Residential Boiler Market Size 2022 Analysis, Share, Growth and Trends 2022-2027
The global residential boiler market reached a value of US$ 7.73 Billion in 2021 and is expected to reach a value of US$ 10.52 Billion by 2027, exhibiting a CAGR of 5.10% during 2022-2027.
The global residential boiler market reached a value of US$ 7.73 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 10.52 Billion by 2027, exhibiting a CAGR of 5.10% during 2022-2027.
Residential boilers are hydronic heating systems that heat the water inside a tank and supply hot water or steam through pipes, metallic vessels, and radiators to generate warmth. The heat generated by a boiler is the combustion of fuels such as coal, oil, and natural gas. Residential boilers are eco-friendly, and offer longer shelf-life, optimal energy efficiency, less maintenance and high reliability. As a result, they are utilized across holiday homes, public infrastructures, and residential establishments.
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COVID-19 Scenario: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Residential Boiler Market Trends and Drivers:
The market is primarily driven by the significant increase in construction activities. In addition, technological advancements and investments in research and development (R&D) activities have led to the introduction of coal, oil, and gas-fired residential boilers at low manufacturing costs, which represents another growth-inducing factor. Additionally, residential boilers with reasonable operating costs, high heating efficiency, and low fuel consumption are projected to propel the product demand.
It also offers consumers easy access to hot water while providing high-quality heat that assists in saving electricity. Moreover, growing awareness about greenhouse gas (GHGs) emissions and the implementation of strict environmental policies to promote the uptake of eco-friendly residential boilers as a sustainable heating technology are escalating the product demand. Besides this, the government provides subsidies for installing residential boilers to reduce pollution, which is also contributing to the market growth.
Global Residential Boiler Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these top key players include:
- 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
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The report has segmented the market on the basis of region, 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
Breakup by Technology:
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
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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