The global residential boiler market is estimated to be worth US$ 29.5 Bn in 2022 and US$ 49.9 Bn in 2032, growing at a CAGR of 5.4% between 2022 and 20332. Currently, more than 77 % of the market for home boilers is made up of products with a volumetric capacity of less than 24 kW.
The International Monetary Fund projects that worldwide economic growth will increase by 3.6 % in 2023, creating a substantial opportunity for the real estate industry to thrive worldwide. Due to the development of new residential areas and the ongoing growth of urban areas, the residential boiler market is anticipated to expand.
Preference for residential boilers due to easy availabilitylity of fuel and they it can be powered by gas, oil, electricity, or other sources is surging. According to the study, the residential boilers market holds almost 45% of the total market for boilers.
An increasing number of natural gas-fueled home boilers due to rising government regulations on the supply of natural gas is driving the demand for domestic boilers in residential areas.
According to Future Market Insights, the market for global residential boilers grew at a CAGR of 2.5 percent by volume from 2017 to 2021. (FMI). The demand for residential boilers is expected to reach US$ 29.5 billion in 2022.
Residential boiler demand is expected to grow at a 5.4 percent CAGR during the forecast period, owing to a growing preference for comfortable residential spaces (2022-2032). Rising urbanization and shifting lifestyle preferences are expected to drive demand for residential heating equipment, boosting market sales.
Residential boilers are increasingly being used as heating system equipment in a variety of residential settings worldwide. This is because they provide all-purpose heating, including space and water heating.
Key Players:
- Robert Bosch
- Ideal Heating
- Unical Ag Spa
- Daikin Industries
- A.O. Smith Corp
- Bradford White Corporation
- Ferroli S.p.A.
- Burnham Holdings
- Lennox International
- Fondital
- Hoval
- Noritz Corporation
- Slant/Fin Corporation
- ECR International
- Immergas Group
