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North America Residential Boiler Market Size By Fuel (Natural Gas, Oil), By Technology (Condensing {Natural Gas, Oil}, Non-Condensing {Natural Gas, Oil}), By Capacity (≤ 25k BTU, > 25k BTU – 50k BTU, > 50k BTU), COVID-19 Impact Analysis, Country Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030

  • Report ID: GMI5334
  • Published Date: Sep 2022
  • Report Format: PDF

Industry Trends

North America Residential Boiler Market size exceeded USD 1.5 billion in 2021 and is projected to expand at over 4% CAGR from 2022 to 2030. Rising advancements in space and water heating solutions will drive the industry demand.

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Traditional boilers have an overwhelming impact on the environment, as they release large amounts of greenhouse gases. Advancements in heating solutions and ongoing efforts by various government agencies to curb carbon emissions in the region will proliferate the demand for residential boilers. Moreover, ongoing development & refurbishment of structures have substantially increased the building emission index, which, in turn, will augment the industry landscape. For instance, in June 2021, U.S. President Joe Biden invested more than USD 1.2 trillion into infrastructure, housing, building construction, and other projects. This initiative was designed to prepare the regional infrastructure for the impact of climate change.

The rising demand for efficient energy solutions will stimulate the North America residential boiler market dynamics. The companies are majorly working to increasing the reliability and efficacy of residential boilers, in keeping with the mandatory requirement of low carbon emission. Along with this, a gradual shift in trend from standard, non-condensing boilers to condensing units in order to enhance operational efficiency and lower operational costs will benefit the business scenario.

Excessive electricity costs may restrain residential boiler market progression in North America

The energy consumption of these boilers often increases operational and electricity prices in the region, hampering the adoption of residential boilers. However, recent efforts in the field of energy have encouraged market players to innovate and develop efficient heating solutions, bolstering the demand for boilers in residential areas.

High rate of sustainability to push natural gas boilers demand

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The natural gas segment in the North America residential boiler market is anticipated to reach USD 1.5 billion by 2030 owing to decreased gas prices, coupled with surging customer inclination toward the adoption of green technologies. In addition, the execution of severe regulatory guidelines associated with the use of boiling systems to reduce the negative environmental impact and increase the efficiency of space & water heating systems will foster the industry outlook.

Lower carbon emission and heating costs will escalate the market value  

The condensing technology segment held over 85% of the revenue share in 2021. The segment will gain appreciable momentum as a result of the lower carbon footprint and improved savings in household electricity bills from its minimal heating costs as compared to non-condensing boilers. Additionally, favorable initiatives by government authorities, such as tax incentives and rebates, will also propel product uptake.

Increased comfort and low energy consumption in boilers

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The North America residential boiler market from the > 50k BTU capacity segment is predicted to observe growth rate of nearly 4% till 2030, credited to strict government mandates to limit the carbon footprint and achieve energy optimization across the region. Furthermore, the lower cost of operations & energy consumed by these boilers, together with amplified comfort, will also stimulate the deployment of these units.

Increasing infrastructural projects to aid U.S. emerge as a major revenue hub

The United States residential boiler segment held the largest market share of more than 80% in 2021 and is set to depict a strong CAGR through 2030. The U.S. witnesses extreme winter temperatures, which has pushed citizens to install residential boilers. In addition, the upsurge in investments by builders and the government toward the development of green buildings with the aim of establishing sustainable lifestyles will also impel industry growth.

The government is actively introducing favorable initiatives, such as rebates and tax incentives, to work towards creating a sustainable environment for the future. Moreover, stringent norms and guidelines associated with residential lifestyle to control carbon emissions will accelerate the business growth. Similarly, the expanding gas supply infrastructure in line with declining natural gas prices will elevate product demand in the country.

Strategic acquisitions & mergers by eminent participants

Top companies operating in the North America residential boiler market are A.O. Smith, PB Heat, LLC, Lennox International Inc., Slant/Fin Corporation, Viessmann Group, Ariston Holding N.V., Bradford White Corporation, USA, WM Technologies, LLC, Bosch Thermotechnology Corp., Burnham Holdings Inc., ACV, Daikin Industries, Ltd., NTI Boilers, Rinnai America Corporation, and Navien Inc. The leaders are focusing on rigorous research & development to enhance the efficiency of products and entering into strategic mergers & acquisitions to enlarge their business outreach.

For instance, in April 2021, Bosch Thermotechnology Corp., a manufacturer of heating products and hot water solutions, announced the expansion of its new Singular Boiler series that delivers excellent comfort and hot water in one simple solution. The series includes Singular 4000 and Singular 5200 solutions that offer 4 and 5.2 gallons of hot water per minute, respectively. The innovation was introduced with the aim to cater to the burgeoning customer demand for efficient boilers.

Impact of COVID-19 on the residential boiler market in the North America

The COVID-19 pandemic resulted in a drastic decline in the penetration of these boilers. Country-wide lockdowns and halts in industrial operations hindered business operations owing to strict rules on movement and the subsequent labor shortage. However, the rise in climate consciousness during the pandemic has proven beneficial for the market as there was a rise in demand for sustainable heating solutions. Additionally, growing emphasis on decreasing carbon emissions across the region encouraged players to engage in research and development, further aiding the industry dynamics.

The North America residential boiler market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD” from 2018 to 2030, for the following segments:

Market, By Fuel

  • Natural Gas
  • Oil
  • Others

Market, By Technology

  • Condensing
    • Natural Gas
    • Oil
    • Others
  • Non-Condensing
    • Natural Gas
    • Oil
    • Others

Market, By Capacity

  • ≤ 25k BTU
  • > 25k BTU – 50k BTU
  • > 50k BTU

The above information has been provided for the following countries:

  • North America
    • U.S.
    • Canada
    • Mexico
Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of residential boiler in the North America accounted for over USD 1.5 billion in revenue in 2021 and is estimated to attain at a CAGR of more than 4% through the forecast timeline.
The U.S. residential boiler segment captured around 80% revenue share in 2021 due to increased product utilization in residential settings, along with the introduction of favorable government initiatives, including rebates and tax incentives.
The natural gas segment is slated to generate over USD 1.5 billion in revenue by 2030 as a result of stringent regulatory norms to reduce carbon emissions as well as surging demand for efficient space & water heating systems.
The >50k BTU capacity segment is poised to grow at a rate of over 4% through 2030 on account of reduced energy costs, increased comfort, and low operational costs provided by these boilers.
The condensing technology segment held more than 85% market share in 2021 and will depict substantial growth riven by favorable government initiatives to reduce carbon emissions.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 15
  • Tables & Figures: 253
  • Countries covered: 3
  • Pages: 190
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