Residential Boiler Market Revenue and Growth 2023, Emerging Trends, Demand, Opportunity and Regional Forecast 2022-2032: SPER Market Research

According to SPER Market Research, A residential boiler is a type of heating apparatus that generates heat for space and water heating purposes. By increasing its capacity, it can be used for industrial purposes. Residential boiler systems are typically hot water boiler systems. The fuel used most frequently in residential boilers is natural gas. If natural gas is not available, propane can be used as a substitute fuel, however, it is more expensive. Heating water for bathing and cooking is a common use for domestic boilers. Systems for household boilers use both condensing and non-condensing technology.

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Residential Boiler Market Overview:
• Forecast CAGR (2022-2032): 5.43%
• Forecast Market Size (2032): 13.60 billion

The main forces influencing the growth of the residential boiler market over the forecasted period will be the rise in demand for space and water heating systems as well as strict government regulations on carbon emissions. However, throughout the projection period, it's anticipated that high manufacturing, maintenance, and installation costs and a rise in the use of renewable technologies for home heating would restrain the expansion of the residential boiler market.

Also, the growth of new construction initiatives in areas with more extreme weather will boost the development of the residential boiler sector.

Impact of COVID-19 on the Global Residential Boiler Market:
Because to the unprecedented COVID-19 pandemic lockdown worldwide, the domestic boiler experienced detrimental effects. Globally, the growth rate of businesses such as construction and building, transportation, oil and gas, and energy has slowed as a result of the imposed lockdown. This has reduced the demand for heating appliances, which is projected to impede the growth of the residential boiler market during the following year. Government rules and shutdown instructions during an emergency have caused major providers to temporarily suspend operations and services. Major industry players are running a number of campaigns, though, to introduce their cutting-edge items and gain more clients. An international campaign dubbed "#whywait" was launched by Vaillant Group, a top supplier of heat pumps and ventilation systems, for instance, to promote climate protection through green heating methods. To expand the use of renewable energies, the company has launched this campaign to raise awareness of energy and environmentally-friendly Vaillant products. The company has also presented its energy-saving ventilation and heating systems.

Residential Boiler Market Key Players:
The market study provides market data by the competitive landscape, revenue analysis, market segments, and detailed analysis of key market players such as; Ariston Thermo S.p.A, Bradford White Corporation, Burnham Holdings, Ferroli S.p.A, Lennox International, Noritz Corporation, Robert Bosch GmbH, Slant/Fin Corporation, SPX Corporation, Viessmann Manufacturing Company, Inc, Vaillant Group.
 
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Residential Boiler Market Key Segments Covered: The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.

By Type Tube:

• Electric Tube 

• Fire Tube 

• Water Tube

By Technology:

• Condensing

• Non-Condensing

By Fuel:

• Coal Fired

• Oil Fired 

• Gas Fired 

By Capacity:

• Below 24kW

• 24kW to 35kW

• Above 35kW

By Region:

• Asia-Pacific

• Europe

• Middle East & Africa

• North America

• Latin America

On the other hand, the pandemic has also caused supply-chain disruptions, which have had an impact on the manufacturing and distribution of home boilers. Lockdowns and limitations on the movement of persons and products have slowed deliveries of parts and equipment, which has resulted in a lack of supply. The pandemic has also resulted in a decrease in remodeling and new construction projects, which has had an impact on the demand for residential boilers.

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