NEWARK, DE — (GLOBE NEWSWIRE) — According to a Future Market Insights (FMI) report, the global residential boiler market size is likely to be valued at US$ 31.1 Billion in 2023. The increasing demand for tower crane rentals in various end-use industries is driving the market growth. The market is estimated to garner US$ 53.1 Billion in 2033, recording a CAGR of 5.5% from 2023 to 2033.
The demand for residential boilers is increasing owing to the growth in residential construction activities in developing regions. The demand for energy-efficient heating solutions is high due to the growing emphasis on energy efficiency and sustainability, this is expected to drive the demand for residential boilers that offer higher efficiency ratings.
Increasing government regulations and Incentives for reducing greenhouse gas emissions and promoting energy efficiency are driving the adoption of residential boilers with higher efficiency ratings. The increasing government incentives, tax credits, or subsidies available to homeowners who install energy-efficient boilers, will further stimulate the market.
The increasing technological advances and integration of smart technology in residential heating systems are gaining traction. Smart boilers offer features such as remote control, programmable settings, and energy monitoring, allowing homeowners to optimize their heating usage, enhance comfort, and save energy.
North America is expected to witness steady growth in the residential boiler market owing to factors like cold climates, a significant number of residential buildings, and the replacement of older boiler systems that have contributed to the demand for Residential boilers. The residential boiler industry in Asia Pacific is witnessing significant growth due to rapid urbanization, population growth, and increasing disposable income in emerging economies.
Key Takeaways
- From 2018 to 2022, the residential boiler market demand expanded at a CAGR of 4.5%
- Based on capacity, the below 24 kW segment accounts for a CAGR of 5.3%
- By application, the apartment segment is expected to expand at a CAGR of 5.4% during the forecast period
- North America to emerge as a promising residential boiler industry, capturing a CAGR of 5.4%
- The residential boiler industry in the United Kingdom is predicted to reach US$ 3.3 Billion by 2033
- Asia Pacific is an opportunistic residential boiler market, expected to capture a CAGR of 5.2% during the forecast period.
- South Korea's residential boiler industry is predicted to achieve a market revenue of US$ 2.7 Billion by 2033
"The residential boiler market is witnessing notable changes," says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) "As heating technology advances and sustainability gains prominence, the market is adapting to provide energy-efficient and eco-friendly residential heating solutions, catering to changing consumer preferences and environmental concerns."
Competitive Landscape
The global residential boiler market is fragmented with the presence of several large and medium-scale players. The leading players in the residential boiler industry are investing in strategic agreements in order to capture market share.
Prominent players in the residential boiler industry include:
- Ariston Group
- BDR Thermea Group
- Groupe Atlantic
- Viessmann
- Vaillant Group
- Robert Bosch
- Ideal Heating
- Unical Ag Spa
- Daikin Industries
- A.O. Smith Corp
- Bradford White Corporation
- Ferroli S.p.A.
- Burnham Holdings
- Lennox International
- Fondital
- Hoval
- Noritz Corporation
- Slant/Fin Corporation
- ECR International
- Immergas Group
Recent Developments
- Viessmann has been actively involved in the residential boiler market, offering a range of condensing boilers with high-efficiency ratings. They have introduced the Vitodens series, which includes compact and wall-mounted boilers that are known for their energy efficiency and advanced control options. Viessmann has also emphasized the integration of renewable energy sources, such as solar thermal technology, with their boilers to provide more sustainable heating solutions.
- Worcester Bosch has been a prominent player in the residential boiler industry, focusing on innovation and energy efficiency. They have developed the Worcester Bosch Greenstar range of condensing boilers, which offer high efficiency and reduced carbon emissions. Worcester Bosch has also introduced the Greenskies solar panels, which can be integrated with their boilers to enhance energy efficiency and sustainability.
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