The global residential boiler market is projected to be valued at USD 31.1 billion in 2023. The rising demand for tower crane rentals across various end-use industries is contributing to this market growth. By 2033, the market is expected to reach USD 53.1 billion, with a CAGR of 5.5% from 2023 to 2033.
The demand for residential boilers is driven by increased construction activities in developing regions. There is a growing need for energy-efficient heating solutions, fueled by a strong emphasis on sustainability and energy efficiency, which is expected to boost the demand for boilers with higher efficiency ratings.
Government regulations and incentives aimed at reducing greenhouse gas emissions and promoting energy efficiency are also encouraging the adoption of more efficient residential boilers. These incentives, including tax credits and subsidies for homeowners installing energy-efficient systems, further stimulate market growth.
Technological advancements and the integration of smart technology in residential heating systems are gaining momentum. Smart boilers provide features such as remote control, programmable settings, and energy monitoring, enabling homeowners to optimize their heating usage, enhance comfort, and save energy.
In North America, steady growth in the residential boiler market is anticipated due to factors such as cold climates, a high number of residential buildings, and the replacement of older boiler systems. Meanwhile, the Asia Pacific region is experiencing significant growth in the residential boiler market, driven by rapid urbanization, population growth, and increasing 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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