Residential Boiler Market Size – By Fuel, By Technology, Analysis, Share, Growth Forecast, 2024 – 2032

Residential Boiler Market Size

The global residential boiler market size was valued at USD 68.6 billion in 2023 and is estimated to grow at a CAGR of 8.1% from 2024 to 2032. Stringent government regulations aimed at reducing carbon emissions across various economies will drive the industry growth. Rising disposable incomes, enhanced living standards and growing consumer preference for advanced boilers will boost the business landscape.
 

Additionally, increasing investments in sustainable building infrastructure in conjunction with the rising population and urbanization growth will stimulate the product adoption. For instance, according to the Department of Economic and Social Affairs, the world population is set to reach over 8 billion by 2030.
 

A residential boiler is a heating system used to provide hot water or steam for space heating and domestic use in homes. It typically uses natural gas, oil or electricity to heat water, which is then circulated through underfloor and radiators systems to warm living spaces. These boilers are designed for efficiency, ensuring consistent and reliable heating, while adhering to energy and emission standards. Furthermore, the growing integration of remote monitoring and IoT technologies combined with increasing need of space saving solutions will further enhance the industry potential.
 

Residential Boiler Market Trends

The growing demand for energy and the extensive use of heat-generating technologies are accelerating advancements in traditional boiler systems, which in turn will drive the industry growth. Growing utilization of energy efficient and reliable heating systems in tandem with global carbon reduction targets will foster the business dynamics. Additionally, growing initiatives to simplify and reduce the cost of retrofitting energy systems in residential buildings will propel the adoption of boilers.
 

Residential Boiler Market Analysis

The gas fueled residential boiler segment will exceed USD 85 billion by 2032. Increasing adoption of smart thermostats and remote-controlled systems coupled with government initiatives focused on reducing greenhouse gas emissions is creating a positive outlook for the industry growth. Ongoing residential construction projects across key emerging economies in line with rapid deployment of higher efficiency, cost-effectiveness and relatively lower carbon emissions compared to traditional systems will complement the product penetration. Continuous investments in residential infrastructure along with upgrading traditional heating systems with advanced monitoring capabilities will stimulate the business scenario.
 

The condensing residential boiler market size will witness a growth at a CAGR of over 9.5% through 2032. These boilers are designed to improve energy efficiency by recovering heat from flue gases, which manages to reduce greenhouse gas emissions. Ongoing supportive government programs including tax incentives and rebates will significantly boost the demand for these heating units. Moreover, their compact and modular design which allows easier installation and maintenance in residential settings coupled with integration of smart features including variable heating loads will encourage the product deployment.
 

U.S. residential boiler market is set to reach over USD 3 billion by 2032. Ongoing advancements in technological systems in conjunction with growing focus on improving reliability, performance and energy efficiency will propel the favorable business scenario. Continuous innovations including remote monitoring and IoT-enabled systems allow for improved energy management & remote monitoring, making it easier for homeowners to optimize their heating systems which will positively influence the industry potential. In addition, the growing expansion and the development of new residents into cities will further accelerate the product adoption.
 

The Europe residential boiler market will witness substantial growth owing to integration of advanced technological and high efficiency power solutions. The flourishing residential sector combined with the rapid growth of green buildings will drive the industry expansion. Governments are proactively implementing advantageous initiatives including rebates and tax incentives to foster the development of sustainable environments, which in turn will augment the business dynamics. Moreover, increasing focus on long term cost saving opportunities along with growing awareness and preference for environmentally friendly heating options will further energize the industry dynamic.
 

Residential Boiler Market Share

The residential boiler industry is highly competitive fueled by the increasing demand for efficient, reliable and environmentally friendly heating solutions in homes. The key players in the market compete based on product quality, energy efficiency, technological innovation and customer service. The prominent companies including Bradford White Corporation, Lochinvar, and U.S. Boiler Company hold significant market shares owing to their strong reputations and diverse product offerings. However, regional manufacturers often gain a competitive advantage by providing customized solutions and faster service, catering to the specific needs of local markets.
 

Residential Boiler Market Companies

Major players operating in the residential boiler industry are:

• Allied Technologies
• BDR Thermea Group
• Bradford White Corporation
• Carrier
• Ferroli
• Laars Boilers
• Lennox International
• Lochinvar
• Navien
• NTI Boilers
• PB Heat
• Slant/Fin Corporation
• Smith Boilers
• Thermona
• U.S. Boiler Company
• Viessmann
• Weil-McLain
• Wolf
   

Residential Boiler Industry News

• In May 2024, Lochinvar introduced its inaugural electric boiler, the LECTRUS light electric boiler. This innovative solution offers clients enhanced flexibility while managing the industry's transition toward electrification and decarbonization. Available in capacities ranging from 15 kW to 150 kW, it is designed for both residential and commercial applications and can be installed in various indoor environments, even in sub-zero conditions, making it an ideal choice for various sectors.
   
• In February 2024, U.S. Boiler Company revealed plans to construct a new 45,000 square-foot manufacturing facility on Old Tree Road in Lancaster. This cutting-edge plant incorporated advanced production lines, conveyors, and storage racking systems. The expansion aimed to enhance the production capacity of their in-demand high-efficiency, low-emission boilers, particularly the popular Alta series.
   

The residential boiler market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume (‘000 Units) & revenue (USD Million) from 2021 to 2032, for the following segments:

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Market, By Fuel

• Natural gas
• Oil
• Electric
• Others

Market, By Technology

• Condensing
  • Natural gas
  • Oil
  • Electric
  • Others 
• Non-condensing
  • Natural gas
  • Oil
  • Electric
  • Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada 
• Europe
  • Denmark
  • Finland
  • Norway
  • Sweden
  • UK
  • Russia
  • Romania
  • Poland
  • Austria
  • Belgium
  • France
  • Germany
  • Netherlands
  • Switzerland
  • Greece
  • Italy
  • Portugal
  • Spain
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
• Latin America
  • Brazil
  • Argentina
  • Mexico