Global Residential Boiler Market Research Report: Forecast (2022-27)

Market Definition

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.

Market Insights

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.

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.

Market Segmentation

Based on Fuel Type:

• Natural Gas
• Oil

Of both, Natural Gas acquired the largest share in the Global Residential Boiler Market, and the same trend is likely during 2022-27. It owes principally to natural gas being the cleanest burning fuel available, offering minimal emission by residential boilers, and demonstrating an upswing in demand.

Besides, since natural gas is also an inexpensive energy source, with minimal to no fluctuations in its prices, the world is observing a greater inclination of consumers toward its application in residential boilers and positively influencing the overall market growth. Moreover, other advantages of natural gas, like lower energy bills & increased value while selling a house, are also augmenting the demand for natural gas for residential boilers and driving the global market.

Based on Product Type:

• Water Tube
• Fire Tube
• Electric

Here, Fire Tubes are anticipated to dominate the global market with the largest share through 2027, principally due to their growing deployment on account of their capabilities to offer affordability and easy installation & maintenance in order to attain durability & efficient operations.

Besides, the compact size, simple construction, and easily met fluctuations in steam demand are other notable aspects augmenting the need for fire tubes in these boilers. Moreover, while water tubes are also a popular choice, fire tubes are the perfect low-cost alternative offering several perks and witnessing increasing applications across the residential sector for diverse heating purposes.

Based on Technology:

• Condensing
• Non-condensing

Of both, condensing technology is anticipated to witness a surging demand in the Global Residential Boiler Market during 2022-27. It attributes primarily to the mounting consumer awareness about its benefits like less waste production & optimal utilization of what gets produced, thereby significantly contributing to environmental sustainability.

Besides, since condensing boilers are much more cost-efficient & require less fuel to operate than conventional boilers, their demand for residential boilers is escalating swiftly and fueling the overall market growth. With these benefits of condensing technology, the leading players are indulging in several research & development activities to bring innovations in the technology for greater efficiency and increase their production & development capabilities to meet the burgeoning consumer demands. 

Regional Landscape

Geographically, the Global Residential Boiler Market expands across:

• North America
• South America
• Europe
• Middle East & Africa
• Asia Pacific

Of all regions globally, North America is anticipated to have a dominant share in the market during the forecast period. It owes to the rapid industrialization across countries like the US & Canada, generating massive carbon emissions & pollution, augmenting the demand for residential boilers for air purification. Besides, the growing focus of the governments of different countries in the region toward bringing environmental sustainability is also demonstrating the advent of several new policies toward deploying residential boilers as an alternative source to attaining hot water using renewable resources.   

On the other hand, Europe is emerging as an area of remunerative opportunities for the leading players in the Residential Boiler Market, principally on the back of the growing installation of residential boilers across different countries. It owes to the extreme climatic conditions in the region where most months are colder, which cites a constant need for hot water & steam, thereby stimulating the demand for residential boilers.

Key Questions Answered in the Market Research Report

1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the Global Residential Boiler Market?
2. What are the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Residential Boiler Market?
4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Global Residential Boiler Market based on the competitive benchmarking matrix?
5. What are the key results derived from surveys conducted during the Global Residential Boiler Market study?