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Residential Boiler Market Analysis
- Report ID: GMI2034
- Published Date: Feb 2023
- Report Format: PDF
Residential Boiler Market Analysis
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.
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.
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. The market size of boiler in Europe is poised to surpass USD 99.5 billion by 2032.
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. Europe residential boiler industry is poised to reach USD 84.9 billion by 2032.
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Residential Boiler Market Scope
