Residential Boiler Market Growth Outlook with Industry Review & Forecasts 2023-2032
Residential Boiler Market is estimated to grow considerably through 2032, owing to increasing consumer preference for advanced boilers. Mounting emission constraints have obligated regulators to introduce design standards for developing energy-efficient products and emission control regulations for manufacturers.
Furthermore, several advantages of boilers, such as energy savings, durability, long-term use, less maintenance and repairs, and even heat distribution, will drive their adoption in the residential building in near future.
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The key market players in the residential boiler industry are engaging in partnerships, mergers, and acquisitions and launching new products to stay competitive in the overall market. To cite an instance, in April 2021, Hoval announced expansion of its new range of gas condensing boilers- UltraGas. The novel addition boasts of high efficiency with low emissions, while using just less than half of the floor space of common gas boiler devices.
To cite another instance, in January 2021, Lennox International Inc. and Service Experts announced the merger of two firms. The deal forms a separate retail entity within Lennox International with 10,000 workers, an expected revenue of $1 billion, and a dominant market position in the North American retail heating, ventilation, and air conditioning (HVAC) industry.
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Overall, the residential boiler industry is segmented in terms of fuel, technology, and region.
Based on fuel, the natural gas-powered residential boiler market will depict over 7.5% growth rate from 2023 to 2032. The product will witness appreciable growth owing to the mounting adoption of green technologies and the shifting focus of the government on reducing toxic emissions. Besides, the ample availability of natural gas, especially across the Middle East and Africa, will support the business growth. In addition, surging investment by public and private players in developing net-zero emissions buildings would further impel the product development.
By technology, the condensing boilers are anticipated to register over 9.5% growth rate through 2032. The demand will be largely credited to benefits such as a lower carbon footprint and minimized heating costs. Besides, there is no requirement for water tanks, compact size, or low power consumption, which are crucial parameters supporting the growing product adoption. Apparently, condensing boilers are more efficient than non-condensing boilers, with brand-new models more likely to reach over 90% efficiency.
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Regionally, the Europe residential boiler industry is estimated to register notable gains by 2032. Shifting trends toward conjugal families, along with strict emission norms imposed by the European Union, will drive the business landscape. In addition, the increasing adoption of efficient space heating systems and rising investments made by the government for developing new gas pipeline infrastructure will boost the regional market outlook in the following years.
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