The global combi boiler market is expected to witness significant growth, with a projected value of US$ 19,347.1 million in 2023, reaching US$ 29,759.2 million by 2033. The market is anticipated to grow at a notable CAGR of 4.4% during the forecast period. Combi boilers, also known as combination boilers, are compact water heaters that can serve as central heating boilers in larger heating systems. They efficiently utilize excess heat energy that would otherwise be wasted.
Key drivers influencing the growth of the combi boiler market include increasing urbanization, industrialization, and the need for energy-efficient heating systems. The urban population is projected to rise significantly, leading to higher demand for combi boilers in urban areas. Additionally, the demand is driven by the potential for improved energy efficiency, with modern combi boilers achieving high-efficiency ratings and reducing carbon dioxide emissions. The compact design of combi boilers also contributes to their popularity, as they require less space compared to traditional systems.
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However, certain factors can hinder the demand for combi boilers. Challenges related to space availability, temperature and pressure control, and limitations in handling multiple bathrooms or taps in larger houses can impact market growth. Expertise in installation and understanding the system’s requirements is crucial to ensure proper functioning and avoid potential issues.
The demand for natural gas combi boilers is expected to significantly increase, as they acquired a 54.0% value share in 2022. Factors such as increased operational safety, high energy savings, simple and low-cost installation, and easy gas extraction will drive market demand.
In terms of technology, condensing combi boilers are projected to gain a larger market share, reaching 65.3% in 2022. Factors such as high operating efficiency, reduced environmental impact, lower energy costs, and improved energy recovery will positively influence their demand.
Regional Insights
The Asia Pacific region is expected to experience steady growth in the combi boiler market, with a CAGR of 4.95%. The presence of a large urban population in developing countries will further contribute to market expansion. China, in particular, has implemented energy labeling and mandatory MEPS (minimum energy performance standards) and labeling requirements for different types of water heaters.
In Europe, the combi boiler market is expected to increase significantly due to government investments in energy-efficient heating systems and ongoing development in modern buildings. The UK market is projected to grow at a CAGR of 3.2% through 2033, driven by rising disposable incomes, consumer focus on sustainability and incentives and subsidies for green infrastructure.
Latest Development
- Baxi, part of the BDR Thermea Group, exhibits its hydrogen boiler in the UK’s first hydrogen house in August 2021. Two houses in Low Thornley, near Gateshead, used hydrogen-powered equipment in a real-world setting. Baxi has invited housing providers to see the operation of its boiler.
- In July 2021, Kawasaki Thermal Engineering (KTE) introduced high-efficiency once-through boilers from the “IF” and “WILLHEAT” series to the international market. The “IF series” and “WILLHEAT” boilers are 99 percent efficient and save a large amount of energy. Because of a newly developed high-performance economizer, the “IF series” boiler achieves 99 percent boiler efficiency.
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