Global Residential Boiler Market Share, Size, Forecast by 2027 | Viessmann, Weil-McLain, A.O. Smith, AC Boilers S.p.A

The global residential boiler market size is estimated to surpass USD 60 billion by 2027, cites the latest research by Global Market Insights, Inc.
Recent trends in the residential boiler market are driven by the introduction of novel products by prominent industry participants. Citing an instance, in September 2020, North America’s leading boiler manufacturer, Weil-McLain, introduced its ECO Tec high-efficiency boiler. The product is a high-quality boiler that meets almost all residential requirements comprising combi as well as multi-zone applications.

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Available in combi versions with domestic hot water (DHW) output and response time that have been designed for meeting the residential replacement applications, the boiler mainly features a long-lasting fire tube heat exchanger. ECO Tec is easy to use, service, install, operates whisper quiet, and is amongst the most energy efficient residential boiler systems that are presently available.
Such product developments are touted to impel residential boiler industry demand, boosting revenue expansion over the forthcoming years.
This growth is primarily attributed to the higher deployment of oil fired residential boilers owing to the increasing popularity of central heating systems and the limited availability of natural gas across developing economies. The replacement of the existing traditionally deployed heating systems with high energy efficiency boilers is expected to propel the demand for residential boiler maintenance through the estimated span.

Speaking of which, the condensing boiler segment in the residential boiler industry is set to exhibit appreciable growth owing to the reduction in GHG emissions and the rising inclination toward energy conservation. These boilers allow greater savings in household energy bills owing to their high efficiency will also raise the product deployment across residential establishments through 2027. The growth is also attributed to increasing advancements in technology coupled with rapid investments in research and development activities.

The Asia Pacific residential boiler industry is projected to record considerable growth over the anticipated span. This is due to the increasing disposable income coupled with the rapid rate of urbanization across APAC. The increasing emphasis on sustainable building projects and the achievement of zero emission building targets will bolster the utilization of residential boiler systems in the region.

Furthermore, the shifting trends towards nuclear family and the increasing adoption of efficient water heating systems will boost the market share through 2027. The supportive norms and regulations surging GHG emissions at the global level will augment the need for efficient boiler systems across residential buildings. The rising investment in residential establishments is also expected to propel the demand for water and space heating over the coming years.

Prominent players operating in the global residential boiler market include A.O. Smith, BDR Thermea Group, Daikin, Parker Boiler, Burnham Holdings, Inc., Slant/Fin Corporation, AC Boilers S.p.A., and others. These players are focusing on numerous collaborative strategies for increasing their product portfolio and for the enhancement of their geographical footprint.

In a nutshell, a rapid upsurge in population and the soaring number of household units is set to augment residential boiler market share.

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