Residential Boiler Market Size

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.

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.