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Residential Boiler Market Size By Technology (Condensing {Natural Gas, Oil, Electric}, Non-Condensing {Natural Gas, Oil, Electric}), By Fuel (Natural Gas, Oil, Electric), COVID- 19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032
- Report ID: GMI2034
- Published Date: Feb 2023
- Report Format: PDF
Industry Statistics
Residential Boiler Market size valued at USD 62.5 billion in 2022 and is projected to expand at more than 8% CAGR from 2023 to 2032.
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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.
| Report Coverage | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | 62.8 Billion (USD) |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 8% |
| 2032 Value Projection: | 139.8 Billion (USD) |
| Historical Data for: | 2019 to 2022 |
| No. of Pages: | 625 |
| Tables, Charts & Figures: | 1,160 |
| Segments covered: | Fuel, Technology |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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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.
Paradigm shift toward hybrid home heating to boost installation of oil-fuelled residential boilers
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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.
Rising need for low-cost installation to accelerate the adoption of non-condensing boilers
| Technology | Market Size, 2022 |
|---|---|
| Condensing | 45,208.10 |
| Non-Condensing | 17,637.30 |
| Total | 62,845.40 |
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Non-condensing residential boiler market surpassed nearly USD 15 billion in 2022. These boilers are powered by conventional fuels, such as oil or natural gas and offer multiple advantages, including affordability and easy installation. Non-condensing boilers are relatively cost-effective to manufacture since they eliminate the need for expensive parts and materials to handle and reroute the exhaust. The high prevalence of non-condensing boilers across residential buildings can also be attributed to their low maintenance requirements, unlike condensing systems.
Ambitious CO2 emission reduction targets to proliferate residential boiler adoption in APAC
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Asia Pacific residential boiler market size is predicted to record more than 7.5% growth rate between 2023 and 2032. APAC is home to a massive real estate sector with countries such as China and India witnessing a dynamic surge in the population index and rapid urbanization. The growing efforts towards reducing the carbon footprint and green infrastructure projects will also drive substantial demand for residential boilers.
For instance, in March 2022, China announced plans to introduce new incentives for the reduction of carbon emissions and pollution in the country. In July 2022, the China National Institute for Standardization (CNIS) partnered with American energy-efficiency firm, CLASP to draft a comprehensive and sustainable policy catering to an array of appliances. The partnership aims to reduce CO2 emissions with the adoption of sustainable heating solutions.
New product launches to propel competitive landscape
Some of the leading companies in the global residential boiler market include BDR Thermea Group, Daikin, Lennox International, Hoval, PB HEAT, HTP, VIESSMANN, Bradford White Corporation, Immergas, WOLF, Bosch Industriekessel, Weil-McLain, U.S. Boiler Company, A. O. Smith, ACV, FERROLI, NTI Boilers, Atlantic, Ariston Holding, Fonderie Sime, Carrier, Vaillant Group, Slant/Fin Corporation. These firms are focusing on new product developments and innovations to offer enhanced product portfolios. For instance, in November 2022, VISSEMANN unveiled a new range of its vitodens boilers to offeri an increased output of 35kW for better seasonal efficiency.
Impact of the COVID-19 pandemic on the industry trends
The COVID-19 pandemic negatively influenced the residential boiler market as it led to a worldwide shutdown of infrastructure projects including numerous commercial and residential construction activities, thus reducing the demand for boiler installation. Furthermore, the constant lockdowns, unprecedented inflation, and economic losses led to poor financial conditions for households across various countries. This scenario negatively influenced the boiler maintenance requirements. However, the increasing focus on clean energy systems and fuel efficiency is expected to foster the deployment of energy-efficient boiler technologies.
The residential boiler market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD” from 2019 to 2032, for the following segments:
Market Insights, By Fuel
- Natural Gas
- Oil
- Electric
- Others
Market Insights, By Technology
- Condensing
- Natural Gas
- Oil
- Electric
- Others
- Non-Condensing
- Natural Gas
- Oil
- Electric
- Others
The above information has been provided for the following regions and country:
- North America
- U.S.
- Canada
- Europe
- Denmark
- Finalnd
- Norway
- Sweden
- UK
- Russia
- Romania
- Poland
- Austria
- Belgium
- France
- Germany
- Netherlands
- Switzerland
- Greece
- Italy
- Portugal
- Spain
- Asia Pacific
- China
- Japan
- South Korea
- Australia
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Latin America
- Brazil
- Argentina
- Mexico