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Residential Boiler Market in North America worth over $2.3 Bn by 2030

  • Published Date: September 12, 2022

North America Residential Boiler Market size is set to surpass USD 2.3 billion by 2030, according to a new research report by Global Market Insights Inc.

The report identifies extreme cold temperatures in the region and surging demand for efficient and advanced space & water heating systems as the chief industry drivers. Furthermore, government investments and initiatives to limit carbon footprint and increase sustainable infrastructural developments will enhance the market outlook.

Low operational cost to increase oil-fueled residential boiler industry share

The oil-fired residential boiler market in North America is estimated to grow at a rate of 4% through 2030. Competitive oil prices, along with the limited availability of other alternative fuels, will foster the adoption of oil-fired residential boilers across the region. Moreover, these boilers also perform with higher energy efficiency at lower running costs, which will boost the demand for oil residential boilers.

Ease of installation to push > 25k BTU – 50k BTU capacity boilers in North America

The > 25k BTU – 50k BTU boilers segment is expected to register substantial gains during forecast period on account of their key features viz., low initial investment, low maintenance cost, ease of installation, and the ability to provide instant hot water and steam. In addition, the mounting adoption of effective and efficient systems to fulfill the water heating & storage needs across residential structures will benefit the business landscape.

Browse key industry insights spread across 190 pages with 229 market data tables & 24 figures & charts from the report, “North America Residential Boiler Market Size By Fuel (Natural Gas, Oil), By Technology (Condensing {Natural Gas, Oil}, Non-Condensing {Natural Gas, Oil}), By Capacity (≤ 25k BTU, > 25k BTU – 50k BTU, > 50k BTU), COVID-19 Impact Analysis, Country Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:

Economical prices to augment demand for non-condensing boilers in North America

The North America residential boiler market from the non-condensing segment valued at over 145 million in 2021. These boilers have a single combustion unit and can be powered very swiftly. The easy availability of such boilers at reasonable prices will sway the product adoption. The segment growth will further be driven by low-income groups opting for cheap heating solutions for their households.

Mexico emerges as a prominent revenue pocket

The Mexico residential boiler market is poised to exhibit a CAGR of 4.5% through 2030 owing to increasing industrial projects in the country as well as rising demand for efficient boiling systems in residential settings. Favorable incentives by the Mexican government to curb carbon emissions in the long run, coupled with the increased prevalence of energy upgrade programs, will push consumers to update their space heating systems.

Organic collaborations and mergers to remain a key growth strategy

The strategic landscape of the market is primed to witness a series of product innovation & product range expansion efforts by industry players. Additionally, mergers and acquisitions will be lucrative for the competitive scenario. For instance, in February 2022, Bradford White Corporation, in association with PHCC, and the national association of Plumbing Heating Cooling Contractors inked a strategic partnership to energize and promote the HVACR and plumbing industries.

Major companies operating in the North America residential boiler market are A.O. Smith, PB Heat, LLC, Lennox International Inc., Slant/Fin Corporation, Viessmann Group, Ariston Holding N.V., Bradford White Corporation, USA, WM Technologies, LLC, Bosch Thermotechnology Corp., Burnham Holdings Inc., ACV, Daikin Industries, Ltd., NTI Boilers, Rinnai America Corporation, and Navien Inc.

Authors: Ankit Gupta, Shubham Chaudhary