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Residential Boiler Market Projected to Cross $12.3 Billion by 2027

09-13-2021 12:05 PM CET | Energy & Environment

Press release from: Allied Market Research

Residential Boiler Market

Residential Boiler Market

Increase in demand for residential boilers from residential applications, including homes, farmhouses, holiday homes, apartments, and others to keep homes warm and heat water is anticipated to drive the growth of the global market. In addition, the rapidly growing construction industry in developing economies, such as China, India, Africa, and others, is expected to propel the growth of the residential boiler market. However, rapid growth of the renewable energy industry along with emerging renewable alternatives, such as solar, for heating systems is projected to restrain the growth of the residential boiler market in the coming years.

On the basis of technology, the condensing segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to the rise in awareness of utilization of energy-efficient heating products and less fuel consumption. Condensing boilers offer benefits, such as less cost, less space, reduction in carbon footprint, high efficiency, and others, which are anticipated to fuel the residential boiler market growth during the analyzed time frame.

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Depending on type, the fire tube boiler segment held the highest residential boiler market share of about 62.0% in 2019, and is expected to maintain its dominance during the forecast period. This is attributed to the rise in demand for boilers for space heating and water heating applications from residential applications. In addition, there is increase in demand for hot water and warm air from cold weather areas in North America and Europe, which is expected to fuel the growth of the fire tube boiler segment in the coming years.

On the basis of fuel type, the gas fired segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 5.9%. This is attributed to the rise in demand for gas fired residential boilers, which possess advantages, including clean heating, comfortable, eco-friendly, quiet operation, cost-effective, safe operation, energy saving, and others.

The residential boiler market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Europe garnered the dominant market share in 2019, and is anticipated to maintain this trend during the forecast period. This is attributed to numerous factors such as presence of huge consumer base and the existence of key players in the region. Moreover, climatic changes and cold weather in the region are anticipated to contribute to the growth of the residential boiler market in Europe.

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The global residential boiler market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include 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.

Covid-19 Impact on the Market

The global residential boiler market has witnessed steady growth in 2020, owing to the outbreak of the COVID-19 pandemic. The outbreak has negatively impacted various industries and countries, thereby decreasing manpower across the globe, which, in turn, decreased consumer spending and thus decreased the demand for heating equipment. However, owing to the lockdown imposed across the globe, there is supply-demand gap, which resulted in halt in supply for equipment used in residential boiler production. In Europe, economies, such as Germany, France, Spain, and Italy, are following stringent measures, such as maintaining social distance and limiting movements, to prevent the spread of coronavirus. Moreover, such safety measures have been witnessed across the globe, which further impacted the growth of the global residential boiler market.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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