Global Residential Boiler Market Projected to Garner

New York, USA, July 06, 2021 (GLOBE NEWSWIRE) – Research Dive released a report on the global domestic boiler market to his repository. The report says the market is expected to hit $ 13,849.4 million and grow at a considerable rate CAGR of 6.4% from 2021 to 2028. The report is an in-depth study that offers an in-depth look at the current scenario and future prospects of the world market. Formulated by experienced market analysts, the report ensures it is a reliable source of data, current trends, and all-encompassing market insights for new entrants, investors, existing market participants, stakeholders, shareholders, etc.

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Effects of the COVID-19 pandemic on market growth:

The abrupt outbreak of the COVID-19 pandemic has slowed the growth of the residential boiler market in 2020. However, as the pandemic subsides, the global market is expected to see remarkable advances in regions such as America and Europe due to the increasing demand for residential boilers. The leading players in the world market are pursuing several business strategies in order to maintain their market position in the time of crisis.

Factors Affecting Market Growth:

A notable surge in government plans and policies to reduce energy consumption by ventilation, heating, and cooling systems is driving the global growth of the residential boiler market. Additionally, some leading boiler manufacturers are focusing on incorporating innovative technologies such as the Internet of Things (IoT) into the boiler coating to enable rapid heat-up and make the boiler corrosion resistant. The addition of novel technologies will help develop more efficient and energy-saving boilers, thus opening up worthwhile opportunities for market growth over the forecast period. However, it is believed that the existence of alternative systems for domestic heating boilers, mainly gas fired boilers such as IR heating panels and solar thermal panels, is holding back the growth of the world market.

The report segments the global Boiler Market by fuel type, technology, and region.

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Gas sub-segment should hold leading market share

The gas sub-segment of the fuel-type segment is expected to lead the market by exceeding sales of $ 8,008.5 million for the forecast period. This growth is mainly due to the increasing use of gas-fired boilers, as these use less energy and emit fewer emissions compared to coal- and oil-fired boilers.

Condensing subsegment to observe outstanding growth

The condensing sub-segment of the technology segment is expected to experience outstanding growth, reaching $ 1,072.2 million over the forecast period. This growth is mainly due to the increasing use of condensing boilers due to their various advantages such as improved control, improved efficiency and ease of use.

Asia-Pacific region expects rapid growth

The report analyzes the global Residential Boiler Market in various regions including North America, Europe, Asia-Pacific and LAMEA. Among these, the Asia-Pacific market is expected to grow rapidly and $ 3,508.1 million over the estimated period. The growth of this regional market is mainly due to increasing urbanization and economic progress in emerging countries such as India and China. The increasing development in this region leads to a need for smart homes with HVAC systems that can be controlled via smartphones.

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Main players in the market:

The report lists some of the leading players operating in the global boiler industry, including

  1. Robert Bosch GMBH
  2. Ariston Thermo SpA
  3. Lennox International
  4. AO Smith
  5. SPX Corporation
  6. Viessmann Produktionsgesellschaft AG
  7. NORITZ Corporation
  8. Burnham Holdings, Inc.
  9. Thermax Limited
  10. DAIKIN INDUSTRIES, Ltd.

The report also features numerous industry-leading strategies and tactics such as Tactical Top Initiatives and Progress, New Product / Service Offering Introductions, Business Performance, Porter Five Force Analysis, and SWOT Analysis of the leading global industry players. For example, in June 2021, Lochinvar, LLC, a leading manufacturer of high efficiency water heaters, boilers, pool heaters and custom pre-piped package systems, launched a new smart condensing boiler. The newly introduced boiler technology automatically adapts the combustion to the environment.

In addition, the report contains some numorus points about the leading company manufacturers, such as, SWOT analysis, product portfolio, financial status – inquire to get access to the detailed report on development strategy for top companies

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