Posted by Global Residential Boiler Market Overview 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Residential Boiler Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global Residential Boiler Industry share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
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.
A residential boiler is a sealed container that employs fuel, electricity, or alternative energy sources for the purpose of heating water. It encompasses various types, including fire-tube boilers, combi boilers, and water-tube boilers, where water travels through tubes while being enveloped by hot gases. There are also system boilers and conventional boilers, necessitating a separate hot water cylinder to store the heated water. This heating system is known for its robustness and extended operational life when compared to certain other heating alternatives. It demands less frequent maintenance and is less susceptible to malfunctions. Additionally, it can supply hot water for household purposes, reducing the requirement for a standalone water heater. It enables various heat distribution methods, such as radiators, baseboard heaters, and radiant floor systems. By generating steam or heating water, it circulates these through radiators, baseboards, or radiant floor systems, providing warmth to distinct zones within the residence. A significant proportion of the energy input is converted into usable heat, consequently lowering energy usage and utility expenses. This boiler can utilize a range of fuel sources, including natural gas, oil, propane, or electricity. Advanced control systems are often integrated, allowing homeowners to customize temperature settings, set heating schedules, and monitor energy consumption.
Global Residential Boiler Market Trends and Drivers:
Currently, the market is experiencing significant growth due to a surge in demand for heating solutions that are both energy-efficient and environmentally sustainable. Consumers are increasingly focused on reducing their carbon footprints, amplifying this trend. Another factor contributing to market growth is the increased installation of residential boilers. These boilers operate quietly, distinguishing them from the noise associated with forced-air systems. Furthermore, the market is benefiting from the development of advanced, high-efficiency boilers that utilize cutting-edge materials and technologies. These boilers minimize energy consumption while maximizing heat output, providing a promising market outlook. The integration of smart and connected technologies into residential heating systems is an additional factor fueling market growth. Homeowners can now remotely monitor and control their boilers, optimizing performance and achieving energy savings. Additionally, the market is being propelled by the rising adoption of decentralized energy systems. Manufacturers are producing residential boilers that seamlessly integrate with various energy sources, adapting to fluctuating energy availability. The growth of the market is further augmented by the construction of smart buildings and luxury apartments equipped with modern amenities. In regions prone to extreme cold weather conditions, the market is experiencing a boost in demand due to the increasing need for reliable and consistent heating. This need drives the growth of the market as consumers seek effective heating solutions to maintain comfort and warmth.
Global Residential Boiler Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: 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.
The report 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
- 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
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- 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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