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Residential Boiler Market Size

Report ID: GMI2034
Published Date: Oct 2024
Report Format: PDF

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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.

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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.

Residential Boiler Market Report Attributes
Report Attribute	Details
Base Year:	2023
Residential Boiler Market Size in 2023:	USD 68.6 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	8.1 %
2032 Value Projection:	USD 140 Billion
Historical Data for:	2021 - 2023
No. of Pages:	125
Tables, Charts & Figures:	45
Segments covered:	Fuel, Technology and Region
Growth Drivers:	Stringent government regulations to limit carbon emissions Paradigm shift toward decarbonization Ongoing technological advancements along with favorable government regulations
Pitfalls & Challenges:	High availability of other alternatives

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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.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of residential boiler reached USD 68.6 billion in 2023 and is set to grow at a CAGR of 8.1% from 2024 to 2032, driven by stringent government regulations aimed at reducing carbon emissions.

The gas-fueled residential boiler segment is projected to exceed USD 85 billion by 2032, due to the increasing adoption of smart thermostats and remote-controlled systems, along with government initiatives focused on reducing greenhouse gas emissions.

The condensing residential boiler segment is poised to expand at a CAGR of over 9.5% through 2032, led by their design that improves energy efficiency by recovering heat from flue gases and supportive government programs like tax incentives and rebates.

The U.S. market is expected to reach over USD 3 billion by 2032, propelled by ongoing technological advancements and a growing focus on improving reliability, performance, and energy efficiency.