Residential Boiler Market Growth, Global Industry Share, Emerging Trends, Revenue, Scope, Business Challenges, Future Opportunities and Forecast Analysis till 2033: SPER Market Research
A residential boiler is a type of heating equipment that produces heat for water heating and space heating. By expanding its capacity, it can be employed in commercial applications. Residential boiler systems are typically hot water boiler systems. Natural gas is the most common fuel utilized in household boilers. Propane is an alternative fuel where natural gas is unavailable and is more expensive than natural gas. Residential boilers heat water for bathing and cooking as well. Condensing and non-condensing technologies are employed in home boiler systems.
According to SPER market research, ‘Residential Boiler Market Size- By Type Tube, By Capacity, By Fuel, By Technology – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Residential Boiler Market is predicted to reach USD 13.60 billion by 2033 with a CAGR of 5.43 %.
The rise in demand for space and water heating systems, as well as tight government limits on carbon emissions, will be the primary factors driving residential boiler market growth during the forecast period. However, the high costs associated with production, maintenance, and installation, as well as the increased usage of renewable technologies in domestic heating, are expected to hinder the growth of the residential boiler market throughout the forecasted time frame.
Additionally, technical advancements aimed at enhancing the energy efficiency of residential boilers are expected to generate opportunities for key players to keep up with the market in the next years.
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The most often utilized heating technologies in home settings are furnaces and boilers. Compared to furnaces, boilers are two to three times more expensive to purchase, install, and maintain. A boiler replacement also costs more than a furnace replacement. Because of this, replacing an outdated heating system with a boiler heating system is more expensive, which is expected to limit market growth throughout the projected period. Furthermore, the higher installation and maintenance costs associated with high-efficiency residential boilers are likely to hinder the market’s growth. This is because these boilers require more sophisticated technology.
The COVID-19 pandemic has had a major effect on the worldwide home boiler market. The market has been affected by both positive and negative consequences. On the one hand, the demand for domestic boilers has surged due to the pandemic’s spike in the number of people remaining at home. The need for residential boilers has increased due to the fact that more people are working from home and spending more time at home, which has increased demand for hot water and heating. In addition, the market’s growth has been fueled by government incentives and stimulus programs that encourage the installation of energy-efficient boilers.
However, the epidemic has also resulted in supply-chain hiccups, which have influenced the production and marketing of residential boilers.
Residential Boiler Market Key Players:
Additionally, some of the market key players are Ariston Thermo S.p.A, Bradford White Corporation, Burnham Holdings, Ferroli S.p.A, Lennox International, Noritz Corporation, Robert Bosch GmbH, Slant/Fin Corporation.
Global Residential Boiler Market Segmentation:
By Type Tube: Based on the Type Tube, Global Residential Boiler Market is segmented as; Electric Tube, Fire Tube, Water Tube.
By Technology: Based on the Technology, Global Residential Boiler Market is segmented as; Condensing, Non-Condensing
By Fuel: Based on the Fuel, Global Residential Boiler Market is segmented as; Coal Fired, Oil Fired, Gas Fired, Others.
By Capacity: Based on the Capacity, Global Residential Boiler Market is segmented as; Below 24kW, 24kW to 35kW, Above 35kW.
By Region: The Asia-Pacific area generates the most money. This is due to economies such as China, India, Japan, South Korea, and Australia making efforts to reduce greenhouse gas emissions, increasing investment in green buildings, and adopting efficient heating products, which are expected to fuel the growth of the Asia-Pacific residential boiler market in the coming years.
As a consequence of government attempts to promote the development of energy-efficient technology, China has recently become one of the world’s top markets for boiler systems. The need for cleanliness and environmental consciousness is predicted to rise dramatically, boosting the North American home boiler industry.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Residential Boiler Market Future Outlook
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