Global Residential Boiler Market Size By Technology (Condensing, Non-Condensing), By Product (Fire-tube, Water-tube), By Fuel (Natural Gas, Oil, Coal) Analysis Report, Regional Outlook, Competitive Market Analysis & Forecast, 2017 – 2024

Published Date: Aug 2017  |  Report ID: GMI2034  |  Authors: Ankit Gupta, Aditya Singh Bais

Report Format: PDF   |   Pages: 250   |   Base Year: 2016

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Global Residential Boiler Market size in 2016 was valued over USD 9 billion and annual unit installation is set to reach over 10 million units by 2024.

U.S. Residential Boiler Market

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Ongoing investments toward residential construction coupled with growing demand for efficient space heating systems will drive the residential boiler market size. In 2016, total investment towards residential building construction in China was valued over USD 1 trillion. Government ambitious plan towards zero emission buildings will lead to replacement of traditional heating systems with efficient boilers.

Growing concern towards greenhouse gas emissions coupled with measures to reduce carbon footprints will foster the residential boiler market share. According to Environmental Protection Agency, in 2015, the U.S. residential and commercial sector accounted for over 12% of total GHG emissions. Introduction of codes and standards toward adoption of energy efficient space and water heating technologies will further embellish the business growth.

Economic revival in Europe and Latin America along with increasing demand for space heating will fuel the residential boiler market growth. Efforts to improve gas accessibility coupled with favorable government initiatives toward adoption of energy efficient heating systems will further thrust the product demand. However, growing popularity of solar space heating technologies may act as a restraint for industry growth.

Global Residential Boiler Market Report Coverage
Report Coverage Details
Base Year: 2016 Market Size in 2016: 9 Billion (USD)
Historical Data for: 2013 to 2016 Forecast Period: 2017 to 2024
Pages: 250 Tables, Charts & Figures: 506
Geographies covered (27): U.S., Canada, Mexico, France, UK, Poland, Italy, Spain, Austria, Germany, Sweden, Russia, China, India, Philippines, Japan, South Korea, Australia, Indonesia, Saudi Arabia, Iran, UAE, Nigeria, South Africa, Argentina, Chile, Brazil
Segments covered: Technology, Product, Fuel and Region
Companies covered (20): Parker Boiler, Bosch, Slant/Fin Corporation, Weil-McLain, Burnham Holdings, Inc., A.O. Smith, AC Boilers S.p.A., Siemens AG, Saudi Boilers, HTP, Lennox International Inc, Viessmann Manufacturing Company Inc, ACV, Buderus, ECR International, NTI Boilers, PB Heat, LLC, NAVIEN Inc, Bradford White Corporation (BWC), Baxi
Growth Drivers:
  • Growth drivers
  • North America & Europe
  • Regulations toward reducing carbon footprint
  • Growing demand for energy efficient heating system
  • Increasing demand for space heating
  • Asia-Pacific and Middle-East & Africa
  • Rapid urbanization
  • Shifting trends toward low emission natural gas
  • Latin America
  • Political stability
  • Increasing demand for space heating
Pitfalls & Challenges:
  • Growing popularity of available alternative

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Residential Boiler Market, By Technology

Ongoing measures toward energy conservation coupled with mandate toward minimal efficiency requirements will drive the condensing residential boiler market growth. The Ecodesign directive 2009/125/EC introduced by the European Union underlines the ecological requirements for all energy related products. Government measures to curb residential energy consumption will further complement the business outlook across developed economies.

Non-condensing residential boiler market size in 2016 was valued over USD 4 billion. Ability to operate under extreme climatic conditions and compact design are some of the key features which make its adoption preferable over other available counterparts. Ease of installation and minimum maintenance cost of the system will further propel the industry growth.

Residential Boiler Market, By Product

Fire-tube in 2016 accounted for over 13% of residential boiler market share. Low installation and operational cost of the system will further stimulate the product penetration. However, low steam production rate and lower safety when compared to water-tube boilers may act as an industry restraint.

Water-tube residential boiler market is predicted to exceed 9 million units by 2024. Growing popularity of hydronic underfloor heating systems coupled with better safety features will stimulate the product demand. High efficiency and ability to handle high pressure will further complement the industry outlook.

Residential Boiler Market, By Fuel

Natural gas in 2016 accounted for over 50% of residential boiler market revenue. Improved safety and less space requirement features makes gas fired boilers preferable over available alternatives. Competitive pricing of natural gas, minimal maintenance cost and low pollution content will further boost the product penetration.

Oil fired residential boiler market in 2016 was valued over USD 2 billion. Limited accessibility of natural gas in developing economies coupled with growing popularity of central heating systems will foster the product demand. High efficiency of these systems along with retrofitting and replacement of existing heating units across developed countries will further augment the business growth.

Residential Boiler Market, By Region

U.S. residential boiler market is set to reach over 600 thousand units by 2024. Government focus toward limiting carbon emissions coupled with growing popularity of condensing boilers are some of the key drivers which will propel the industry growth. In March 2016, Department of Energy amended the minimum efficiency requirements for residential boilers. These standards will be effective from January 15, 2021 and will require all gas fired hot water boilers to have minimum annual fuel utilization efficiency (AFUE) of 84%.

China residential boiler market will witness strong growth owing to ongoing construction spending towards residential establishments. Efforts to reduce carbon emissions across the urban centers in the country will further lead to replacement and retrofitting of existing heating units. According to National Development and Reform Commission, in 2016 natural gas consumption in the country rose to 205.8 billion cubic meters.

Germany in 2016 accounted for over 14% of Europe residential boiler market revenue. Supportive government policies towards high efficiency boiler installations coupled with retrofitting and replacement of traditional heating units will fuel the product demand. Under the Energy-Efficient retrofitting scheme, home owners are provided with 10% grant for investing in oil or gas fired condensing boilers.

Competitive Market Share

Key industry participants include Slant/Fin, Bosch, AC Boilers, HTP, Lennox, Viessmann, ACV, Buderus, ECR, NTI Boilers, PB Heat, Navien, Bradford White and Baxi. Other prominent players include Parker Boiler, Weil-McLain, Burnham Holdings, A.O. Smith, Siemens AG and Saudi Boilers.

Industry players as a part of strategy are focusing toward product diversification and product assortment. Companies are modifying existing product lines and launching new products to meet the customized product demand.

Residential Boiler Industry Background.

Boilers are enclosed metallic vessels which provide hot water and steam for various applications. These systems transfer the heat to water which is then circulated through radiators or other devices for space heating purpose. Oil, natural gas and coal are some of the commonly used fuel for firing these units. Efforts towards reducing emissions coupled with growing concerns toward urban air quality will further fuel the business growth.

Frequently Asked Questions (FAQ) :

The registered value for residential boiler market was USD 9 bn in 2016.
As per estimates, residential boiler market would record a revenue share of  $12bn in 2024.

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Premium Report Details

  • Published Date: Aug 2017
  • Pages: 250
  • Tables: 496
  • Charts / Figures: 10
  • Companies covered: 20
  • Countries covered: 27

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