AUSTIN, TX — (GLOBE NEWSWIRE) — Custom Market Insights has published a new research report titled Residential Boiler Market Size, Trends and Insights By Type (Water Tube Boiler, Fire Tube Boiler, Electric Boiler), By Fuel Type (Coal Fired, Oil Fired, Gas Fired, Others), By Technology (Condensing, Non-condensing), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032 in its research database.
“According to the latest research study, the demand for global Residential Boiler Market size and share was valued at approximately USD 9.8 Billion in 2022 and is expected to reach USD 10.15 Billion in 2023 and is expected to reach a value of around USD 12.6 Billion by 2030, at a compound annual growth rate (CAGR) of about 5.9% during the forecast period 2022 to 2030.”
The Residential Boiler Market is a type of hydronic heating device which converts chemical energy into thermal energy. It is used to heat the water present in the tanks. The residential boiler contains components like coils, radiators, or baseboards and heats water through the convection.
The boilers are widely used in residential sectors across homes, public buildings, farmhouses, and other residential places. Despite the water heating, the system also helps to maintain a constant temperature. The boiler system provides many advantages such as optimal energy efficiency, less maintenance, high reliability, less pollution, long shelf life, less floor area, etc.
Drivers
There is a rapid demand for heating systems to keep home warm and safe across the globe, especially in cold regions. This increasing demand serves as the driving factor the market growth. The wide usage of boiler heating systems in residential sectors has led to the growth of the market. In addition to that, the countries of Asia-Pacific and LAMEA focus on infrastructural construction which is anticipated to increase the demand for residential boiler systems in the forecasting period.
Restraints
The rapid usage of solar-based heating technologies may restrict the growth of the residential boiler market. Although the boiler systems offer a great advantage, the use of cheap inverter air conditioning options may hamper the efficient performance of the boiler system as well as the market growth.
Despite the restraining factor, the market predicted market growth is significant in the forecasting period. Apart from that, the heating boiler systems take up a lot of space and the heated water is of a limited amount. Also, boiler systems demand proper insulation to prevent lost heat and resulting inefficiencies. Such disadvantages of the system may lead to the adoption of solar heating systems and hamper the market growth.
Opportunities
The condensing boiler, due to its high heating and maintenance efficiency is likely to gain traction in the market during the forecast period. There is a rapid demand for high-efficiency boilers across residential homes which provides ample opportunity for the market to grow during the forecast period. The boiler process works as the heating of the fuel which produces water vapor through condensation.
The boiler uses heat which is produced by condensation. Modern boiler systems with advanced techniques are compatible with smart homes, which provide wide opportunities for market growth across developed regions.
Moreover, the government took the initiative to support hydrogen fuels as per the environmental concern related to carbon emissions. With the increase in awareness, the demand for hydrogen-based residential boilers will boost the market growth in the forecasting period.
Challenges
The emergence of a pandemic due to the outbreak of covid-19 created a challenging phase for the market. Due to the outbreak, multiple industries were temporarily shut down due to the lack of man force and restricted movement. During the pandemic, the demand for heating boiler systems also decreased in the residential sectors, leading to a decline in market growth.
The climate crisis and the net-zero targets are expected to usher in yet another challenging phase for the residential boiler market as regulations demand higher efficiencies from building owners and equipment manufacturers.
Report Highlights
Based on the type, the tube boiler segment has dominated the market share in 2021. The growth of this segment can be attributed to the increasing demand for boilers across residential sectors for water and space heating. Apart from that, the cold regions of North America and Europe demand hot water and air, which will aid the market growth in the forecasting period.
Based on the fuel type, the gas-fired segment has dominated the market in 2021, due to the increase in demand for gas-fired boilers across residential sectors, and is associated with their advantages such as clean heating process, safe and simple operation, and cost-effectiveness.
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