 of 5.10% during 2022-2027){kind=link}
According to the latest report by IMARC Group, “Global Residential Boiler Market Size, Share, Growth, Industry Trends, Opportunity and Forecast 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 devices that convert chemical energy into thermal energy for heating. They heat the water present in a tank and then transfer hot water or steam through pipes and radiators to keep the residential area warm. They offer excellent energy efficiency, longer shelf life, low maintenance, and environment-friendly properties. As a result, residential boilers find extensive applications in farmhouses, public buildings, holiday homes, and other residential places across the globe.
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Market Trends:
The global residential boiler market is primarily driven by the increasing demand for energy-efficient water heating equipment, such as residential boilers, to offer consumers easy access to warm water. Moreover, the rising use of condensing boilers in residential areas due to their beneficial properties, including reduced cost, low carbon footprints, and clean heating operation, is positively influencing the market growth. Additionally, the introduction of coal, oil, and gas-fired boilers at lower manufacturing costs owing to recent technological advancements and increasing investments in research and development (R&D) activities represents another major growth-inducing factor.
Furthermore, several favorable initiatives undertaken by governments of numerous countries for encouraging the construction of green buildings and the use of eco-friendly home boilers as a sustainable heating solution due to rising concerns regarding the heat and pollution generated by boilers are propelling the market growth. Other factors, including the rising need for high-performance heaters with easy maintenance and installation, increasing construction activities, inflating consumer disposable incomes, and rapid urbanization, are also anticipated to drive the market further.
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List of Key Companies Covered in this Market Report:
- A. O. Smith Corporation
- Burnham Holdings Inc.
- NORITZ Corporation
- Robert Bosch GmbH
- Slant/Fin Corporation
- Daikin Industries Ltd.
- FERROLI S.p.A
- Lennox International Inc.
- Ariston Holding N.V.
- Bradford White Corporation
- SPX Corporation
- Viessmann.
The report has segmented the market on the basis of type, fuel type, technology and region.
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
- Asia Pacific
- Europe
- Latin America
- 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.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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