Residential Boiler Market Worth $12.5 Bn by 2031 | Major Companies are Ariston Thermo, Burnham, Ferroli, Noritz, Parker Boiler

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.

A residential boiler is a heating system that is used to provide heat and hot water to homes. Boilers work by heating water and then distributing the heated water or steam throughout the house via radiators, baseboard heaters, or radiant floor heating systems. They are commonly used for space heating and domestic hot water purposes. Residential boilers come in various types and designs, each with its own features and benefits.

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Types of Residential Boilers:

Condensing Boilers: These are high-efficiency boilers that extract additional heat from the combustion gases, resulting in increased energy efficiency. They are well-suited for modern homes and can operate with either water or steam.

Non-Condensing Boilers: These are traditional boilers that operate without the high-efficiency features of condensing boilers. They are still commonly used but are generally less efficient.

Combi Boilers (Combination Boilers): Combi boilers serve as both a central heating system and a hot water heater. They provide on-demand hot water and are particularly suitable for homes with limited space.

System Boilers: System boilers work with a separate hot water storage tank, ensuring a constant supply of hot water. They are suitable for homes with multiple bathrooms.

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.

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.

Companies

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.

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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Components and Features:

Heat Exchanger: The heat exchanger is where the water is heated by burning fuel (natural gas, oil, or propane) or through other heat sources.

Pump: A circulator pump helps move heated water or steam through the distribution system.

Expansion Tank: In closed-loop systems, expansion tanks absorb the expansion of water as it's heated, preventing pressure buildup.

Pressure Relief Valve: This safety device releases excess pressure from the system to prevent dangerous conditions.

Thermostat and Controls: These allow homeowners to adjust the temperature and control the operation of the boiler.

Flue or Venting System: This removes combustion gases from the boiler and safely expels them outside.

Radiators or Heat Distribution System: Radiators, baseboard heaters, or radiant floor heating systems distribute heat throughout the house.

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.

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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