Market Research Report
Residential Boiler Market by Type, Technology, and Fuel Type : Global Opportunity Analysis and Industry Forecast, 2020-2027
|Residential Boiler Market by Type, Technology, and Fuel Type : Global Opportunity Analysis and Industry Forecast, 2020-2027|
Published: April 1, 2021
Allied Market Research
Content info: 210 Pages
Delivery time: 2-3 business days
The global residential boiler market 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 the type of heating equipment that generates heat for water heating and space heating applications. Sometimes, residential boiler can be used in commercial applications by increasing its capacity. Generally residential boiler systems are hot water boiler systems. The most commonly used fuel in residential boilers is natural gas. Propane is an alternative fuel where natural gas is not available and is more expensive than natural gas. Residential boilers are also used to heat water for bathing and cooking. Two technologies used for residential boiler systems include condensing and non-condensing technology.
Rise in demand for space and water heating systems and stringent government regulations toward carbon emissions are the key factors driving the growth of the residential boiler market during the forecast period. However, high cost associated with production, maintenance, & installation and rise in use of renewable systems in heating of residential areas are anticipated to restrain the growth of the residential boiler market during the analyzed time frame. Conversely, technological advancement toward improving energy efficiency of residential boilers is projected to create opportunity for key players to maintain the pace in the market globally in the coming years.
The global residential boiler market is segmented into type, technology, fuel type, and region. Depending on type, the market is categorized into water tube boiler, fire tube boiler, and electric boiler. As per technology, it is classified into condensing and non-condensing. By fuel type, the market is fragmented into coal fired, gas fired, oil fired, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Fuel Type