According to the report by Expert Market Research (EMR), the global residential boiler market size reached a value of USD 7.99 billion in 2023. Aided by the increasing need for efficient heating solutions in residential settings, coupled with the rising global demand for energy-efficient and environmentally friendly heating options, the market is projected to further grow at a CAGR of 5.4% between 2024 and 2032 to reach a value of USD 12.90 billion by 2032.
Residential boilers are crucial components in home heating systems, providing central heating and hot water. They operate by circulating hot water or steam through a network of pipes to radiators, underfloor heating, or faucets. The efficiency, reliability, and type of fuel used in these boilers significantly impact their popularity and adoption across different regions.
The surge in residential boiler market growth is largely attributed to technological advancements in boiler efficiency, the global shift towards renewable energy sources, and governmental regulations aimed at reducing carbon emissions. Additionally, the increasing trend of home renovation and modernization in several countries has bolstered the demand for high-efficiency residential boilers. With urbanisation leading to smaller living spaces, there is an increasing demand for compact, space-saving boiler designs and consumers favour boilers that are easy to install and maintain.
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As per the residential boiler market analysis, there is a growing consumer preference for energy-efficient and low-emission boilers, such as condensing boilers, which recover heat that would otherwise be lost through the flue. This trend is bolstered by stringent governmental regulations aiming to reduce household energy consumption and carbon footprints. The adoption of boilers compatible with renewable energy sources, such as solar and biomass, is also on the rise. This trend is driven by the global push for sustainability and energy independence.
There is a growing interest in hybrid heating systems that combine boilers with renewable energy sources, such as heat pumps or solar panels, to provide more efficient and sustainable heating solutions, propelling the residential boiler market expansion. These systems offer the flexibility of using the most cost-effective and environmentally friendly energy source available, depending on weather conditions and electricity prices.
Modular boiler systems, which consist of multiple small boilers working together as a single system, are gaining traction. These systems offer several advantages over traditional single-unit boilers, including redundancy, scalability, and improved energy efficiency. They are particularly appealing in multi-family residential buildings or large homes where heating demands can vary significantly. Condensing boilers, which are capable of recovering heat from exhaust gases, also continue to gain residential boiler market share due to their superior energy efficiency. These boilers are now becoming the standard in many regions, spurred by regulatory mandates and consumer demand for lower heating costs and reduced environmental impact.
Smart boilers equipped with IoT technology are becoming increasingly popular as these boilers can be controlled and monitored via smartphones or other devices, providing users with unparalleled control over their heating systems. As per the residential boiler market outlook, this not only improves convenience but also enhances energy efficiency by allowing homeowners to adjust settings based on their needs and occupancy patterns.
The European market leads in the adoption of residential boilers, attributed to the region’s cold climate, high environmental awareness, and strict regulations on home heating efficiency. North America is also a significant market, with growth driven by the replacement of old heating systems with new, energy-efficient models. The Asia-Pacific region is experiencing rapid growth in the residential boiler market due to urbanisation, rising living standards, and increasing awareness of energy-efficient heating solutions. Countries like China and India are key contributors to this growth, with substantial investments in residential infrastructure development.
Residential Boiler Market Segmentation
The market can be divided based on boiler type, technology, fuel type, and region.
Market Breakup by Boiler Type
- Water Tube Boiler
- Fire Tube Boiler
- Electric Boiler
Market Breakup by Technology
- Condensing
- Non-Condensing
Market Breakup by Fuel Type
- Oil-Fired
- Gas Fired
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Residential Boiler Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global residential boiler market. Some of the major players explored in the report by Expert Market Research are as follows:
- Daikin Industries Ltd.
- Burnham Holdings, Inc.
- BDR Thermea Group B.V.
- Lennox International Inc.
- Ferroli S.p.A
- Bradford White Corporation
- Ariston Holding NV
- Noritz Corporation
- Viessmann Manufacturing Company, Inc.
- SPX Corporation
- Others
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