Home > Energy & Power > Electrical Equipment > Boilers > Residential Boiler Market

Residential Boiler Market Size By Technology (Condensing {Natural Gas, Oil, Electric}, Non-Condensing {Natural Gas, Oil, Electric}), By Fuel (Natural Gas, Oil, Electric) & Forecast, 2024 - 2032

  • Report ID: GMI2034
  • Published Date: Feb 2023
  • Report Format: PDF

Residential Boiler Market Size

Residential Boiler Market size valued at USD 68.5 billion in 2023 and is projected to expand at more than 8.1% CAGR from 2024 to 2032.

Residential Boiler Market

Stringent government regulations pertaining to the reduction of carbon emissions will positively influence the industry outlook. Over the last decade, several environmental agencies have reported a dramatic rise in greenhouse gas emissions, pollution, and global warming. Hence, strict government regulations have been deployed to ensure energy efficiency and promote the adoption of clean technologies. Additionally, the decarbonization movement led by various developed and developing economies will offer lucrative business prospects for the residential boiler industry with the growing demand for sustainable heating systems. The global market for boilers is likely to witness 5.5% CAGR and will cross USD 180 billion by 2032.

Rising availability of boiler alternatives may impede product demand

Easy availability, accessibility, and affordability of alternative products could restrain the residential boiler market growth. The ongoing developments in the field of renewable heating systems for residential and commercial applications pose a threat to conventionally powered boilers. However, the presence of supportive government policies and incentives are accelerating the acceptance of renewable technologies while fostering innovations in the field of hydrogen-based boilers. In addition, the increasing efforts enabling the easy and affordable retrofitting of energy systems across residential buildings will spur industry progression.

Residential Boiler Market Analysis

Global Residential Boiler Market Share By Fuel

Oil-fuelled residential boiler market value is anticipated to reach over USD 18 billion by 2032. The high predominance of oil as a power source is attributed to the lack of sustainable alternatives. Despite increasing efforts to shift from fossil fuel to renewable energy, crude oil remains a key component in heating and cooling systems since clean energy technologies can be expensive. Green energy systems rely on highly sophisticated technologies, which can result in higher costs of purchase. Oil-powered residential boilers are safer, cost-effective, and ensure higher efficiency. Moreover, oil boilers are gaining significant demand for home heating as they offer compatibility with renewable energy heaters and ground source heat pumps.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The residential boiler market size crossed USD 68.5 billion in 2023 and is slated to register nearly 8.1% gains through 2032.

The oil-fuelled boilers segment is estimated to reach over USD 18 billion by 2032 owing to their benefits such as safety, cost-effectiveness, and higher efficiency.

The Asia Pacific market is anticipated to record over 7.5% growth rate between 2023 and 2032 driven by the growing focus on the reduction of carbon emissions.

Daikin, PB HEAT, HTP, VIESSMANN, ACV, FERROLI, NTI Boilers, Atlantic, Ariston Holding, Fonderie Sime, Carrier, and Vaillant Group are some of the major manufacturers of residential boilers.

Residential Boiler Market Scope

Buy Now

Premium Report Details

  • Base Year: 2023
  • Companies covered: 23
  • Tables & Figures: 1160
  • Countries covered: 31
  • Pages: 625
 Download Free Sample