Residential Boiler Market size to exceed $60bn by 2027

Residential Boiler Market size is expected to surpass USD 60 Billion by 2027, as reported in the latest study by Global Market Insights, Inc.
 

Global residential boiler industry has observed a considerable growth on account of rising need of space and water heating systems across residential establishments. The raising concerns toward the carbon footprint across the globe has propelled a requirement for efficient hot water systems which in turn will drive the market share for residential boilers over the forecast period.

 

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However, outburst of COVID-19 pandemic has limited the growth of the boiler industry temporarily. The policy makers across the globe had imposed stringent lockdowns and guidelines on account of which many industries have observed financial loss in 2020. However, as many biopharmaceutical companies have launched feasible vaccines for the virus, the market statistics of the residential boiler industry is anticipated to rebound back to normalcy by the first half of FY 2021.
 

Low manufacturing and installation cost to proliferate the market outlook for non-condensing boilers

Non-condensing boilers segment of residential boiler market have witnessed significant growth on account of rising market demand for hot water across residential establishments. Minimal requirement of accessories and parts and subsequently, lower manufacturing cost will create a positive business outlook for the manufacturers. Furthermore, these boilers do not require highly skilled technician to install in the households, which is an added advantage for consumers.
 

Browse key industry insights spread across 410 pages with 748 market data tables & 36 figures & charts from the report, “Residential Boiler Market Statistics, 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 – 2027in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/residential-boiler-market
 

Abundant potential of natural gas along with declining gas prices will stimulate the industry demand for gas fired residential boilers

Over the past decade, many countries across the globe have witnessed a steady growth in deployment of gas fueled boilers across the residential buildings. Robust gas pipeline infrastructure coupled with abundant gas reserves will spur the installation of these units during the forecast timelines. Formulation of stringent norms and policies to limit the carbon emissions from residential sector will augment the gas fired residential boiler market demand. Moreover, less space requirement and enhanced safety are the key features which make them preferable over other alternatives.
 

Positive outlook towards adopting sustainable heating technologies will propel the Europe residential boiler market statistics

Growing carbon emissions has raised a concern for the policy makers to promote the adoption of efficient and sustainable technology which in turn is propelling the market demand for efficient heating units. Harsh climatic conditions coupled with increasing demand for water and space heating systems will boost the market statistics for residential boilers over the forecast period. In addition, EU has introduced various incentives, schemes, personal tax credit and rebates to promote the adoption of these units, which in turn will drive the regional market outlook.
 

Key players operational in the global residential boiler market include AC Boilers S.p.A, Lennox International, Viessmann, Slant/Fin Corporation, Weil-McLain, A.O. Smith, Burnham Holdings, Inc., and Buderus amongst others. These players are focusing toward product diversification and constantly working on their R&D activities to develop innovative heating technologies. Companies are launching new product and customizing their existing product lines to meet the customer demand.
 

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