Space Heating Boilers Market Size, Share & Trends Analysis Report By Operation (Gas-fired Space Heating Boilers, Electric Space Heating Boilers), By Application (Residential, Commercial), By Type, By Region, And Segment Forecasts, 2023 - 2030

Space Heating Boilers Market Growth & Trends

The global space heating boilers market size is anticipated to reach USD 35.7 billion by 2030, growing at a CAGR of 3.4% during the forecast period, according to a new report by Grand View Research, Inc. Rapid construction spending coupled with favorable government measures such as the installation of energy-efficient products are expected to benefit the space heating boiler market. For instance, the ENERGY STAR website states that through 2032, federal income tax credits for energy-efficient home upgrades would be offered under the Inflation Reduction Act of 2022. Consumers may successfully migrate to a sustainable energy future by utilizing tax credits and any applicable subsidies, thereby driving market growth.

The primary energy consumption in the U.S. accounted for 16% of the primary energy consumed globally in 2021, according to the U.S. Energy Information Administration. Despite having about 4% of the world's population in 2021, the U.S. ranked 10th in the world for primary energy use per person. Due to the methods of sourcing, transportation, and potential for leaks that could increase methane emissions, the use of major energy sources such as natural gas and LP gas has raised environmental concerns. Thus, growing environmental concerns coupled with rising demand for energy-efficient products are expected to drive the demand over the forecast period.

Space heating boilers are a crucial part of the heating systems in both residential and commercial applications. Condensing space heating boilers are another effective technology that can heat buildings and produce domestic hot water. As they 'condense' the water vapor created during combustion into liquid form, they are referred to as 'condensing' processes. To warm the cold water entering the boiler, the heat from the water vapor is recycled. By using this procedure, it is made sure that most of the energy generated during combustion is used to heat the building. These factors are further expected to propel the market demand in the coming years.

Large commercial space heating boilers can be purchased with the help of the Federal Energy Management Program. For low-pressure steam water boilers used in commercial applications with a rated capacity ranging from 2,500,000(Btu/h) to 10,000,000 (Btu/h), the FEMP's acquisition guidelines and efficiency standards apply. The ENERGY STAR program covers both small commercial and residential space heating boilers. Thus, growing demand for energy-efficient solutions coupled with increasing government guidelines for high energy-efficient products is expected to drive the market demand.

Manufacturers of space heating boilers are looking for product launches, contracts, mergers & acquisitions, and expansions to develop new products. In July 2023, ThermaForce is a platform of extremely high-efficiency condensing gas boilers and water heaters that Rheem, a manufacturer of water heating and HVACR systems, introduced for the residential market. The platform also offers game-changing features for a variety of installation scenarios.

Space Heating Boilers Market Report Highlights

• The electric space heating boilers segment is expected to witness a CAGR of 5.6% over the forecast period. Electric space heating boilers majorly use electricity instead of burning fossil fuels to heat water. The water stored inside the internal heating element is heated by passing an electrical current through a resistive conductor, which is how these devices work. Compared to combustion boilers and other alternative heating techniques, these take up a minuscule amount of area. They are, therefore simple to install in very small locations
• The condensing space heating boiler segment accounted for a 90.4% share of the global market in 2022. Both non-condensing and condensing space heating boilers burn fuel, but the primary distinction is that condensing boilers have an energy efficiency of up to 99% while non-condensing boilers have an efficiency of only up to 78%. These use a flue gas heat recovery system to recycle waste heat from the flue to warm the cold water entering the boiler, which allows them to operate at a greater efficiency level
• The commercial segment led the market and accounted for a 55.2% share of the global revenue in 2022. Commercial space heating boilers are commonly used to heat buildings such as apartment buildings, offices, schools, and hospitals. Moreover, as per the new guidelines issued by the U.S. Department of Energy (DOE), about one-fourth of commercial floor space is heated by commercial space heating boilers. These aforementioned factors are anticipated to propel the demand for space heating boilers over the forecast period. For instance, Ideal Commercial provides wall-hung, floor standing, and modular condensing commercial boilers in compact designs
• The residential application segment is expected to witness a CAGR of 3.6% over the forecast period. Space heating boilers are typically used in the U.S. to heat residential spaces. Thus, the increasing use of space heating boilers for residential applications is expected to propel the demand in the coming years
• For instance, HTP's domestic space heating boilers offer the highest levels of comfort and overall efficiency while requiring the least amount of maintenance and operating expense. A high-efficiency boiler from HTP can help users conserve both money and energy. These high-efficiency boilers, as opposed to conventional boilers, enable the boiler to operate for longer and with lower firing rates while maintaining the optimum temperature for the residential space

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