India Residential Boiler Market Overview, 2029

India Residential Boiler Market Overview, 2029

The residential boiler market of India, on the whole, is developing at a tremendous rate. It is driven by various prime forces. Key among them would be the increasing demand for residential heating solutions due to climatic change. Winters have become quite severe nowadays, so most people have started using an efficient and reliable heating system so that they can sit comfortably indoors. Residential boilers offer an excellent and efficient solution to space heating and generation of hot water and, therefore, become very popular in modern houses today. Furthermore, increasing disposable income and improving living standards increase people's preference for comfortable and luxurious living spaces, hence raising more demands for residential boilers. Another key driving factor in the market is the focus on energy efficiency and eco-friendliness taken up by the government. Incentives and regulations that promote the adoption of energy-efficient heating systems have been forcing house owners to replace low-efficiency residential boilers with high-efficiency ones. The India residential boiler market faced challenges during the COVID-19 pandemic mainly because disruptions in the construction sector and changes in consumer behavior have been at the forefront of problems. Consequently, these lockdown measures, restrictions on movements to construction activities, and housing projects impacted demand for residential boilers. The economic uncertainties reduced consumers' purchasing power, impacting the buying decisions of the consumers, whereby many of them postponed investments in home improvement projects, including heating solutions like residential boilers. As people began to spend more time at home due to work-from-home arrangements, there was a shift to the already installed heating systems, minimizing the short-term demand for new installations. Government incentives and subsidies that have been offered in various parts of the world to encourage energy-efficient heating solutions could prove to be a real game-changer in incentivizing residential boilers among consumers. Another challenge in the growth of the residential boiler market is related to energy efficiency and environmental concerns. In relation to this, increased demand for heating systems also demands a much greater emphasis on energy-efficient technologies and sustainable heating solutions. Older, inefficient boilers mean higher use of energy and GHG emissions—less favored in an era of heightened environmental awareness.

According to the research report, ""India Residential Boiler Market Outlook, 2029,"" published by Bonafide Research, the India residential boiler market is anticipated to add to more than USD 60 Million by 2024–29. A number of factors act as growth and adoption inhibitors in the India residential boiler market. Among the major challenges is the preference in certain regions for heating solutions alternatives. In areas with milder winters, consumers might choose other options that involve room heaters, electric heating, or air conditioning systems, thus affecting low demand for heating boilers. Although installation and subsequent maintenance of residential boilers are pretty expensive at the outset, it is making them less attractive to price-sensitive customers. Conventional or bulky concepts of residential boilers stick in the minds of most consumers looking for more contemporary and pleasing heating solutions. Likewise, the absence of uniform heating systems and different regional preferences create logistic problems for manufacturers and suppliers. The challenges can thus be overcome by developing awareness about the advantages of residential boilers and offering energy-efficient solutions that are cost-effective as well. Designing boilers that can match diversified consumer preference and interior decor trend is another challenge. The major growth- and technology-contributing players of the India residential boiler market are as follows. Some of the major manufacturers active in the market include Thermax Limited, Forbes Marshall Private Limited, and Bosch Thermotechnology. These firms have emerged as leading residential heating solution providers by dealing in a wide array of boilers designed to meet different residential applications. Focusing on product quality, energy efficiency, and customer-centric solution has helped them establish a strong presence across the market.

The fire tube segment dominates the current Indian residential boiler market due to its established reliability and efficiency. Operating for several years now, fire tube boilers heat water within tubes surrounded by combustion gases. Their sturdy design and ease of maintenance make them a preferred choice for residential applications where durability and cost-effectiveness are key concerns. These boilers are also favored because of the high-pressure steam-handling capability and relatively lower initial investment compared to other varieties. The growth in the electric boiler segment is rapid. This increase is driven by rising environmental awareness and the subsequent push towards more sustainable energy solutions. The associated benefits of electric boilers, which involve the process of heating water using electrical energy, include zero emission at the point of use and a more efficient energy-to-heat conversion. With India's residential sector becoming increasingly eco-conscious and the government trying to push cleaner alternatives, demand for electric boilers is rising. At the same time, technology advancements are bringing down costs and making them more efficient, further fueling their adoption. The water tube segment, although not as leading or fast-growing, is a place holder in the market. Water tube boilers work in a way where the water circulates through tubes that are heated from outside the boiler by combustion gases. They boast large capacities of steam generation and efficiency in high-scale applications, making them quite suitable for residential complexes and larger-scale or multi-unit dwellings.

At the top are the condensing technology boilers of Indian residential, with leading attributes having better energy efficiency and environmental benefits. Condensing boilers have put into practice attaining higher efficiencies based on their capacity in heat capture contained in the flue gases, which would be wasted compared to the traditional non-condensing boiler of the same kind. This involves the use of an extra heat exchanger installed afterward, to recover extra heat from the expelled fumes. Huge decline in fuel consumption is affected, thus reducing the cost of heating for the consumer. As the condensing boiler technology ensures a reduction in the carbon emissions and operational costs of this boiler, with the emerging popular pressure for energy efficiency and environmentally friendly strategy, the technology has become popular. Additionally, government offers and legislation that demand energy efficient application, on the other hand, helped in giving condensing boilers a big share of the household market. The non-condensing boilers segment is however growing being fostered by several factors despite their lower efficiency as compared to the Condensing types. Non-condensing boilers, on the other hand, have a relatively much lower first cost compared to the condensing units and are rather simple in design; their simplicity attracts consumers who are looking for something closer to a low first cost. In areas or applications where condensing technology might be cost-prohibitive, or in cases of less stringent regulations, a non-condensing boiler becomes an effective alternative. Further, advances in non-condensing technology have also increased their performance and efficiency somewhat, due to which these are being more and more available in the market.

The gas-fired segment presently leads the boiler market in Indian residences. This is due to the efficiency, convenience, and cost that this kind of boiler has over other types of fuels. Gas-fired boilers are preferred since they give constant heating with a high level of efficiency and decreased running costs compared to other fuels. Natural gas is cheap and widely available in most urban areas, hence its economic and convenient use for residential purposes in these systems. Furthermore, gas-fired boilers offer quick heating and easy control, so these properties go well with modern residential heating. Last but not least, compared to oil-fired and coal-fired systems, they have much lower emissions, hence they are more environmentally friendly, which adds up to be an important aspect in a growingly sustainability- and air quality-conscious market. Growth in the oil-fired segment is driven by the fact that this technology has advantages in some contexts and by the evolving market dynamics. Traditionally less efficient and more expensive to operate than gas-fired units, oil-fired boilers are carving out their own niche in areas where the supply of natural gas is limited or non-existent. Where the supply of gas may be less reliable, such as in rural and semi-urban areas, oil remains as an effective and reliable fuel source. Besides, improvements in oil boiler technology have resulted in more efficient and lower running costs, making them more competitive. Some of the major factors increasing their adoption in the residential sector are growing awareness and innovating for better efficiency in oil-fired systems. The cheapest solutions would be biomass and coal boilers, where abundant local resources are available, the problems of emissions and environmental regulations supersede the benefits. Electric boilers are clean and efficient for urban areas where stable electricity supply is maintained, but they are less common due to the higher cost of electricity compared to gas.



Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Residential Boiler market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Type
• Fire Tube
• Electric
• Water Tube

By Technology
• Condensing
• Non Condensing

By Fuel Type
• Gas Fired
• Oil Fired
• Others

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Residential Boiler industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.
Keywords:
Residential Boiler, Fire Tube, Electric, Water Tube, Condensing, Non Condensing, Gas Fired, Oil Fired