers' air and water heating needs in homes in cold climate regions. This factor is anticipated to fuel the residential boiler market's growth during the forecast period. Residential boiler markets in Asia-Pacific, the Middle East, Latin America, and Europe may see growth opportunities due to the rising demand for boilers that can heat water and air in homes. The need for residential boilers has increased due to the sharp increase in hot water and space heating consumption.
Technology Advancements in Residential Boilers Creates Tremendous Opportunities
Research and development for residential boilers are predicted to increase, allowing key manufacturers to increase the efficiency of their products and keep up with the worldwide market. It is also anticipated that as residential consumers become more aware of high energy efficiency, bill savings, safety, and lowering carbon emissions, demand for the most energy-efficient residential boilers will rise. Due to this factor, major manufacturers are now concentrating on designing and developing sustainable products, which will drive the market's expansion over the forecast period.
Regional Analysis
Europe residential boiler market share is expected to grow at a CAGR of 5.9% during the forecast period. Top revenue-generating countries in Europe include the UK, Germany, France, Italy, and Spain. Increased demand from residential consumers for space and water heating is anticipated to drive the residential boiler market's growth during the forecast period. Germany dominated the residential boiler market in 2019, followed by the UK and Italy. Germany's dominant position in the European construction market explains this. Furthermore, it is anticipated that investments in renewable energy sources and environmentally friendly energy sources like natural gas will increase during the forecast period.
Asia-Pacific is expected to grow at a CAGR of 6.10%, during the forecast period. The Asia-Pacific region's rapid economic and population growth also contributes to the expansion of the residential boiler industry. Due to an increase in demand for space heating and water heating from residential users, including homeowners, renters, apartment dwellers, farmers, and others, the residential boiler market in Asia-Pacific is predicted to grow. Due to the recent rapid development of residential construction and building infrastructure in developing countries like India, China, and Japan, the market for residential boilers is anticipated to expand in the coming years. In addition, it is expected that the residential boiler market will grow over the study period due to tighter government regulations and rising public awareness of the need to reduce carbon emissions in the Asia-Pacific region.
The United States is North America's largest producer and consumer of residential boilers. The residential boiler market is steadily growing due to the substantial demand from residential customers. Due to rising population levels and increased demand for air and water heating, residential boiler demand has increased in the North American region, further accelerating market growth over the forecast period. The residential boiler market is anticipated to expand over the coming years due to rising environmental pollution awareness brought on by carbon and greenhouse gas emissions.
Key Highlights
- Based on type, the global residential boiler market is bifurcated into water tube boilers, fire tube boilers, and electric boilers. The fire tube boiler segment is the highest contributor to the market and is expected to grow at a CAGR of 5.9% during the forecast period.
- Based on technology, the global residential boiler market is bifurcated into condensing and non-condensing. The condensing segment owns the highest market share and is expected to grow at a CAGR of 5.9% during the forecast period.
- Based on fuel type, the global residential boiler market is bifurcated into coal-fired, oil-fired, and gas-fired. The gas-fired segment is the highest contributor to the market and is expected to grow at a CAGR of 6.0% during the forecast period.
- Europe is the most significant shareholder in the global residential boiler market and is expected to grow at a CAGR of 5.9% during the forecast period.
Competitive Players
The Top 10 players in the global residential boiler market 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, and Viessmann Manufacturing Company, Inc.
Market News
- In September 2022, Ferroli's new and upgraded Bluehelix HiTech RRT home boilers have been introduced. To give installers and their clients complete peace of mind regarding their decision regarding performance and aftercare, the Bluehelix HiTech comes with a 7-year warranty as standard.
- In May 2021, A partnership between Plumbers Without Borders, a grassroots non-profit working to improve access to clean water and sanitation worldwide, and Bradford White Corporation, a manufacturer of residential, commercial, and industrial water heating and storage products, has been announced.
Global Residential Boiler Market: Segmentation
By Type
- Water Tube Boiler
- Fire Tube Boiler
- Electric Boiler
By Technology
- Condensing
- Non-condensing
By Fuel Type
- Coal Fired
- Gas Fired
- Oil Fired
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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