The global residential boiler market is projected to grow from USD 31.1 billion in 2023 to USD 53.1 billion by 2033, reflecting a CAGR of 5.5% over the forecast period.
Market growth is being driven by the increasing demand for energy-efficient heating solutions, particularly in developing regions where construction activities are on the rise. A growing focus on sustainability and energy efficiency is boosting demand for residential boilers with higher efficiency ratings.
Government initiatives, including incentives and regulations aimed at reducing greenhouse gas emissions and promoting energy-efficient systems, are further propelling market expansion. Tax credits and subsidies for homeowners installing energy-efficient boilers are contributing to the adoption of these systems.
Technological advancements, particularly the integration of smart technology into residential heating systems, are gaining traction. Smart boilers offer features like remote control, programmable settings, and energy monitoring, allowing homeowners to optimize energy usage, increase comfort, and reduce costs.
In North America, the residential boiler market is set for steady growth due to factors such as cold climates, a high number of residential buildings, and the need for replacement of older systems. Meanwhile, the Asia Pacific region is seeing significant growth, fueled by rapid urbanization, population growth, and rising disposable incomes in emerging economies.
Key Takeaways from the Market Study:
- From 2018 to 2022, the residential boiler market demand expanded at a CAGR of 4.5%
- Based on capacity, the below 24 kW segment accounts for a CAGR of 5.3%
- By application, the apartment segment is expected to expand at a CAGR of 5.4% during the forecast period
- North America to emerge as a promising residential boiler industry, capturing a CAGR of 5.4%
- The residential boiler industry in the United Kingdom is predicted to reach US$ 3.3 Billion by 2033
- Asia Pacific is an opportunistic residential boiler market, expected to capture a CAGR of 5.2% during the forecast period.
- South Korea’s residential boiler industry is predicted to achieve a market revenue of US$ 2.7 Billion by 2033
Competitive Landscape:
The global residential boiler market is fragmented with the presence of several large and medium-scale players. The leading players in the residential boiler industry are investing in strategic agreements in order to capture market share.
Prominent players in the residential boiler industry are:
- Ariston Group
- BDR Thermea Group
- Groupe Atlantic
- Viessmann
- Vaillant Group
- Robert Bosch
- Ideal Heating
- Unical Ag Spa
- Daikin Industries
- A.O. Smith Corp
- Bradford White Corporation
- Ferroli S.p.A.
- Burnham Holdings
- Lennox International
- Fondital
- Hoval
- Noritz Corporation
- Slant/Fin Corporation
- ECR International
- Immergas Group
Residential Boiler Industry Segmentation Analysis:
By Capacity:
- Below 24 kW
- 24kW to 35 kW
- Above 35 kW
By Technology:
- Condensing
- Non-Condensing
By Fuel Type:
- Gas
- Oil
- Electric
- Others
By Application:
- Apartments
- Villas
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East & Africa
Report Preview: https://www.futuremarketinsights.com/reports/residential-boiler-market
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