The global residential boiler market was valued at $7.6 billion in 2021, and is projected to reach $12.5 billion by 2031, growing at a CAGR of 5.2% from 2022 to 2031.
Residential boiler is a device, which converts chemical energy into thermal energy and further uses the same for water heating and keeping the residential area warm. It is used in homes, public buildings, holiday homes, farmhouses, and other residential places for air and water heating. It possesses advantages such as high reliability, long-life, high-energy efficiency, less pollution, less floor area, and others. Technological advancements in residential boiler are expected to reduce the manufacturing costs, lessen pollution, and increase efficiency, which, in turn, helps drive the market growth in the coming years.
For analysis, the residential boiler market is segmented into type, technology, fuel type, and region. The study highlights various types of residential boilers available in the market. This includes water tube boiler, fire tube boiler, and electric boiler. Furthermore, it focuses on various technologies used for operation of residential boilers, which include condensing and non-condensing. The key fuel types of residential boilers are coal fired, gas fired, oil-fired, and others. The report covers the revenue generated by residential boilers across various regions such as North America, Europe, Asia-Pacific, and LAMEA.
Key players operating in the global residential boiler market are Ariston Thermo SpA, Bradford White Corporation, Burnham Holdings, Inc., Ferroli S.P.A., Lennox International, Noritz Corporation, Robert Bosch GmbH, Slant/Fin Corporation, SPX Corporation, and Viessmann Manufacturing Company, Inc.
Residential boiler is a device, which converts chemical energy into thermal energy and further uses the same for water heating and keeping the residential area warm. It is used in homes, public buildings, holiday homes, farmhouses, and other residential places for air and water heating. It possesses advantages such as high reliability, long-life, high-energy efficiency, less pollution, less floor area, and others. Technological advancements in residential boiler are expected to reduce the manufacturing costs, lessen pollution, and increase efficiency, which, in turn, helps drive the market growth in the coming years.
For analysis, the residential boiler market is segmented into type, technology, fuel type, and region. The study highlights various types of residential boilers available in the market. This includes water tube boiler, fire tube boiler, and electric boiler. Furthermore, it focuses on various technologies used for operation of residential boilers, which include condensing and non-condensing. The key fuel types of residential boilers are coal fired, gas fired, oil-fired, and others. The report covers the revenue generated by residential boilers across various regions such as North America, Europe, Asia-Pacific, and LAMEA.
Key players operating in the global residential boiler market are Ariston Thermo SpA, Bradford White Corporation, Burnham Holdings, Inc., Ferroli S.P.A., Lennox International, Noritz Corporation, Robert Bosch GmbH, Slant/Fin Corporation, SPX Corporation, and Viessmann Manufacturing Company, Inc.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the residential boiler market analysis from 2021 to 2031 to identify the prevailing residential boiler market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the residential boiler market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global residential boiler market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Water Tube
- Fire Tube
- Electric
By Technology
- Condensing
- Non Condensing
By Fuel Type
- Coal Fired
- Oil Fired
- Gas Fired
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest Of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest Of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest Of LAMEA
Key Market Players
- Ariston Thermo SpA
- Bradford White Corporation
- Burnham Holdings
- Ferroli S.p.A
- Lennox International
- Noritz Corporation
- Robert Bosch GmbH
- Slant/Fin Corporation
- SPX Corporation
- Viessmann Manufacturing Company, Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: RESIDENTIAL BOILER MARKET, BY TYPE
CHAPTER 5: RESIDENTIAL BOILER MARKET, BY TECHNOLOGY
CHAPTER 6: RESIDENTIAL BOILER MARKET, BY FUEL TYPE
CHAPTER 7: RESIDENTIAL BOILER MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Residential Boiler Market," the residential boiler market size was valued at $7.6 billion in 2021, and is estimated to reach $12.5 billion by 2031, growing at a CAGR of 5.2% from 2022 to 2031.Residential boiler is a heat generating device, which uses heat produced from combustion of fuel sources such as coal, natural gas, oil, and through direct electricity, thereby generating steam for air heating and water heating applications. The main components of residential boiler include shell, furnace, grate, heating surface, mounting accessories, water & fuel system, and other accessories. Residential boiler finds its application in residential for air heating, water heating, heat for food processing, and others. Fuels used for residential boilers are in solid, liquid, and gaseous forms.
Increase in demand for residential boilers from residential applications, including homes, farmhouses, holiday homes, apartments, and others to keep homes warm and heat water is anticipated to drive the growth of the global residential boiler market. In addition, the rapidly growing construction industry in developing economies, such as China, India, Africa, and others, is expected to propel the growth of the residential boiler market. However, rapid growth of the renewable energy industry along with emerging renewable alternatives, such as solar, for heating systems is projected to restrain the growth of the residential boiler market in the coming years.
By type, the fire tube boiler segment held the highest market share of about 62.0% in 2021 and is expected to maintain its dominance during the forecast period. This is attributed to the rise in demand for boilers for space heating and water heating applications from residential applications. In addition, there is increase in demand for hot water and warm air from cold weather areas in North America and Europe, which is expected to fuel the growth of the fire tube boiler segment in the coming years.
By technology, the condensing segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to the rise in awareness of utilization of energy-efficient heating products and less fuel consumption. Condensing boilers offer benefits, such as less cost, less space, reduction in carbon footprint, high efficiency, and others, which are anticipated to fuel the market growth during the analyzed time frame.
By fuel type, the gas fired segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 5.9%. This is attributed to the rise in demand for gas fired residential boilers, which possess advantages, including clean heating, comfortable, eco-friendly, quiet operation, cost-effective, safe operation, energy saving, and others.
The residential boiler market forecast is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Europe garnered the dominant market share in 2021 and is anticipated to maintain the residential boiler market trend during the forecast period. This is attributed to numerous factors such as presence of huge consumer base and the existence of key players in the region. Moreover, climatic changes and cold weather in the region are anticipated to contribute the global residential boiler market growth in Europe.
The global residential boiler market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include Ariston Thermo SpA, Bradford White Corporation, Burnham Holdings, Inc., Ferroli S.P.A., Lennox International, Noritz Corporation, Robert Bosch GmbH, Slant/Fin Corporation, SPX Corporation, and Viessmann Manufacturing Company, Inc.Other players operating in the value chain of the global residential boiler market are AC Boilers SpA, Saudi Boiler, Parker Boiler, A.O. Smith, and others.
Impact of COVID-19 outbreak on the market
The outbreak of COVID-19 has negatively impacted various industries and countries across the globe. Attributed to the lockdown imposed, globally, decrease in the growth rate of industries, such as construction & building, transportation, oil & gas, and energy sectors, has been witnessed. This has further declined the need for heating appliances, which, in turn, is expected to hamper the growth of the residential boiler market in the next one year. In the Europe region, economies, such as Germany, France, Spain and, Italy, are following stringent measures, such as attaining social distance and limiting movements, to prevent the spread of coronavirus, thereby resulting in shutdown of production facilities.
Key Findings
In 2021, the fire tube boiler segment accounted for majority of the share of the global residential boiler market and is expected to maintain its lead during the forecast period.In 2021, the condensing technology segment accounted for about 87.25% of the share in the global residential boiler market and is expected to maintain its dominance till the end of the forecast period.
The gas fired segment accounted for 71.3% market share in 2021 and is anticipated to grow at a rate of 5.4% in terms of revenue, increasing its share in the global residential boiler market.
Condensing technology is the fastest-growing technology segment in the Asia-Pacific residential boiler market
The Asia-Pacific region is expected to grow at the fastest rate, registering a CAGR of 5.7% over the forecast period.
In 2021, Asia-Pacific dominated the global residential boiler market with more than 40% of the market share in terms of revenue.
Companies Mentioned
- Ariston Thermo Spa
- Bradford White Corporation
- Burnham Holdings,
- Ferroli S.P.A
- Lennox International
- Noritz Corporation,
- Robert Bosch GmbH
- Slant/Fin Corporation
- Spx Corporation
- Viessmann Manufacturing Company, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 239 |
| Published | August 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 7.6 billion |
| Forecasted Market Value ( USD | $ 12.5 billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
