Residential Boiler Market Future - Global Industry Analysis | 2031

A residential boiler is a heating system commonly used in homes to provide central heating and hot water. It works by heating water and distributing it throughout the house to radiators, baseboard heaters, or underfloor heating systems to warm the indoor spaces. Residential boilers are a popular heating option in regions with cold climates and where natural gas or heating oil is readily available.

The residential boiler market size was valued at $7.6 billion in 2021, and is estimated to reach $12.5 billion by 2031, growing at a CAGR of 5.2% from 2022 to 2031.

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Boiler Unit: The boiler unit itself is a closed vessel where water is heated using either gas (natural gas or propane) or heating oil as the fuel source. Some residential boilers are also designed to run on electricity or biomass fuels.

Burner: The burner is responsible for combusting the fuel, producing flames, and generating heat inside the boiler unit. The heat is then transferred to the water within the boiler.

Heat Exchanger: The heat exchanger is a crucial component that facilitates the transfer of heat from the burner's flames to the water. The hot combustion gases pass through the heat exchanger, heating the surrounding water without mixing the two.

Expansion Tank: The expansion tank is a safety feature that accommodates the expansion of water as it heats up in the boiler system. It helps maintain a constant pressure within the system, preventing potential damage or safety hazards.

A 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.

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 residential boiler market are AC Boilers SpA, Saudi Boiler, Parker Boiler, A.O. Smith, and others.

Technological advancement toward improving energy efficiency of residential boilers is projected to create opportunity for key players to maintain pace in the market in the coming years.

The Asia-Pacific region is expected to grow at the fastest rate, registering a CAGR of 5.7% over the forecast period.

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 residential boiler market.

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.

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.

In 2021, the fire tube boiler segment accounted for majority of the share of the global residential boiler market and is expected to maintain its lead during the forecast period.

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Circulator Pump: A circulator pump circulates the heated water from the boiler to the radiators or other heat distribution points throughout the house. It ensures even heating and keeps the hot water flowing in a closed loop system.

Thermostat: The thermostat is the control device that allows the homeowner to set the desired temperature for the heating system. It signals the boiler when to turn on and off to maintain the desired indoor temperature.

Pressure Relief Valve: The pressure relief valve is a safety device that automatically releases excess pressure from the boiler system to prevent pressure buildup.

In 2021, the condensing technology segment accounted for about 87.25% 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 71.3% market share in 2021 and is anticipated to grow at a rate of 5.4% in terms of revenue, increasing its share in the global residential boiler market.

Condensing technology is the fastest-growing technology segment in the Asia-Pacific residential boiler market.

Residential boiler is a heat generating device, which uses heat produced 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.

Residential boilers are known for their efficiency and effectiveness in providing comfortable heating and hot water to households. Regular maintenance and proper installation are essential to ensure their safe and efficient operation.

Impact of COVID-19

The outbreak of COVID-19 has negatively impacted various industries and countries across the globe. Attributed to the lockdown imposed, globally, decrease in the growth rate of industries, such as construction & building, transportation, oil & gas, and energy sectors, has been witnessed.

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This has further declined the need for heating appliances, which, in turn, is expected to hamper the growth of the residential boiler market in the next one year.

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