New York, USA, July 06, 2021 (GLOBE NEWSWIRE) -- Research Dive has added a report on the global residential boiler market to its repository. The report states that the market is estimated to hit $13,849.4 million and grow with a substantial CAGR of 6.4% from 2021 to 2028. The report is an in-depth study presenting thorough lookout of the present scenario and future perspective of the global market. The report is articulated by veteran market analysts and assures to be a reliable source of data, recent trends, and all-encompassing market insights for new entrants, investors, existing market players, stakeholders, shareholders, etc.
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Impact of COVID-19 Pandemic on the Market Growth:
The abrupt outbreak of the COVID-19 pandemic has had an adverse impact on the growth of the residential boiler market in 2020. Nevertheless, once the pandemic eases, the global market is likely to perceive remarkable progress owing to the surging need for residential boilers chiefly in regions like America and Europe. The leading players in the global market are executing several business strategies to sustain their market position in the crisis period.
Factors Impacting the Market Growth:
A notable rise in government plans and policies to curtail energy consumption by ventilating systems, heaters, and cooling systems is propelling the global residential boiler market growth. In addition, a few leading boiler manufacturers are concentrating on assimilating innovative technologies like internet of things (IoT) in boilers’ coating to enable fast heating and make the boiler corrosion resistant. Addition of novel technologies will help develop more efficient and energy saving boilers, and thus bring in rewarding opportunities for the market growth during the forecast period. But the existence of alternative systems for residential boilers, mainly for gas fired boilers, such as IR heating panels & solar thermal panels, is estimated to impede the growth of the global market.
The report segments the global residential boiler market based on fuel type, technology, and region.
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Gas Sub-Segment to Hold Leading Market Share
The gas sub-segment of the fuel type segment is anticipated to lead the market by surpassing a revenue of $8,008.5 million in the forecast period. This growth is mostly attributed to the increasing utilization of gas fired boilers as they need less energy and give out less emissions as compared to coal and oil fired boilers.
Condensing Sub-Segment to Observe Outstanding Growth
The condensing sub-segment of the technology segment is anticipated to experience outstanding growth and hit $11,072.2 million in the forecast period. This growth is mostly attributed to the mounting uses of condensing boilers owing to their various benefits such as improved control, enhanced efficacy, and easy handling.
Asia-Pacific Region to Observe Speedy Growth
The report analyzes the global residential boiler market across various regions including North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is projected to rise at a rapid pace and hit $3,508.1 million during the estimated period. The growth of this region market is mainly due to the growing urbanization and economic advances in emerging nations like India and China. The increasing developments in this region is triggering the need for smart homes armed with HVAC systems that can be controlled via smartphones.
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Major Players in the Market:
The report lists some of the leading players functioning in the global residential boiler industry including
- Robert Bosch GmbH
- Ariston Thermo SpA
- Lennox International
- A. O. Smith
- SPX Corporation
- Viessmann Manufacturing Company Inc.
- NORITZ Corporation
- Burnham Holdings, Inc.
- Thermax Limited
- DAIKIN INDUSTRIES, Ltd.
The report also delivers numerous industry-top strategies and tactics like top tactical initiatives & advances, new launch of product/service range, business performance, Porter five forces analysis, and SWOT analysis of the leading players, operating in the global industry. For instance, in June 2021, Lochinvar, LLC, a foremost manufacturer of high-efficiency water heaters, boilers, pool heaters, and custom pre-piped packaged systems, launched a new smart condensing boiler. The newly launched boiler’s technology automatically adjusts combustion to the surrounding environments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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