Europe Boiler Market size of USD 48.8 billion in 2023 is expected to grow at over 8.1% CAGR during the forecast period 2024-2032, led by the government's strict GHG emission control policies. The boiler market globally is expected to grow at 5.5% CAGR and cross USD 180 billion by 2032. Increased focus to minimize carbon emissions along with the energy crisis of the region has increased demand for boilers which are energy-efficient in nature in Europe. According to the International Monetary Fund, in 2022, Russia's supply of gas for heating, power generation, and electricity generation experienced an acute reduction of more than 80%.
To attain essential market trends
To mitigate the impact of energy crisis and due to increased demand for space heating and hot water, the government has introduced supportive policies aimed at increasing the use of energy-efficient and renewable heating appliances. Actually, earlier in March 2022, the UK government also made a release of more than £288 million (USD 347 million) in a green heating scheme funding. The EU has also targeted 55% net GHG emissions reduction by 2030, which necessitates energy-efficient heating solutions.
Furthermore, the improvement of a boiler's efficiency from 56% to 90% by utilizing natural gas in the typical cold climate will save 1.5 tons of CO2 emission. Increased use of sophisticated heating devices to conserve energy is contributing positively to industry expansion.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Europe Boiler Market Size in 2023 | USD 48.8 Billion |
| Forecast Period | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR | 8.1% |
| 2032 Value Projection | USD 99.4 Billion |
| Historical Data for | 2019 to 2023 |
| No. of Pages | 556 |
| Tables, Charts & Figures | 550 |
| Segments covered | Fuel, Capacity, Application |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth prospects in this market?
Europe Boiler Market Trends
The installation expense of boilers is high, thus raising the load of the initial costs. Moreover, replacement of boilers implies maintenance routines and alteration of functioning, which can impact product uptake. Repairing and replacing the boilers also entail a high cost. For this reason, customers in certain nations are switching to traditional heat pumps as they are subsidized on their purchases which makes the pumps cheaper compared to gas boilers.
Europe Boiler Market Analysis
Discover more on the major segments influencing this market
Based on fuel, Europe boiler market from natural gas segment is anticipated to record almost 8% growth from 2023 to 2032, owing to natural gas's competitive prices. The energy crisis has resulted in decreased Russian pipeline deliveries that have caused natural gas prices to recede, calling for energy-efficient natural gas boilers. This expansion is attributed to the existence of large-capacity gas distribution networks and strong expansion of supply gas networks. Indeed, the EU gas network is capable of carrying and storing huge amounts of energy in the form of over 200,000 km of transmission pipelines, more than 20,000 compressor and pressure reduction stations, and more than 2 million km of distribution network. The availability of gas reserves has also led to high demand for natural gas-fired boilers in the region.
While burning, natural gas produces less emission compared to petroleum or coal-based products being burned in order to produce an equal amount of energy. The tightening regulations to eliminate carbon emissions have further enhanced the use of natural gas-fired boilers.
Value of Europe boiler market from the = 10 MMBtu/hr capacity segment was over USD 39 billion in 2022. This growth is attributed to increasing utilization of energy-efficient appliances for heating in small commercial facilities and homes. Additionally, better tax credits related to the installation of energy-saving technologies which have high energy output and need lower fuel have ran rampant with the demand for low-capacity boilers in Europe. In reality, in November 2021, the UK government also initiated Clean Green Initiative to apply green technology in developing countries. This expansion can also be credited to enhanced living standards accompanied by rising disposable income that has risen individuals' expenditure on boilers.
European residential boiler market is anticipated to record about 8.5% growth rate until 2032, driven by the increased demand for hot water equipment and space heating, particularly from nations with extremely low temperatures. Nearly 50% of the end-use energy consumed in the UK is for heating needs which is greater than that used by transportation and electric appliances.
At the same time, growing initiatives to save energy have surged the demand for energy-efficient boilers. The UK government in September 2022 pledged to invest £1.5 billion (USD 1.7 billion) to reduce bills while enhancing the energy efficiency of about 130,000 homes. These moves have set high demand for energy-efficient heating systems, driving segment growth.
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Discover more about the major segments influencing this market
French boiler market is expected to record approximately 8.5% CAGR during the forecast period from 2023 to 2032, driven by massive investments in the industrial sector. For instance, in April 2022, the government of France pledged more than EUR 5.6 billion (USD 5.9 billion) to reduce CO2 emissions of home heavy industries under the France 2030 national investment plan.
Moreover, regulatory tightening through the government to reduce the use of fossil fuels in heating and cooling systems has driven the demand for energy-efficient boilers. The steady growth of newly built buildings further provides a robust demand for energy-efficient boilers. Availability of highly skilled energy sector in the nation combined with growing government expenditure is in favour of the regional market expansion.
Europe Boiler Market Share
Top companies operating in the boiler market in Europe are
- Bradford White Corporation
- Clayton Industries
- DAIKIN INDUSTRIES
- Fonderie Sime
- Weil-McLain
- Hurst Boiler & Welding
- Carrier
- Cochran
- Doosan Heavy Industries & Construction
- Forbes Marshall
- IHI Corporation
These firms are emphasizing product innovations to reinforce their market position. For example, in November 2022, VISSEMANN, a German heating systems manufacturer, unveiled its all-new Vitodens boiler range with an enhanced output of 35 kW.
The new product has a modulation range of 110 which boosts its seasonal efficiency and its Domestic Hot Water (DHW) output ranges from 2.9 kW to 35 kW and the heating output lies between 3.2 to 32 kW.
Impact of COVID-19 Pandemic
The COVID-19 pandemic affected Europe boiler market negatively on account of an unforeseen halt in supply chain and a direct impact on energy use. However, the region’s energy consumption experienced a substantial rebound in the post COVID-19 era. In fact, as per the European Environment Agency estimates, the region’s final energy consumption encountered a spike of 5% between 2020 and 2021. In addition, favourable government policies on energy bills will bolster the use of heating systems such as boilers.
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The Europe boiler market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD” from 2019 to 2032, for the following segments
Market Insights, By Fuel
- Natural Gas
- Oil
- Coal
- Electric
- Others
Market Insights, By Capacity
- ≤ 10 MMBtu/hr
- > 10 - 50 MMBtu/hr
- > 50 - 100 MMBtu/hr
- > 100 - 250 MMBtu/hr
- > 250 MMBtu/hr
Market Insights, By Application
- Residential
- Commercial
- Offices
- Healthcare Facilities
- Educational Institutions
- Lodgings
- Retail Stores
- Others
- Industrial
- Food Processing
- Pulp & Paper
- Chemical
- Refinery
- Primary Metal
- Others
The above information has been provided for the following countries
- France
- UK
- Poland
- Italy
- Spain
- Austria
- Germany
- Sweden
- Russia
Frequently Asked Questions (FAQ)
How big is the boiler industry in Europe?
The market size of Europe boiler recorded a valuation of over USD 48.8 billion in 2023 and is poised to grow at over 8.1% gains through 2032, on account of government protocols to phase out GHG emissions.
What factors are driving the demand for boilers across residential application in Europe?
The residential application segment is anticipated to grow at more than 8.5% CAGR between 2023 and 2032 owing to increasing measures to save energy.
Why is France anticipated to emerge as a major hub for Europe boiler market?
The France boiler industry is slated to grow at over 8.5% growth rate from 2023 to 2032, due to huge investments in the industrial sector.
Who are the major players in Europe boiler landscape?
Some of the major companies include in the regional market are Babcock Wanson, Bosch Industriekessel, FERROLI, ACV, Ariston Holding, Bharat Heavy Electricals, Babcock & Wilcox, A.O. Smith, Atlantic, and BDR Thermea Group, among others.
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