Residential boilers are heating devices deriving combustion from fuels like oil, natural gas, wood, & even coal to produce heat to be transferred to radiators and facilitate a complete heating process. These boilers are also used extensively for applications like improving the air quality, yet find most utilization in the residential sector for personal uses. The demand for residential boilers is increasing worldwide owing to their capability to reduce the production of pollutants & emissions and produce a higher quality of heat with minimum energy consumption.
The Global Residential Boiler Market is expected to register a CAGR of around 5.7% during the forecast period, i.e., 2022-2027. The growth of the market is likely to be driven primarily by the growing inclination of people toward adopting energy-efficient boilers at residential complexes to attain a flow of hot water or steam and easy access to warm water while reducing energy consumption & carbon emissions. Besides, the mounting focus of governments of different countries worldwide on curbing emissions and bringing better technology to these boilers to address various environmental issues is also driving the installation of residential boilers globally.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: The US, Canada, Mexico|
|South America: Brazil, Rest of South America|
|Europe: Germany, The UK, France, Spain, Italy, Rest of Europe|
|Asia-Pacific: China, Japan, India, South Korea, Rest of Asia Pacific|
|Middle East & Africa: GCC, South Africa, Rest of Middle East and Africa|
|Key Companies Profiled||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, Weil-McLain, Others,|
|Unit Denominations||USD Million/Billion|
Moreover, the active participation of the leading players in several research & development activities and strategic mergers & acquisitions, collaborations, & partnerships, among others, are also positively influencing the expansion of the Global Residential Boiler Market, thereby enabling the players to attain a competitive edge during the forecast period.
However, this projected market growth is not without challenges. The industry might witness hindrance in its expansion owing to the considerably high installation & maintenance costs of residential boilers, coupled with the fact that households & societies are seeking sustainable alternatives and investing in renewable energy sources.
Nevertheless, the leading players are viewing it as an opportunity to utilize renewable energy resources and integrate them into residential boilers to generate optimistic prospects for the Global Residential Boiler Market in the years ahead.
Impact of Covid-19 on the Global Residential Boiler Market
Like any other industry, the Global Residential Boiler Market also witnessed significant impacts of the Covid-19 pandemic in 2020. The worldwide lockdowns & movement restrictions obstructed the flow of goods & people across borders & temporarily dampened the import & export dynamics of international trade. Besides, with supply chain disruptions & financial fluctuations, the demand for residential boilers observed a notable decline and negatively influenced the overall growth of the global market.
However, with the gradual decline in the number of Covid-19 cases, governments of different countries uplifted the restrictions & allowed the recommencement of industries as usual. It, in turn, allowed all operations associated with the functioning of the residential boiler market to cater to the burgeoning consumer requirements worldwide. As a result, the market players indulged themselves in bringing innovations and increasing their production & distribution capabilities to lead the market toward quick recovery.