Residential Boiler Market Forecasts to 2030 - Global Analysis By Type (Water Tube, Fire Tube, System Boilers, Electric Boilers, Oil Boilers, Gas Boilers and Other Types), Technology (Condensing, Non Condensing and Other Technologies) and By Geography

According to Stratistics MRC, the Global Residential Boiler Market is accounted for $8.7 billion in 2023 and is expected to reach $14.2 billion by 2030 growing at a CAGR of 7.2% during the forecast period. Boilers are heating appliances that generate hot water or steam to provide warmth for residential spaces, such as homes and apartments. These systems play a crucial role in central heating by efficiently distributing heat throughout a building. Boilers in residential settings offer a reliable and efficient means of space heating and hot water supply, contributing to the overall comfort and well-being of individuals and families. These systems are versatile, capable of utilizing various fuel sources, including natural gas, oil, and electricity, catering to diverse consumer preferences and regional energy infrastructures.

According to Commission for Air Quality Management (CAQM), industries cannot use bio-mass fuel over 80mg/Nm3 in boilers, and they should limit emissions to 50mg/Nm3.

Market Dynamics:

Driver:

Increasing awareness of indoor air quality

As consumers increasingly prioritize healthier living environments, the demand for boilers with advanced features that contribute to improved IAQ has surged. Modern residential boilers are designed not only for efficient heating but also to address concerns related to air quality. Manufacturers integrate advanced air filtration and purification systems into these heating solutions, ensuring that the circulated air remains clean and free from pollutants. Additionally, homeowners are becoming more conscious of the impact of indoor air pollutants on respiratory health and overall well-being.

Restraint:

Availability of alternative heating solutions

As diverse and energy-efficient alternatives emerge, consumers have more options to meet their heating needs. Electric heaters, heat pumps, and radiant heating systems, among others, offer viable alternatives to traditional residential boilers. These alternatives often appeal to consumers based on factors such as ease of installation, lower upfront costs, and perceived environmental friendliness. However, the competition from these alternatives can divert consumer attention and influence their choices, impacting the market share of residential boilers.

Opportunity:

Technological advancements

As innovation continues to reshape the heating industry, modern residential boilers incorporate cutting-edge technologies that enhance efficiency, convenience, and sustainability. Smart heating controls, digital interfaces, and remote connectivity features enable homeowners to optimize their heating systems for energy savings and personalized comfort. Moreover, the integration of sensor technologies and predictive maintenance capabilities ensures proactive system monitoring and maintenance, minimizing downtime and maximizing the lifespan of residential boilers.

Threat:

High initial costs

The upfront investment required for purchasing and installing residential boilers, particularly advanced and energy-efficient models, can be a substantial financial barrier. Consumers may be hesitant to commit to the initial expenses, especially when alternative heating solutions with lower upfront costs are available. This financial burden becomes a deterrent, particularly for budget-conscious individuals or those facing economic uncertainties. However, despite the potential long-term savings through energy efficiency, the immediate financial impact often influences decision-making, hindering the market penetration of residential boilers.

Covid-19 Impact:

Lockdowns, supply chain disruptions, and economic uncertainties have led to delays in construction projects and hindered new installations. The pandemic-induced financial strain on consumers has prompted a cautious approach towards major investments like heating system upgrades, affecting market growth. However, supply chain challenges, have affected manufacturing and delivery schedules, leading to intermittent product availability. The increased focus on home comfort during lockdowns has driven demand for efficient heating solutions.

The oil boilers segment is expected to be the largest during the forecast period

Oil Boilers segment is expected to be the largest during the forecast period. Due to the growing popularity of alternative energy sources, oil boilers continue to be a preferred choice for homeowners in certain regions. Their robust and reliable performance, especially in areas without access to natural gas infrastructure, contributes to sustained demand. Furthermore, the versatility of oil boilers, capable of providing both space heating and hot water, enhances their appeal.

The condensing segment is expected to have the highest CAGR during the forecast period

Condensing segment is expected to have the highest CAGR during the forecast period. Condensing boilers recover and utilize heat from flue gases that would otherwise be expelled, making them highly efficient in converting fuel into heat. This increased efficiency translates into lower energy bills for homeowners, fostering a growing demand for these systems. Moreover, the condensing segment aligns well with global efforts to reduce carbon footprints, as these boilers produce lower greenhouse gas emissions compared to traditional models.

Region with largest share:

Because of the recent rapid development of residential construction and building infrastructure in developing countries such as China, Japan, and India, the Asia-Pacific area held the largest portion over the forecast period. Rising awareness of environmental pollution caused by carbon and greenhouse gas emissions is projected to support the growth of the residential boiler market in the coming years. Furthermore, the region's diversified climate-which ranges from cold winters in the north to humid summers in the tropics-creates a range of demands for heating solutions, which supports the growth of the industry.

Region with highest CAGR:

Asia Pacific region is growing at a rapid pace over the forecast period as a result of an increase in demand for residential boilers from domestic applications, such as homes, farmhouses, vacation homes, apartments, and others, to heat water and keep homes warm. Furthermore, the residential boiler market is anticipated to rise at an even quicker pace than other emerging economies like China and India due to their quickly expanding constructing industries.

Key players in the market

Some of the key players in Residential Boiler market include Ariston Thermo SpA, BDR Thermea Group, Bradford White Corporation, Burnham Holdings, Lennox International, Noritz Corporation, Parker Boiler, Robert Bosch GmbH, Saudi Boilers, SPX Corporation and Viessmann Manufacturing Company, Inc.

Key Developments:

In January 2023, Ariston Holding N.V. announced the acquisition of CENTROTEC Climate Systems GmbH from CENTROTEC SE. The acquired company operates through renowned brands, Wolf is a pioneer in the development of new-generation residential boilers. The CENTROTEC enjoys a solid market positioning in the European markets. The acquisition will support Ariston's growth across the region and will enhance its market presence worldwide.

In November 2022, VISSEMANN launched its Vitodens boiler range with an increased output of 35 kW. The new addition offers a Domestic Hot Water output between 2.9 kW to 35 kW and a heating output ranging from 3.2 to 32 kW. The new models are Wi-Fi-enabled offering the homeowner to fully control the heating with the help of the ViCare app.

In September 2022, Ferroli's new and upgraded Bluehelix HiTech RRT home boilers have been introduced. To give installers and their clients complete peace of mind regarding their decision regarding performance and aftercare, the Bluehelix HiTech comes with a 7-year warranty as standard.

Types Covered:

• Water Tube
• Fire Tube
• System Boilers
• Electric Boilers
• Oil Boilers
• Gas Boilers
• Other Types

Technologies Covered:

• Condensing
• Non Condensing
• Other Technologies

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances