According to Future Market Insights 2022 to 2032, the global residential boiler market is expected to grow significantly during the forecast period. This is due to an increase in global demand for advanced home appliances in the residential sector.
Rising real estate demand in the United States, Germany, India, and China is expected to drive residential boiler demand. According to the Future Market Insights report, the global residential boilers market is expected to reach US$ 29.5 billion in 2022 and US$ 49.9 billion in 2032, growing at a CAGR of 5.4% from 2022 to 2032.
During the projected period, the demand for space heating and water heating household equipment is expected to rise along with government development plans, new construction projects, and need for a comfortable lifestyle.
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Key Takeaways of Residential Boiler Market Study
- Residential boilers with capacities under 24 kW are anticipated to rise at a CAGR of 4.8 % during the projection period.
- By technology, the condensing residential boiler segment will account for more than 70% of the global market.
- In terms of fuel type, gas is anticipated to account for more than 74% of the global market share.
- Based on application, the apartment segment is anticipated to expand at a value CAGR of 5.1% by 2032.
“Demand for residential boilers is projected to surge with expansion of real estate market. Shifting lifestyle preferences, governmental regulations, and real estate development plans will propel the demand in the market. To capitalize on growing demand key companies are increasing investment in technological advancements for product enhancement and after-sales service.” says Future Market insights analyst
Top manufacturers are dominating the residential boiler market globally, which is highly consolidated. Market players are attempting to increase their market share by creating new products and upgrading existing product lines due to technological advancements.
Some of the companies are collaborating to expand their market-based sales channels while concentrating on providing consumers a network of post-purchase services. Additionally, key supply trends like the introduction of new products and significant investments in R&D are followed by producers of residential boilers.
Ariston Group, BDR Thermea Group, Groupe Atlantic, Viessmann, Vaillant group, Robert Bosch, Ideal Heating, Unical Ag Spa, Daikin Industries, A.O. Smith Corp, Bradford White Corporation, Ferroli S.p.A., Burnham Holdings, Lennox International, Fondital, Hoval, Noritz Corporation, Slant/Fin Corporation, ECR International, Immergas Group & Others.
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The research report analyzes the market demand trends of residential boilers. The Egypt market estimation and growth projection is based on factors like end use industries development, COVID-19 crisis impact, replacement ratio, and adoption rate of residential boilers. As per Future Market Insights research scope, the residential boilers Market has been studied and segmented on the basis of product capacity and end-use. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand side.
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Key Segments Covered in Residential Boiler Industry Analysis
- Below 24 kW
- 24kW to 35 kW
- Above 35 kW
By Fuel Type
- North America
- Latin America
- South Asia
- East Asia
- Middle East and Africa (MEA)