Residential Boiler Market Projected to Hit $12.3 billion by 2027, At a CAGR of 5.8%
Residential Boiler Market
The increasing demand for space and water heating systems and the growth spurt in the residential construction sector have fueled the growth of the residential boilers market.
PORTLAND, OREGON, UNITED STATES, Aug 12, 2021 /EINPresswire.com/ – The residential boiler market was valued at $ 8.1 billion in 2019 and is projected to reach $ 12.3 billion by 2027, with a annual growth rate of 5.8% from 2020 to 2027. The increasing demand for residential boilers for residential applications including houses, farmhouses, vacation homes, apartments and others to keep houses warm and heat water is expected to drive the growth of the world market . In addition, the rapidly growing construction industry in developing countries such as China, India, Africa and others is expected to fuel the growth of the residential boilers market. However, the rapid growth of the renewable energy industry, along with emerging renewable alternatives such as solar energy for heating systems, is projected to curb the growth of the residential boilers market in the coming years.
Based on the technology, the condensation segment holds the largest share of sales and is expected to maintain its dominance in the forecast period. This growth is due to the increased awareness of the use of energy-efficient heating products and lower fuel consumption. Condensing boilers offer benefits such as lower cost, less space, carbon footprint reduction, high efficiency, and others that are expected to fuel the growth of the residential boiler market over the analyzed period.
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Depending on the type, the fire tube boiler segment held the highest market share of around 62.0% in 2019 and is expected to maintain its dominance in the forecast period. This is due to the increasing demand for heating boilers for space heating and domestic hot water applications. In addition, the demand for hot water and hot air from cold-weather regions in North America and Europe is increasing, which should drive the growth of the fire tube boiler segment in the coming years.
Based on the fuel type, the gas-fired segment has the largest share of sales and is expected to grow with a CAGR of 5.9%. This is attributed to the increasing demand for gas-fired domestic boilers, which have advantages such as clean heating, comfortable, environmentally friendly, quiet working, cheaper, safer operation, energy saving and others.
The residential boilers market is analyzed in four major regions such as North America, Europe, Asia-Pacific and LAMEA. Europe achieved the dominant market share in 2019 and is expected to maintain this trend over the forecast period. This is attributed to numerous factors, such as the presence of a huge consumer base and the existence of key players in the region. In addition, climatic changes and cold weather in the region are expected to contribute to the growth of the domestic boiler market in Europe.
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Global Residential Heat Exchanger Market Analysis has detailed information on the key industry players. Key players working in the report and featured in the report include Ariston Thermo SpA, Bradford White Corporation, Burnham Holdings, Inc., Ferroli SPA, Lennox International, Noritz Corporation, Robert Bosch GmbH, Slant / Fin Corporation , SPX Corporation and Viessmann Manufacturing Company. Inc.
Main results of the study
• In 2019, fire tube boilers made up the majority of the global household boiler market and is expected to maintain its lead over the forecast period.
• In 2019, the condensing technology segment accounted for around 86.6% of the global market for household boilers and is expected to maintain its dominance until the end of the forecast period.
• The gas-fired segment accounted for 71.2% of the domestic boiler market share in 2019 and is expected to grow 5.9% of sales and increase its share of the global market.
• Condensing technology is the fastest growing technology segment in the Asia-Pacific residential boiler market and is expected to grow at an annual rate of 86.9% over the period 2020–2027.
• Asia Pacific is expected to grow the fastest, posting a CAGR of 6.0% over the forecast period for the Household Boiler Market.
• In 2019, Europe dominated the global residential boilers market with more than 38.9% of the market share in terms of sales.
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August 12, 2021, 04:13 GMT
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