According to the latest report by IMARC Group, the global residential boiler market size reached a value of US$ 7.73 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 10.52 Billion by 2027, exhibiting a CAGR of 5.10% during 2022-2027.
Residential boilers represent the hydronic heating systems that convert chemical energy into thermal energy to heat the water present inside the tank. They generally consist of radiators or baseboards, which aid in heating the water via convection and maintaining the temperature while circulating it through metallic vessels. Presently, residential boilers are commercially available in condensing and non-condensing technologies. They offer a longer shelf-life, high reliability, less maintenance, optimal energy efficiency, etc. Consequently, residential boilers are extensively utilized in holiday homes, public infrastructures, residential establishments, etc., across the globe.
| Report Metric |
| Historical: 2016-2021 |
| Base Year: 2021 |
| Forecast Year: 2022-2027 |
Residential Boiler Market Trends and Drivers:
The inflating need for high-performance heating devices with easy maintenance and installation features is primarily driving the residential boiler market. Additionally, the increasing adoption of energy-efficient water heating equipment for providing easy access to warm water is further catalyzing the market growth.
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Besides this, the launch of several favorable policies by government bodies to promote the establishment of green buildings and uptake of eco-friendly residential boilers as a sustainable heating technology that assists in improving air quality by mitigating the depletion of natural resources and minimizing the emissions of greenhouse gases (GHGs) is also augmenting the global market.
Moreover, the growing utilization of condensing boilers in residential areas, owing to its various beneficial properties, including affordability, reduced carbon footprint, clean heating operation, etc., is acting as another significant growth-inducing factor. Apart from this, the rising investments in R&D activities aimed at developing coal- and gas-fired product variants at minimized manufacturing costs are projected to fuel the residential boiler market in the coming years.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Residential Boiler Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
A. O. Smith Corporation, Ariston Holding N.V., Bradford White Corporation, Burnham Holdings Inc., Daikin Industries Ltd., FERROLI S.p.A, Lennox International Inc., NORITZ Corporation, Robert Bosch GmbH, Slant/Fin Corporation, SPX Corporation and Viessmann.
The report has segmented the market on the basis of region, type, fuel type and technology.
Breakup by Type:
- Water Tube Boiler
- Fire Tube Boiler
- Electric Boiler
Breakup by Fuel Type:
- Coal Fired
- Oil Fired
- Gas Fired
- Others
Breakup by Technology:
- Condensing
- Non-condensing
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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