The Residential Boiler Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the Residential Boiler market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for Residential Boiler. It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2033. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.
The Residential Boiler Market is currently experiencing a notable upswing in demand, predominantly attributed to the robust expansion observed in residential construction activities within emerging regions. With an escalating global focus on energy efficiency and sustainability, there is a growing emphasis on the exploration of energy-efficient heating solutions. Consequently, the market is witnessing an intensified need for residential boilers that showcase elevated efficiency ratings.
Estimations suggest that the global residential boiler market size is expected to reach a valuation of approximately USD 31.1 billion by the end of 2023. This upward trajectory is significantly driven by the escalating demand for tower crane rentals across diverse end-use industries. Projections indicate that the market is poised to achieve a substantial growth, culminating in a projected value of USD 53.1 billion by 2033, exhibiting a commendable Compound Annual Growth Rate (CAGR) of 5.5% during the period spanning from 2023 to 2033.
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The escalating demand for residential boilers can be attributed to the upsurge in residential construction activities, particularly in developing regions. This surge is propelled by an increasing preference for energy-efficient heating solutions, a trend fueled by the growing emphasis on energy conservation and sustainable practices. Consequently, there is a projected rise in the demand for residential boilers that boast higher efficiency ratings.
Government regulations aimed at curbing greenhouse gas emissions and promoting energy efficiency are playing a pivotal role in propelling the adoption of residential boilers with superior efficiency ratings. This momentum is further reinforced by a range of government incentives, including tax credits and subsidies, extended to homeowners who opt for energy-efficient boilers. These factors collectively serve to invigorate the market, fostering a robust growth trajectory.
Moreover, the integration of smart technology into residential heating systems is gaining considerable traction. Smart boilers, equipped with an array of sophisticated features such as remote control, programmable settings, and energy monitoring capabilities, empower homeowners to optimize their heating usage, elevate comfort levels, and achieve substantial energy savings.
In the North American region, the residential boiler market is expected to witness a steady upswing, owing to factors such as harsh climatic conditions, a substantial number of residential buildings, and a burgeoning need for the replacement of aging boiler systems. Meanwhile, in the Asia Pacific, the residential boiler market is experiencing significant growth propelled by rapid urbanization, population expansion, and an increasing disposable income 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 market, capturing a CAGR of 5.4%
- The residential boiler industry in the United Kingdom is predicted to reach USD 3.3 billion by 2033
- Asia Pacific to be 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 USD 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 market are investing in strategic agreements in order to capture market share.
Prominent players in the residential boiler market are:
- Ariston Group
- BDR Thermea Group
- Groupe Atlantic
- Viessmann
- Vaillant Group
- Robert Bosch
- Ideal Heating
- Unical Ag Spa
- Daikin Industries
- Smith Corp
- Bradford White Corporation
- Ferroli S.p.A.
- Burnham Holdings
- Lennox International
- Fondital
- Hoval
- Noritz Corporation
- Slant/Fin Corporation
- ECR International
- Immergas Group
- Viessmann has been actively involved in the residential boiler market, offering a range of condensing boilers with high-efficiency ratings. They have introduced the Vitodens series, which includes compact and wall-mounted boilers that are known for their energy efficiency and advanced control options. Viessmann has also emphasized the integration of renewable energy sources, such as solar thermal technology, with their boilers to provide more sustainable heating solutions.
- Worcester Bosch has been a prominent player in the residential boiler market, focusing on innovation and energy efficiency. They have developed the Worcester Bosch Greenstar range of condensing boilers, which offer high efficiency and reduced carbon emissions. Worcester Bosch has also introduced the Greenskies solar panels, which can be integrated with their boilers to enhance energy efficiency and sustainability.
Know More about What the Residential Boiler Market Report Covers
Future Market Insights offers an unbiased analysis of the global residential boiler market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the residential boiler market, the market is segmented based on capacity, technology, fuel type, and application across six major regions.
Key Segments Covered in Residential Boiler Industry 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
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