The market for residential boilers is anticipated to reach a value of US$ 29.5 billion in 2022 and US$ 49.9 billion in 2032, growing at a CAGR of 5.4% in that time. Currently, products with a volumetric capacity of less than 24 kW make up more than 77% of the home boiler market.
The International Monetary Fund predicts that in 2023, global economic growth will rise by 3.6%, providing a significant opportunity for the real estate sector to prosper globally. The residential boiler market is expected to grow as a result of the creation of new residential areas and the ongoing urbanisation of areas.
Because fuel is readily available and residential boilers can be powered by gas, oil, electricity, or other sources, demand for them is rising. The study found that nearly 45% of the market for boilers is made up of residential boilers.
The demand for domestic boilers in residential areas is being driven by an increase in the number of natural gas-fueled home boilers as a result of tightening government regulations on the supply of natural gas.
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Key Opportunities for Residential Boiler Market Manufacturers
High Efficiency Condensing Boiler to Gain Traction in Residential Boiler Market
Global demand for domestic boilers will rise in response to the growing demand for high-efficiency home boilers. The boiler heats interior spaces by utilising trapped heat created by the condensation of water vapours while using significantly less fuel. Due to their high efficiency and cost-effectiveness, domestic boiler demand is thus anticipated to soar.
With the introduction of smart home concepts, it is anticipated that modern boilers with smart management options will become more commonplace. Due to millennials’ preference for smart home appliances, sales of smart boilers are expected to soar.
According to FMI, condensing residential boilers currently hold more than 70% of the market share and are anticipated to grow at a CAGR of 5.6% during the forecast period.
Along with rising carbon levels in the environment, government regulations and spending on hydrogen as a fuel source are also expanding. Over the course of the forecast period, it is expected that demand in the market will increase due to growing awareness of the advantages of residential boilers powered by hydrogen.
Recent Trends Impacting the Residential Boiler Market
Private households are increasingly using natural gas-powered residential boilers as a result of improved governmental regulations and increased natural gas supply. The use of fuels with low carbon emissions is being encouraged by affordable fuel prices and beneficial government initiatives.
More people are choosing environmentally friendly fuels like biogas, solar-powered home boilers, and residential electric boilers. Additionally, rising legislation and policies on fuels with low carbon emissions are expected to boost sales of residential boilers over the next ten years.
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Competitive Landscape
Leading producers of residential boilers are creating affordable products to maintain their market leadership. The study predicts that the market will consolidate as a result of the presence of several top players, including Ariston Group, Viessmann, and others.
To boost their revenue, some of the players are implementing inorganic growth strategies like mergers and collaborations.
For instance,
- The U.S. Boiler Company, a subsidiary of Burnham Holdings Inc. has expanded its Alta series of residential boilers and added a larger Combi and heat-only boiler model in 2022.
- In March 2021, Noritz Group launched E1 combination boiler in China that has built-in outdoor temperature reset control and high fuel efficiency.
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10 years.
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