Residential Boiler Market worth over $139.5 Bn by 2032

Residential Boiler Market size is set to surpass USD 139.5 billion by 2032, according to a new research report by Global Market Insights Inc.
 

Rapid urbanization and the increasing population index across developing economies will have a positive influence on the industry outlook. As per the UN’s World Population Prospects 2022, the global population is estimated to reach 8.5 billion in 2030 and over 9.5 billion in 2050. Moreover, several governments worldwide are investing heavily in the development and modernization of infrastructure. The advent of green infrastructure is also expected to promote the adoption of sustainable heating solutions, such as next-generation boilers, subsequently driving the industry growth.
 

Strict emission standards to boost the adoption of energy-efficient electric residential boilers

Electric boilers held more than 12% share of the residential boiler industry in 2022. The surging adoption of electric boilers can be attributed to the increasing focus on zero-emission technologies and fuel-efficient systems. Additionally, the growing emphasis on the reduction of greenhouse gas emissions has resulted in the deployment of very strict mandates popularizing electric heating solutions over the upcoming period. For instance, in May 2022, the U.K. government launched the Boiler Upgrade Scheme (BUS) to support the net-zero transition by enabling property owners to adopt cleaner and more efficient low-carbon heating technologies.
 

Robust presence of supportive energy rebates to propel demand for condensing boilers

The condensing technology segment is projected to grow at over 9.5% CAGR between 2023 and 2032. Condensing boilers are gaining significant momentum as they offer minimal heating costs and lower carbon footprint. These boilers also reduce power consumption and eliminate the need for a water tank, ensuring an average energy efficiency of 95%. In addition, supportive tax credits and energy rebates by governments will encourage the adoption of condensing boilers. For instance, Bosch introduced the Singular Combi Boiler to help users save USD 2,400 under federal energy rebate programs.
 

Browse key industry insights spread across 625 pages with 1121 market data tables & 39 figures & charts from the report, “Residential Boiler Market Size By Technology (Condensing {Natural Gas, Oil, Electric}, Non-Condensing {Natural Gas, Oil, Electric}), By Fuel (Natural Gas, Oil, Electric), COVID- 19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/residential-boiler-market
 

Concerns over surging energy bills to augment industry growth in North America

North America residential boiler market size is anticipated to reach nearly USD 3.5 billion by 2032. North America is home to a massive real estate sector with a rapid influx of infrastructure investments, offering lucrative scope for expansion of the residential boiler industry. The growing focus on replacing conventional boilers with energy-efficient technologies is encouraging regional industry players to develop advanced residential boilers. Furthermore, the surging costs of home heating in countries such as the U.S. will accelerate the need for affordable and fuel-efficient units. For instance, in October 2022, the U.S. Energy Information Administration (EIA) projected a 28% rise in U.S. home heating bills in the winter season.
 

New product launches to add impetus to industry development

Major participants operating in the residential boiler industry are BDR Thermea Group, Daikin, Lennox International, Hoval, PB HEAT, HTP, VIESSMANN, Bradford White Corporation, Immergas, WOLF, Bosch Industriekessel, Weil-McLain, U.S. Boiler Company, A. O. Smith, ACV, FERROLI, NTI Boilers, Atlantic, Ariston Holding, Fonderie Sime, Carrier, Vaillant Group, Slant/Fin Corporation. These firms are launching innovative products to improve customer reach and the overall business performance. For instance, in July 2022, Bosch Industriekessel unveiled a new electric steam boiler ELSB series to meet the surging demand across residential and commercial applications.