Europe Boiler Market Size

 Europe Boiler Market Size

Europe Boiler Market size valued at USD 48.8 billion in 2023 and is projected to expand at more than 8.1% CAGR from 2024 to 2032, driven by the stringent GHG emission control policies by the government.

The global market for boilers is likely to witness 5.5% CAGR and will cross USD 180 billion by 2032. The growing concern to reduce carbon emissions coupled with the region’s energy crisis has bolstered the demand for energy-efficient boilers in Europe. As per the International Monetary Fund, in 2022, the supply of gas by Russia for heating, power, and electricity purposes encountered a sharp decline of over 80%.
 

To curb the effects of energy crisis and in response to the rising space heating and hot water demand, the government has rolled out supportive policies for increasing the adoption of energy-efficient and renewable heating appliances. In fact, in earlier March 2022, the UK government also announced over £288 million (USD 347 million) in a funding scheme for green heating projects. The EU has set a target of 55% net reduction in GHG emissions by 2030, which calls for energy-efficient heating solutions.

Moreover, advancing a boiler’s efficiency from 56% to 90% using natural gas in an average cold environment will save 1.5 tons of CO2 emission. The rising adoption of advanced heating equipment to save energy is positively contributing to industry growth.