A recent research report published by MarkNtel Advisors cites that the Global Residential Boiler Market is expecting around 5.7% CAGR during 2022-27. The rapidly changing climatic conditions due to increasing carbon emissions & constant environmental degradation, i.e., projecting a growing focus of governments of different countries on adopting energy-efficient technologies for numerous day-to-day applications, are driving the Global Residential Boiler Market. In addition, rigorous R&D activities, along with various strategic mergers & acquisitions, partnerships, and collaborations, among others, toward bringing advancements in boiler technology is another prominent aspect boosting the global market.
Moreover, with an exponential rise in population and the growing demand for smart habitation, numerous smart cities & green buildings that exhibit energy-efficient technologies are being constructed globally, with the surging deployment of residential boilers. As a result, the leading companies are actively working on increasing their production & distribution capabilities to cater to the rising consumer requirements for residential boilers during the forecast period, further states the research report, “Global Residential Boiler Market Analysis, 2022.”
Affordability, Availability, Safety of Natural Gas to Boost the Residential Boiler Market through 2027
Natural gas is easily available, affordable, safe, & generates lower energy bills while exhibiting a significantly higher efficiency in energy production as it uses minimal fuel in residential boilers to heat the house. As a result, its demand is escalating rapidly across different corners of the world & is adding up to a greater customer base for natural gas-powered residential boilers, thereby positively influencing the expansion of the Global Residential Boiler Market through 2027.
Stringent Regulations to Deploy Energy-Efficient Residential Boilers Shall Drive the Market in North America
Across North America, the US & Canada are the most prominent consumers of residential boilers. Rapid developments across the residential sector with the construction of smart cities & green buildings and technological proficiency throughout the region have escalated consumer inclination toward deploying sustainable heating systems. These aspects, coupled with stringent government regulations for utilizing energy-efficient heating systems, are augmenting the growth of the North America Residential Boiler Market.
The major companies in the Global Residential Boiler Market include AO Smith Corporation, Ariston Holding NV, 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, Viessmann, and Weil-McLain.
Key Questions Answered in the Research Report