North America Residential Boiler Market Size By Fuel (Natural Gas, Oil), By Technology (Condensing {Natural Gas, Oil}, Non-Condensing {Natural Gas, Oil}), By Capacity (≤ 25k BTU, > 25k BTU - 50k BTU, > 50k BTU), COVID-19 Impact Analysis, Country Out

North America Residential Boiler Market Size By Fuel (Natural Gas, Oil), By Technology (Condensing {Natural Gas, Oil}, Non-Condensing {Natural Gas, Oil}), By Capacity (≤ 25k BTU, > 25k BTU - 50k BTU, > 50k BTU), COVID-19 Impact Analysis, Country Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030

The North America residential boiler market is anticipated to grow significantly by 2030 owing to growing prominence of sustainability among consumers. In addition, expanding migrant population across urban areas, along with surging presence of single-family households in the region, is estimated to benefit the business landscape over the forecast period.
During the COVID-19 pandemic, the industry witnessed a negative impact on demand. Many businesses faced losses due to stringent lockdowns and hence, halted their operations. However, recently, various government initiatives focused on building sustainable infrastructures have fostered the North America residential boiler market outlook. For instance, the Government of Canada introduced the Green Homes Initiative in 2021, which mandates the installation of residential space and water heating systems, and so on, to be carried out solely by licensed professionals.
Moreover, major firms have been engaging in strategic acquisitions and rigorous research & development activities to enhance the efficiency of the product, accelerating their market presence, thereby aiding the overall competitive scenario. For instance, in May 2022, Viessmann Group, a manufacturer of heating and refrigeration systems, introduced an ultra-compact gas-fired boiler to the Vitocrossal 200, CI2 family. This novel addition is a versatile central heating system that provides a highly efficient solution for custom residential applications.
The North America residential boiler market has been bifurcated on the basis of fuel, capacity, technology, and country.
In terms of fuel, the industry has been divided into natural gas and oil. The oil segment is set to progress at an exponential growth rate through the estimated timeline attributed to the inadequate availability of alternative fuels. Furthermore, lower running costs are another paramount factor that is expected to stimulate the product penetration.
With respect to technology, the North America residential boiler industry has been segregated into condensing and non-condensing. The non-condensing segment held a prominent revenue share in 2021 due to the strong inclination of low-income groups toward cheaper technology-integrated boilers. Additionally, the ease of use offered by these boilers is speculated to attract positive attention in the forthcoming years.
Based on capacity, the industry has been segmented into ≤ 25k BTU, > 25k BTU – 50k BTU, and > 50k BTU. The North America residential boiler market from the ≤ 25k BTU capacity segment is speculated to garner substantial gains by the end of the review period. The longer lifespan of these boilers is likely to attract positive attention, escalating segmental growth.
From the country perspective, the residential boiler market in Canada is primed to depict sizable expansion through the forecast timeline. Mounting adoption of energy-efficient boilers, as well as prevalent trends toward establishing a conjugal family, is foreseen to augment business growth.