North America Residential Boiler Market
North America Residential Boiler Market was valued at USD 2.2 billion in 2023 and is estimated to grow at a CAGR of over 6% from 2024 to 2032, bolstered by increasing demand for energy-efficient heating solutions. As per the EPA reports, energy-efficient home improvements, such as advanced boiler systems, have been incentivized by over USD 1.5 billion in rebates and tax credits across North America.
Rising awareness about environmental sustainability and stringent government regulations on energy consumption are prompting homeowners to upgrade to modern, high-efficiency boilers. Additionally, advancements in technology, such as smart thermostats and improved boiler designs, are enhancing system performance and reliability, fueling market expansion. The growing trend toward home automation and the desire for reduced utility bills are boosting the product demand.
North America residential boiler market is classified based on fuel, technology, and country.
The non-condensing segment will account for a notable industry share by 2032, driven by its cost-effectiveness and durability. Homeowners and businesses seeking budget-friendly heating solutions are attracted to non-condensing boilers due to their lower upfront costs compared to more advanced systems. Additionally, these boilers are valued for their robust performance and longevity, making them a practical choice for various residential applications.
The electric segment will register a noteworthy growth rate from 2024 to 2032, aligning with the region's shift towards renewable energy sources and focus on reducing GHG emissions. As consumers and regulatory bodies increasingly prioritize environmental sustainability, electric heating solutions are gaining traction due to their ability to leverage cleaner energy sources. This growing preference for eco-friendly options is augmenting innovation and adoption of electric boilers as a cleaner alternative compared to traditional fossil fuels.
Canada residential boiler market will hold a remarkable revenue share by 2032, due to the harsh winter climate, which necessitates reliable and efficient heating solutions. As Canadians seek to enhance indoor comfort and energy efficiency, there is a rising interest in modern boiler systems that provide consistent warmth during extended cold periods. Additionally, increasing government incentives for energy-efficient home improvements are encouraging homeowners to invest in advanced heating technologies. This combination of environmental, economic, and climatic factors is stimulating the demand for residential boilers across Canada.
- Chapter 1 Research Methodology
- 1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
- 1.2 Base estimates and calculations
- 1.2.1 Market estimates & forecast parameters
- 1.2.2 Key trends for market estimates
- 1.3 Forecast model
- 1.4 Primary research & validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
- 1.5 Market definitions
- Chapter 2 Industry Insights
- 2.1 Industry ecosystem analysis
- 2.2 Regulatory landscape
- 2.2.1 U.S.
- 2.2.1.1 Energy Independence and Security Act (EISA),2007
- 2.2.1.2 National Emission Standards for Hazardous Air Pollutants (NESHAP)
- 2.2.1.3 Clean Air Act, 1970
- 2.2.1.4 New Source Performance Standards (NSPS)
- 2.2.1.5 Commercial Packaged Boilers
- 2.2.2 Canada
- 2.2.2.1 Energy Efficiency Standards for Commercial Gas Boilers
- 2.2.2.2 Verification and Labelling
- 2.2.2.3 Test Standard
- 2.2.2.4 Energy Efficiency Regulations
- 2.2.2.4.1 Amendment 15 to the Energy Efficiency Regulations
- 2.2.2.4.2 Forward Regulatory Plan
- 2.2.2.5 ANSI/AHRI Standard 1500-2015 Standard for Performance Rating of Commercial Space Heating Boilers 31
- 2.3 Industry impact forces
- 2.3.1 Growth drivers
- 2.3.1.1 Stringent regulations to limit carbon emissions
- 2.3.1.2 Increasing demand for energy efficient boilers
- 2.3.1.3 Surging demand for advanced space & water heating systems
- 2.3.2.1 High availability of other alternatives
- 2.4 Growth potential analysis
- 2.5 Porter's Analysis
- 2.5.1 Bargaining power of suppliers
- 2.5.2 Bargaining power of buyers
- 2.5.3 Threat of new entrants
- 2.5.4 Threat of substitutes
- 2.6 PESTEL Analysis
- Chapter 3 Competitive Landscape, 2024
- 3.1 Introduction
- 3.2 Strategy dashboard
- 3.2.1 VIESSMANN
- 3.2.1.1 Product development
- 3.2.1.2 Acquisition
- 3.2.2 Daikin
- 3.2.2.1 Acquisition
- 3.2.2.2 Business expansion
- 3.2.3 Bosch Industriekessel GmbH
- 3.2.3.1 Installation/supply
- 3.2.3.2 Strategic investment
- 3.2.4 Weil-McLain
- 3.2.4.1 Achievement
- 3.2.4.2 Installation/supply
- 3.2.4.3 Product development
- 3.2.5 A.O. Smith
- 3.2.5.1.1 Acquisition
- 3.2.6 Lennox International Inc.
- 3.2.6.1 Acquisition
- 3.2.7 Bradford White Corporation, USA
- 3.2.7.1 Acquisition
- 3.2.7.2 Business expansion
- 3.2.8 Laars Heating Systems
- 3.2.8.1 Achievement
- 3.2.9 Ariston Holding N.V
- 3.2.9.1 Acquisition
- 3.3 Innovation & sustainability landscape
- 3.3.1 Bradford White Corporation
- 3.3.2 VIESSMANN
- 3.3.3 Bosch Industriekessel GmbH
- 3.3.4 Weil-McLain
- 3.3.5 A. O. Smith
- 3.3.6 LAARS Heating Systems
- 3.3.7 PB Heat, LLC
- 3.3.8 U.S. Boiler Company, LLC
- 3.3.9 Navien
- 3.3.10 NTI
- 3.3.11 Triangle Tube
- Chapter 4 Market, By Fuel
- 4.1 Key trends
- 4.2 Natural gas
- 4.3 Oil
- 4.4 Electric
- 4.5 Others
- Chapter 5 Market, By Technology
- 5.1 Key trends
- 5.2 Condensing
- 5.3 Non-condensing
- Chapter 6 Market, By Country
- 6.1 Key trends
- 6.2 U.S.
- 6.3 Canada
- Chapter 7 Company Profiles
- 7.1 A.O. Smith
- 7.1.1 Global Overview
- 7.1.2 Business Overview
- 7.1.3 Financial Data
- 7.1.4 Product Landscape
- 7.1.5 SWOT Analysis
- 7.2 Allied Engineering Company
- 7.2.1 Global Overview
- 7.2.2 Market/Business Overview
- 7.2.3 Product Landscape
- 7.2.4 SWOT Analysis
- 7.3 Baxi North America
- 7.3.1 Global Overview
- 7.3.2 Market/Business Overview
- 7.3.3 Financial Data
- 7.3.4 Product Landscape
- 7.3.5 SWOT Analysis
- 7.4 Bradford White Corporation
- 7.4.1 Global Overview
- 7.4.2 Market/Business Overview
- 7.4.3 Financial Data
- 7.4.4 Product Landscape
- 7.4.5 Strategic Outlook
- 7.4.6 SWOT Analysis
- 7.5 DAIKIN INDUSTRIES, Ltd.
- 7.5.1 Global Overview
- 7.5.2 Business Overview
- 7.5.3 Financial Data
- 7.5.4 Product Landscape
- 7.5.5 SWOT Analysis
- 7.6 Honeywell International Inc.
- 7.6.1 Global Overview
- 7.6.2 Business Overview
- 7.6.3 Financial Data
- 7.6.4 Product Landscape
- 7.6.5 SWOT Analysis
- 7.7 HTP
- 7.7.1 Global Overview
- 7.7.2 Market/Business Overview
- 7.7.3 Financial Data
- 7.7.4 Product Landscape
- 7.7.5 SWOT Analysis
- 7.8 Johnson Controls International
- 7.8.1 Global Overview
- 7.8.2 Business Overview
- 7.8.3 Financial Data
- 7.8.4 Product Landscape
- 7.8.5 SWOT Analysis
- 7.9 LAARS Heating Systems Co.
- 7.9.1 Global Overview
- 7.9.2 Market/Business Overview
- 7.9.3 Financial Data
- 7.9.4 Product Landscape
- 7.9.5 Strategic Outlook
- 7.9.6 SWOT Analysis
- 7.10 Lennox International Inc.
- 7.10.1 Global Overview
- 7.10.2 Market/Business Overview
- 7.10.3 Financial Data
- 7.10.4 Product Landscape
- 7.10.5 Strategic Outlook
- 7.10.6 SWOT Analysis
- 7.11 Navien Inc.
- 7.11.1 Global Overview
- 7.11.2 Market/Business Overview
- 7.11.3 Financial Data
- 7.11.4 Product Landscape
- 7.11.5 Strategic Outlook
- 7.11.6 SWOT Analysis
- 7.12 NTI Boilers
- 7.12.1 Global Overview
- 7.12.2 Market/Business Overview
- 7.12.3 Financial Data
- 7.12.4 Product Landscape
- 7.12.5 Strategic Outlook
- 7.12.6 SWOT Analysis
- 7.13 PB Heat, LLC
- 7.13.1 Global Overview
- 7.13.2 Market/Business Overview
- 7.13.3 Financial Data
- 7.13.4 Product Landscape
- 7.13.5 Strategic Outlook
- 7.13.6 SWOT Analysis
- 7.14 Rinnai America Corporation
- 7.14.1 Global Overview
- 7.14.2 Market/Business Overview
- 7.14.3 Financial Data
- 7.14.4 Product Landscape
- 7.14.5 SWOT Analysis
- 7.15 Robert Bosch GmbH
- 7.15.1 Global Overview
- 7.15.2 Business Overview
- 7.15.3 Financial Data
- 7.15.4 Product Landscape
- 7.15.5 SWOT Analysis
- 7.16 Slant/ Fin Corporation
- 7.16.1 Global Overview
- 7.16.2 Market/Business Overview
- 7.16.3 Financial Data
- 7.16.4 Product Landscape
- 7.16.5 SWOT Analysis
- 7.17 Thermo-Dynamics Boiler Company
- 7.17.1 Global Overview
- 7.17.2 Market/Business Overview
- 7.17.3 Financial Data
- 7.17.4 Product Landscape
- 7.17.5 SWOT Analysis
- 7.18 Triangle Tube
- 7.18.1 Global Overview
- 7.18.2 Market/Business Overview
- 7.18.3 Financial Data
- 7.18.4 Product Landscape
- 7.18.5 Strategic Outlook
- 7.18.6 SWOT Analysis
- 7.19 U.S. Boiler Company, LLC
- 7.19.1 Global Overview
- 7.19.2 Market/Business Overview
- 7.19.3 Financial Data
- 7.19.4 Product Landscape
- 7.19.5 Strategic Outlook
- 7.19.6 SWOT Analysis
- 7.20 Viessmann
- 7.20.1 Global Overview
- 7.20.2 Market/Business Overview
- 7.20.3 Financial Data
- 7.20.4 Product Landscape
- 7.20.5 Strategic Outlook
- 7.20.6 SWOT Analysis
- 7.21 Weil-McLain
- 7.21.1 Global Overview
- 7.21.2 Market/Business Overview
- 7.21.3 Financial Data
- 7.21.4 Product Landscape
- 7.21.5 Strategic Outlook
- 7.21.6 SWOT Analysis
- 7.22 Ariston Holding N.V.
- 7.22.1 Global Overview
- 7.22.2 Business Overview
- 7.22.3 Financial Data
- 7.22.4 Product Landscape
- 7.22.5 SWOT Analysis
- 7.23 Research Practices
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