Residential Boiler Market to Grow $12.3 billion by 2027, at a CAGR of 5.8%

The residential boiler market projected to hit $12.3 billion by 2027, growing at a CAGR of 5.8% from 2020 to 2027. 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.

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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.

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.

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.

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