Residential Boiler Market New Opportunities, Segmentation Details with Financial Facts By 2030

Market overview:

The global residential boiler market is expected to grow at a CAGR of 6% between 2022 and 2030.

The global residential boiler market has seen a significant turnaround in recent years due to the rapidly growing population and rising urbanization across emerging economies. The residential boiler market is expected to expand in the coming years as consumers become more aware of the benefits of modern, clean-burning boilers. Traditional boilers, which were large and heavy, have been replaced by smaller, more efficient boilers. The newer boilers are also less expensive and more accessible to a larger population. The ongoing investments in the green building industry will boost the market growth. The rising efforts to reduce GHG emissions and the increasing adoption of stringent regulatory measures are some significant factors driving industry growth. The global residential boiler market trends will be boosted further by low operating costs and high heating efficiency. Shifting trends toward installing energy-efficient water heating systems will boost market demand for residential boilers.

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Furthermore, the Coronavirus pandemic has hit the global economy, affecting several industries. Various governments worldwide have imposed strict lockdowns, resulting in the closure of various residential and commercial infrastructure projects. This has had a negative impact on the growth of many businesses, including the Residential Boiler Market. The demand for residential boilers decreased as people avoided unnecessary spending and focused on necessities such as groceries and medications. On the other hand, the global residential boiler market is expected to grow rapidly during the forecast period.

Market segmentation:

The Global Residential Boiler Market is segmented based on fuel type, technology, and type.

According to the fuel type:

Gas Fired
Oil Fired
Coal-Fired
Others

According to the technology:

Non-condensing
Condensing

According to the type:

Fire Tube Boiler
Water Tube Boiler
Electric Boiler

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Regional analysis:

The Global Residential Boiler Market is divided into North America, Asia-Pacific, Europe, and the Rest of the World.

The Asia-Pacific market for residential boilers is rapidly expanding due to strong growth in the residential sector and rising living standards. The APAC region led the global market in revenue growth in 2019 and is expected to continue to do so throughout the forecast period. This is due to an increased demand for residential heating systems in the area. The region's market is expected to grow significantly as the region's urbanization and disposable income rise. As sustainable construction projects, progress and zero-emission building goals are met, the deployment of such units will increase.

The rising demand for cleanliness and environmental awareness has led the North American residential boiler market to expand rapidly. Residential boilers are an excellent investment for homeowners, as they keep the air clean, control heating and cooling systems, and ensure that there is always hot water available.

Recent developments:

Viessmann, a hydronic heating manufacturer, will announce its newest products at an upcoming virtual event in June 2021. This release is expected to highlight new digital applications and new Vitodens boilers for contractors and homeowners.
A.O. Smith Corp. acquired Giant Factories Inc., a Canadian manufacturer of residential and commercial water heaters, in October 2021. The acquisition also contributes to our corporate strategy by increasing our market penetration in North America, adding capacity, and improving our distribution capabilities.

Key Players

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
Viessmann Manufacturing Company Inc.

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This release was published on openPR.