Residential Boiler Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Residential Boiler Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global residential boiler market size reached US$ 8.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.0 Billion by 2028, exhibiting a growth rate (CAGR) of 5% during 2023-2028.

Residential boilers refer to hydronic heating systems that convert chemical energy into thermal energy to heat the water present inside the tank. They consist of radiators or baseboards that assist in heating the water via convection and maintaining the temperature while circulating it through metallic vessels. Residential boilers offer high reliability, longer shelf-life, less maintenance, optimal energy efficiency, and are environmental-friendly. On account of these properties, they are employed across public infrastructures, holiday homes, and residential establishments. At present, residential boilers are commercially available in condensing and non-condensing technologies.

Residential Boiler Market Trends:
With the rising ongoing construction activities, particularly in emerging economies, there has been an increasing demand for energy-efficient water heating equipment, such as residential boilers, to offer consumers an easy access to warm water. This represents the prime factor currently driving the market growth. In line with this, the rising concerns regarding the heat and pollution generated by boilers have prompted the governments of various countries to undertake stringent initiatives for promoting the establishment of green buildings and uptake of eco-friendly residential boilers as a sustainable heating technology. This, in turn, assists in improving air quality by mitigating the depletion of natural resources and minimizing the emissions of greenhouse gases (GHGs). Additionally, significant technological advancements and growing investments in research and development (R&D) activities have led the introduction of coal, oil, and gas-fired residential boilers at reduced manufacturing cost, which is also contributing to the market growth. Moreover, the extensive utilization of condensing boilers in residential areas on account of its various beneficial properties, including affordability, reduced carbon footprints, and clean heating operation, is propelling the market growth. Other factors, such as rapid urbanization and rising disposable incomes in developing regions, along with the increasing need for high-performance heating devices with easy maintenance and installation, are creating a positive outlook for the market.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global residential boiler market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, fuel type and technology.

Breakup by Type:

Water Tube Boiler
Fire Tube Boiler
Electric Boiler

Breakup by Fuel Type:

Coal Fired
Oil Fired
Gas Fired
Others

Breakup by Technology:

Condensing
Non-condensing

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being A. O. Smith Corporation, Ariston Holding N.V., Bradford White Corporation, Burnham Holdings Inc., Daikin Industries Ltd., FERROLI S.p.A, Lennox International Inc., NORITZ Corporation, Robert Bosch GmbH, Slant/Fin Corporation, SPX Corporation and Viessmann.

Key Questions Answered in This Report

1. What was the size of the global residential boiler market in 2022?
2. What is the expected growth rate of the global residential boiler market during 2023-2028?
3. What are the key factors driving the global residential boiler market?
4. What has been the impact of COVID-19 on the global residential boiler market?
5. What is the breakup of the global residential boiler market based on the type?
6. What is the breakup of the global residential boiler market based on the fuel type?
7. What is the breakup of the global residential boiler market based on the technology?
8. What are the key regions in the global residential boiler market?
9. Who are the key players/companies in the global residential boiler market?