New York , Jan. 17, 2024 (GLOBE NEWSWIRE) -- The global residential boiler market size is projected to grow at a CAGR of over 6% from 2023 to 2035. The market is expected to garner a revenue of USD 14 billion by the end of 2035, up from a revenue of USD 8 billion in the year 2022. The last few centuries have seen the rise of urbanization as a result of which the majority of people now reside in towns and cities. For instance, lately, more than 54% of people worldwide reside in cities, and by 2050, that number is predicted to rise to over 65%.
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Moreover, due to better job prospects, a controlled market, higher wages, and greater personal wealth more people are choosing to relocate from rural to urban areas. All these factors tend to increase the demand for residential boilers that use natural gas or heating oil for fuel for heating residential buildings in the hot summer and cold winter (HSCW) zone and create a consistent temperature and humidity level.
Residential Boiler Market: Key Takeaways
- Market in Europe to propel highest growth
- Fire Tube segment to garner the highest growth
- Market in Asia Pacific to grow at a significant rate
Growing Personal Disposable Income to Boost Market Growth
Global family expenditure and disposable incomes grew by more than 2% in 2022, contributing to a rise in overall wealth, which consequently increases consumption. As a result, more people are inclined to invest in home improvements such as installing energy-efficient residential boilers to create more comfortable living spaces. These boilers are integrated with cutting-edge features that contribute to long-term cost savings on energy bills.
Residential Boiler Industry: Regional Overview
The global residential boiler market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Focus on Energy Efficiency to Drive Growth in the Europe Region
The residential boiler market in Europe region is estimated to garner the largest revenue by the end of 2035. Enhancing energy efficiency is a priority for the European Union which has committed itself to increasing energy efficiency by over 32% between 2021 and 2030. For instance, the EU's total energy efficiency target of around 11% for 2030 was tentatively agreed upon by the Parliament and Council in March 2023. The region has established guidelines aimed at making energy efficiency a top priority in all areas since it is among the quickest and most affordable methods to satisfy rising energy demand, save money, and cut greenhouse gas emissions. Moreover, heating is one of the main uses of energy by households in Europe, which is driving the adoption of residential boilers which are a good choice for cutting carbon emissions in the home heating industry since they can operate on a combination of natural gas and hydrogen that will aid in meeting the increasing need for space heating and the stricter energy efficiency rules.
Additionally, In the UK, more than 22% of total energy consumption is accounted for by residential space and water heating, with combination gas boilers being the most widely used technology. In the United Kingdom, the percentage of homes using gas-fueled combination boilers for central heating has grown to provide a space-saving, and inexpensive, alternative to traditional heating systems.
Increasing Population to Drive the Growth in the Asia Pacific Region
The Asia Pacific residential boiler market is estimated to garner the largest revenue by the end of 2035. This is largely due to the growing number of people in the region, which will lead to a rise in the construction of residential buildings. China's population has rapidly grown within the last 63 years, going from around 667 million to roughly 1 billion people between 1960 and 2023. The country currently boasts the highest population in the world, with over 1 billion people living there and that figure is rising by the minute. Moreover, urbanization and China's fast-expanding population have put a strain on the building sector to operate more quickly and produce new, contemporary buildings more quickly by placing a high value on sustainability. For instance, China's urbanization rate was more than 64% in 2022 and is predicted to rise to over 75% by 2035.
Additionally, from the north to the south of the nation, India has an amazing diversity of climatic zones, most of which are distinguished by rainy and dry seasons. Taking into account the weather the need for heating solutions such as residential boilers is higher in the region. These boilers provide efficient heating for homes are designed to withstand extreme weather conditions and offer a comfortable indoor environment by reducing the consumption of fuel and heating bills.
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Residential Boiler Segmentation by Type
- Fire Tube
- Water Tube
- Electric
Residential boiler market, the fire tube segment is anticipated to hold the largest revenue by the end of 2035. The growth can be attributed to the growing industrial activities across the globe. In the last 20 years, industrial activity has expanded at an astounding rate of more than 0.2%. For instance, except in the US, industrial production rose globally by more than 0.2% in May 2023. As a result, the demand for fire tube boilers is expected to rise these are also known as smoke tube boilers since it is a common boiler type used in industrial settings to produce steam or hot water and are typically are usually safer and require less regular maintenance.
Residential Boiler Segmentation by Fuel Type
- Coal Fired
- Oil Fired
- Gas Fired
The gas-fired segment is anticipated to hold the largest revenue by the end of 2035. This is largely due to the increase in government initiatives to control pollution. The National Clean Air Programme (NCAP) introduced by the Government of India aims at reducing PM10 and PM2.5 concentrations by more than 20% by 2024. As a result, there is a growing adoption of gas-fired boilers that can be fueled by natural gas and are custom-built to fulfill strict emission regulations. Moreover, boilers powered by natural gas run at reduced excess air (O2) and burn clean energy.
Residential Boiler Segmentation by Technology
- Condensing
- Non-Condensing
A few of the well-known market leaders in the global Residential Boiler market that are profiled by Research Nester are Pricer, SES-imagotag, Samsung Electro-Mechanics, E Ink Holdings Inc., Displaydata Limited, NCR Corporation, Diebold Nixdorf, Incorporated, A.O. Smith Corporation, Robert Bosch GmbH, Viessmann, and other key market players.
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Recent Development in the Residential Boiler Market
- O. Smith Corporation acquired a Canadian firm Giant Factory, Inc. that produces water heaters for homes and businesses, with sales of roughly USD 104 million in the preceding year.
- Viessmann announced its forthcoming virtual event to feature brand-new digital tools for homeowners and contractors in addition to new boilers from the renowned Vitodens series that include the latest generation of Vitodens condensing boilers.
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