Residential Boiler Market Size, By Fuel (Natural Gas, Oil, Others), By Technology (Condensing {Natural Gas, Oil, Others}, Non-Condensing {Natural Gas, Oil, Others}) Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2021 – 2027

Industry Trends

Residential boiler market size was valued at over USD 38 billion in 2020 and is expected to register more than 6% CAGR between 2021 and 2027. Shifting trends toward deployment of energy efficient water heating systems will stimulate the market demand for residential boilers. Ongoing investments toward the establishment of green building will flourish the market statistics of boiler units.
 

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In the recent years, global residential boiler industry has witnessed a substantial turnaround on account of rapidly growing population along with rising urbanization across emerging economies. Soaring efforts to reduce the GHG emission coupled with growing adoption of stringent regulatory measures are some of the paramount factors driving the industry growth. Economical operating cost along with high heating efficiency will further enhance the global residential boiler market trends.
 

However, outbreak of Coronavirus pandemic has severely hit the global economy including various industries. Respective governments across the globe had imposed strict lockdown which led to shutdown of various residential and commercial infrastructure projects. This has directly affected the growth of various business including residential boiler market. However, several pharmaceutical companies have launched vaccine for the COVID-19 and it is projected that the market share of residential boiler industry will recover by first half of FY 2021.
 

The study demonstrates a detailed analysis of industry trends across the world segmented on regional basis across technology and fuel. Furthermore, the market forecasts & estimates are suitably aligned with the data represented by government authorities including the International Energy Agency (IEA), U.S. Bureau of Economic Analysis, World Bank, Department of Energy (DOE), American Boiler Manufacturers Association (ABMA), U.S. Energy Information Administration (EIA), European Commission and company reports
 

Increased energy efficiency and lower fuel consumption are the key factors driving the market demand for condensing boilers

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Condensing boilers segment are expected to register over 7% CAGR through 2027. Condensing boiler segment of the market has witnessed a considerable rise in demand on account of growing requirement for space & water heating systems. Introduction of favorable government initiatives including rebates and tax incentives will further increase the product penetration across the globe. Minimal heating costs, low carbon footprint and enhanced energy efficiency are some the key features, which will complement the industry outlook.
 

Competitive gas pricing along with reduced carbon emissions will enhance the gas fired residential boiler market trends

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Natural gas fired boilers in 2020, accounted for over 75% of the market share across the global residential boiler industry. High operational reliability and longer service life are the key features which will enhance the product penetration, in turn stimulating the market statistics. Cost competitive gas pricing along with the growing adoption of sustainable heating technologies will accelerate the deployment of gas fired residential boiler. These boilers provide economic aid to the homeowners as they assist in reducing electricity bills, which in turn will stimulate the residential boiler market demand.
 

Growing efforts to promote the adoption of sustainable heating technologies will enhance the market demand for residential boilers across North America

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North America residential boiler market is anticipated to register more than 5% CAGR between 2021 and 2027. Introduction of favorable regulatory frameworks along with the soaring demand for sustainable hot water technologies will positively influence the residential boiler deployment across the region. The increasing governmental efforts to promote sustainable heating systems curb GHG emissions along with energy conservation will institute a favorable scenario for the market participants. In the recent years, harsh climatic conditions across Canada and Northern U.S. have fueled the demand for space and water heating systems, which further have propelled the installation spectrum of these boilers.
 

Development of advanced technological heating systems acting as the focal point for prominent market players

The major market players are aiming on innovative enhancements in their systems to create more economic value for the communities and expand their market share. In addition, rising R&D activities along with strategic mergers & acquisition, collaborations and partnerships are few of the vital strategies selected by the market players to achieve competitive edge in the global residential boiler industry. Moreover, the key manufacturers across the residential buildings are engaging with component manufacturers to cut the impact of fluctuating raw material cost.
 

The leading players profiled in the global residential boiler market report include Lennox International, Bosch, Slant/Fin Corporation, Daikin, Ariston Thermo Group, Ferroli S.p.A, Viessmann, Weil-McLain, A.O. Smith, AC Boilers S.p.A, and PB Heat amongst others.
 

Global residential boiler market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units’ & ‘USD” from 2017 to 2027, for the following segments:

By Fuel

• Natural gas
• Oil
• Others

By Technology

• Condensing
  • Natural gas
  • Oil
  • Others
• Non-condensing
  • Natural gas
  • Oil
  • Others

The above information has been provided for the following regions and country:

• North America
  • U.S.
  • Canada
• Europe
  • Denmark
  • Finland
  • Norway
  • Sweden
  • UK
  • Ukraine
  • 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