Residential Boiler Market Size to Reach $12.3 Billion by 2027

By OEM Update Editorial May 26, 2021 7:15 pm IST

The Residential Boiler Market size was valued at $8.1 billion in 2019, and is projected to reach $12.3 billion, at a CAGR of 5.8 percent from by 2027.

The residential boiler market is anticipated to witness considerable growth during the forecast period. This is attributed to rise in demand for space and water heating systems and stringent government regulations toward carbon emissions. In addition, rapid growth of the residential construction sector fuels the growth of the residential boiler market during the forecast period.

Conversely, technological advancement in residential boilers toward high energy efficiency is anticipated to provide potential growth opportunities in the coming years. 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 market. In addition, 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.

This is attributed to the rise in demand for gas fired residential boilers, which possess advantages, including clean heating, comfortable, eco-friendly, quiet operation, cost-effective, safe operation, energy saving, and others. Depending on type, the fire tube boiler segment held the highest market share of about 62.0 percent in 2019, and is expected to maintain its dominance during the forecast period. This is attributed to the rise in demand for boilers for space heating and water heating applications from residential applications

The market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Europe garnered the dominant market share in 2019, and is anticipated to maintain this trend during the forecast period. This is attributed to numerous factors such as presence of huge consumer base and the existence of key players in the region. Moreover, climatic changes and cold weather in the region are anticipated to contribute to the growth of the residential boiler market in Europe. The global residential boiler market analysis covers in-depth information of the major industry participants.

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