Residential Boiler Market growing at a CAGR of 5.8% from 2020 to 2027
According to a new report published by Allied Market
Research titled, "Residential
Boiler Market by Type, Fuel Type, and Technology: Global Opportunity
Analysis and Industry Forecast, 2020–2027.” The
residential boiler market size was valued at $8.1 billion in 2019, and is
projected to reach $12.3 billion by 2027, growing at a CAGR of 5.8% from 2020
to 2027.
Residential boiler
is a heat generating device, which uses heat p roduced 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.
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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 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.
Depending on type,
the fire tube boiler segment held the highest market share of about 62.0% in
2019, 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.
On the basis of
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.
On the basis of 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 market is
analyzed across four major regions such as North America, Europe, Asia-Pacific,
and LAMEA. Europe garnered the dominant market share in 2019, and is
anticipated to maintain this 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 to the growth of the residential
boiler market in Europe.
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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 market are AC Boilers SpA, Saudi
Boiler, Parker Boiler, A.O. Smith, and others.
Covid-19 Impact on The Market
The global
residential boiler market has witnessed steady growth in 2020, owing to the
outbreak of the COVID-19 pandemic. The outbreak has negatively impacted various
industries and countries, thereby decreasing manpower across the globe, which,
in turn, decreased consumer spending and thus decreased the demand for heating
equipment. However, owing to the lockdown imposed across the globe, there is
supply-demand gap, which resulted in halt in supply for equipment used in
residential boiler production. In Europe, economies, such as Germany, France,
Spain, and Italy, are following stringent measures, such as maintaining social
distance and limiting movements, to prevent the spread of coronavirus.
Moreover, such safety measures have been witnessed across the globe, which
further impacted the growth of the global residential boiler market.
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Key Findings of The Study
- In 2019, fire
tube boiler accounted for majority of the share of the global residential
boiler market, and is expected to maintain its lead during the forecast
period.
- In 2019, the
condensing technology segment accounted for about 86.6% 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 71.2% of residential boiler market share in 2019,
and is anticipated to grow at a rate of 5.9% in terms of revenue,
increasing its share in the global market.
- Condensing
technology is the fastest-growing technology segment in the Asia-Pacific
residential boiler market, and is expected to grow at a CAGR of 86.9%
during 2020–2027.
- The
Asia-Pacific region is expected to grow at the fastest rate, registering a
CAGR of 6.0% over the residential boiler market forecast period.
- In 2019,
Europe dominated the global residential boiler market with more than 38.9%
of the market share in terms of revenue.
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