Global Residential Boiler Market Overview 2023-2028
The global residential boiler market size reached US$ 8.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.0 Billion by 2028, exhibiting a growth rate (CAGR) of 5% during 2023-2028.
A residential boiler functions as a sealed container utilizing fuel, electricity, or other energy sources to raise the temperature of water. It encompasses various types, including fire-tube boilers, combi boilers, and water-tube boilers, where water travels through tubes while hot gases encompass them. The options include system boilers and conventional boilers, necessitating a dedicated hot water cylinder for storing heated water. Known for its durability and extended operational lifespan compared to some alternative heating systems, it demands less frequent upkeep and is less susceptible to malfunctions. Additionally, it supplies hot water for household use, reducing the necessity for a separate water heater. It supports diverse heat distribution methods like radiators, baseboard heaters, and radiant floor systems. This system generates steam or heats water, which then circulates through radiators, baseboards, or radiant floor systems, effectively warming various areas within a residence. It efficiently converts a significant portion of the energy input into usable heat, thereby curbing energy usage and utility expenses. Moreover, it accommodates various fuel sources, such as natural gas, oil, propane, or electricity, to power its operations. Advanced control systems often come integrated, allowing homeowners to modify temperature settings, program heating schedules, and monitor energy consumption.
Global Residential Boiler Market Trends and Drivers:
Currently, the market is experiencing significant growth due to the heightened demand for heating solutions that prioritize energy efficiency and environmental sustainability. Consumers are increasingly focusing on reducing their carbon footprints, thus driving this trend. Furthermore, the market is expanding due to the growing installation of residential boilers, appreciated for their quiet operation in contrast to the noise associated with forced-air systems. Innovations in boiler technology, incorporating advanced materials and efficient design to reduce energy consumption while maximizing heat output, are also fostering a positive market outlook. Integration of smart and connected technologies into residential heating systems is enabling remote monitoring and control, optimizing performance, and promoting energy savings—an aspect contributing to market growth. Additionally, the market is benefiting from the rise in decentralized energy systems and the manufacturing of residential boilers capable of integrating seamlessly with diverse energy sources and adapting to fluctuating energy availability. The construction of smart buildings and upscale apartments with modern amenities is a significant market driver. Lastly, the escalating need for reliable and consistent heating, especially in regions prone to severe cold weather, is further propelling market expansion.
Global Residential Boiler Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: A. O. Smith Corporation, Ariston Holding N.V., Bradford White Corporation, Burnham Holdings Inc., Daikin Industries Ltd., FERROLI S.p.A, Lennox International Inc., NORITZ Corporation, Robert Bosch GmbH, Slant/Fin Corporation, SPX Corporation and Viessmann.
The report segmented the market on the basis of region, type, fuel type and technology.
Breakup by Type:
- Water Tube Boiler
- Fire Tube Boiler
- Electric Boiler
Breakup by Fuel Type:
- Coal Fired
- Oil Fired
- Gas Fired
- Others
Breakup by Technology:
- Condensing
- Non-condensing
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact Us:
IMARC Services Private Limited.
134 N 4th St. Brooklyn, NY 11249, USA
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800