Residential Boiler Market size of USD 68.5 billion in 2023 and is expected to grow at over 8.1% CAGR during the forecast period from 2024 to 2032.
In order to obtain key market trends
Tight government regulations regarding carbon emission reduction will have a positive impact on the industry trend. In the past decade, various environmental agencies have been reporting the significant increase in greenhouse gas emissions, pollution, and global warming. Thus, stringent government policies have been utilized for guaranteeing energy efficiency and encouraging the use of clean technologies. Moreover, the decarbonization drive headed by other developed and developing nations will present promising business opportunities for residential boilers business with increasing demand for environmentally friendly heating solutions. The market for boilers globally is anticipated to register 5.5% CAGR and will reach USD 180 billion by 2032.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Residential Boiler Market Size in 2023 | USD 68.5 Billion |
| Forecast Period | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR | 8.1 % |
| 2032 Value Projection | USD 139.8 Billion |
| Historical Data for | 2019 to 2023 |
| No. of Pages | 625 |
| Tables, Charts & Figures | 1,160 |
| Segments covered | Fuel, Technology |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the opportunities for growth in this market?
Increasing availability of boiler substitutes might hinder product demand
Simple availability, accessibility, and affordability of substitute products might inhibit residential boiler market growth. Current advancements in renewable heating systems for domestic and commercial use are a threat to traditionally fueled boilers. Nonetheless, the existence of favorable government policies and incentives are hastening the embrace of renewable technology and promoting innovations within the area of hydrogen-based boilers. Further, the rising initiatives facilitating the convenient and affordable retrofitting of energy systems on residential properties will drive industry development.
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Residential Boiler Market Analysis
Discover more about the leading segments defining this market
Oil-fired residential boiler market worth is expected to exceed USD 18 billion by 2032. The wide predominance of oil as a source of energy can be explained by the absence of alternative clean power sources. Although much is being done in terms of transition from fossil fuel to renewable energy, the use of crude oil as a major ingredient in heating and cooling systems continues to persist because advanced clean energy technologies are costly. Green energy systems are based on very advanced technologies, which may be more expensive to purchase. Oil-fired domestic boilers are safe, economical, and provide greater efficiency. Additionally, oil boilers are becoming highly demanded for domestic heating as they provide compatibility with renewable energy heaters and ground source heat pumps.
Non-condensing residential boiler market exceeded almost USD 15 billion in the year 2022. Non-condensing boilers are fueled by traditional fuels, like oil or natural gas and provide various benefits, like affordability and simple installation. Non-condensing boilers are comparatively cheap to produce because they do not require costly parts and materials to deal with and redirect the exhaust. The prevalence of non-condensing boilers in residential buildings is also high because they are a low-maintenance option compared to condensing systems.
Discover more about the most influential segments of this market
Asia Pacific residential boiler market is expected to register over 7.5% growth rate during the period 2023-2032. APAC comprises a vast real estate industry with China and India experiencing a vibrant growth in population index as well as a high level of urbanization. Increasing initiatives to minimize carbon footprint as well as green infrastructure projects will also stimulate high demand for residential boilers. The size of the boiler market in Europe will be more than USD 99.5 billion during 2032.
In March 2022, for example, China revealed plans to implement new incentives that will help cut carbon emissions and pollution in the nation. During July 2022, the China National Institute for Standardization (CNIS) collaborated with American energy efficiency company, CLASP to prepare an inclusive and sustainable policy for a variety of appliances. The collaboration is aimed at lowering CO2 emissions through the implementation of sustainable heating systems. Europe residential boiler market is expected to grow to USD 84.9 billion in 2032.
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Residential Boiler Market Share
Some of the leading companies in the global residential boiler market include
- BDR Thermea Group
- Daikin
- Lennox International
- Hoval
- PB HEAT
- HTP
- VIESSMANN
- Bradford White Corporation
- Immergas
- WOLF
- Bosch Industriekessel
- Weil-McLain
- U.S. Boiler Company
- A. O. Smith
- ACV
- FERROLI
- NTI Boilers
- Atlantic
- Ariston Holding
- Fonderie Sime
- Carrier
- Vaillant Group
- Slant/Fin Corporation
These firms are focusing on new product developments and innovations to offer enhanced product portfolios. For instance, in November 2022, VISSEMANN unveiled a new range of its vitodens boilers to offeri an increased output of 35kW for better seasonal efficiency.
Impact of the COVID-19 pandemic
The COVID-19 pandemic negatively influenced the residential boiler market as it led to a worldwide shutdown of infrastructure projects including numerous commercial and residential construction activities, thus reducing the demand for boiler installation. Furthermore, the constant lockdowns, unprecedented inflation, and economic losses led to poor financial conditions for households across various countries. This scenario negatively influenced the boiler maintenance requirements. However, the increasing focus on clean energy systems and fuel efficiency is expected to foster the deployment of energy-efficient boiler technologies.
The residential boiler market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD” from 2019 to 2032, for the following segments
Market Insights, By Fuel
- Natural Gas
- Oil
- Electric
- Others
Market Insights, By Technology
- Condensing
- Natural Gas
- Oil
- Electric
- Others
- Non-Condensing
- Natural Gas
- Oil
- Electric
- Others
The above information has been provided for the following regions and country
- North America
- U.S.
- Canada
- Europe
- Denmark
- Finalnd
- Norway
- Sweden
- UK
- Russia
- Romania
- Poland
- Austria
- Belgium
- France
- Germany
- Netherlands
- Switzerland
- Greece
- Italy
- Portugal
- Spain
- Asia Pacific
- China
- Japan
- South Korea
- Australia
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Latin America
- Brazil
- Argentina
- Mexico
Authors Ankit Gupta, Shubham Chaudhary
Frequently Asked Questions (FAQ)
What is the market size of residential boilers?
The residential boiler market size crossed USD 68.5 billion in 2023 and is slated to register nearly 8.1% gains through 2032.
Why is the demand for oil-fuelled residential boilers growing?
The oil-fuelled boilers segment is estimated to reach over USD 18 billion by 2032 owing to their benefits such as safety, cost-effectiveness, and higher efficiency.
What factors are influencing APAC residential boiler industry expansion?
The Asia Pacific market is anticipated to record over 7.5% growth rate between 2023 and 2032 driven by the growing focus on the reduction of carbon emissions.
Who are the leading residential boiler manufacturers?
Daikin, PB HEAT, HTP, VIESSMANN, ACV, FERROLI, NTI Boilers, Atlantic, Ariston Holding, Fonderie Sime, Carrier, and Vaillant Group are some of the major manufacturers of residential boilers.
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