Combi Boiler Market size is set to surpass USD 37 billion by 2030, according to a new research report by Global Market Insights Inc.
The market growth is attributed to the rising demand for high-efficiency heating systems along with the increasing development of smart heating devices. The growing adoption of IoT-enabled heating systems across end-users in line with government norms toward the replacement of traditional heating systems will sway the industry landscape. In addition, consumer shift toward sustainable hot water supply systems will boost the business growth.
The COVID- 19 outbreak has marginally impacted the market owing to strict government-imposed restrictions across the globe along with limited product deployment. However, with declining number of infected cases, the industry is set to recover its lost strength with new product innovations and ongoing government funds to cater to carbon emissions.
Increasing adoption of modern technologies coupled with the requirement for cost-effective heating solutions
Oil based combi boiler market is poised to witness a significant growth during the forecast period, credited to the extreme climatic conditions along with the demand for space heating solutions. Extensive demand for instant hot water supply in line with ongoing advancements in low-emission technologies will propel the industry outlook. Furthermore, reduced costs, high fuel efficiency, and maximized fuel savings coupled with efficient operations are some of the key features enhancing the market expansion.
Browse key industry insights spread across 330 pages with 607 market data tables & 26 figures & charts from the report, “Combi Boiler Market Size By Fuel (Natural Gas, Oil), By Technology (Condensing, Non-Condensing), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share, and Forecast, 2022 - 2030”, in detail along with the table of contents:
Stringent regulatory norms along with rising shift toward the adoption of renewable resources
Non-condensing combi boiler market is anticipated to reach USD 2.5 billion by 2030. Continuous replacement of conventional water heating systems with modern devices along with ongoing technological advancements will drive the market scenario. Additionally, increasing government incentives and programs to cater to growing carbon emissions will foster the industry dynamics.
Rapid urbanization across the growing economies will positively influence the industry across APAC region
The Asia Pacific market is estimated to showcase substantial gains during the forecast timeframe on account of continuous development in modern technologies along with favorable government norms on the installation of renewable heating systems. For instance, the Chinese Government has facilitated various subsidies to promote the application of gas-fired heating units across rural areas. Moreover, the surging demand for space heating among consumers coupled with robust investments in gas supply network development across emerging nations will accelerate the industry trend.
Major players across the market include Rinnai America Corporation, BDR Thermea Group, Bosch Thermotechnology, Daikin, HTP, Viessmann, WOLF, Bradford White Corporation, Weil-McLain, Ferroli, A.O. Smith, Fonderie Sime, Valliant Group, Navien, Thermodyne Boilers and Ariston Holding. These leaders are focusing on continuous product innovations and business expansions to meet the prevailing competition.
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