Residential Boiler Market: Global Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segment Analysis

Residential Boiler Market was valued at US$ 8.62 Bn. in 2023 and the total revenue is expected to grow at 5.2% of CAGR through 2024 to 2030, reaching nearly US$ 12.30 Bn.
Residential Boiler Market Overview:
Residential boilers are classified as self-contained devices with a heat input rate of less than 300,000 Btus per hour that are specifically designed for space heating using steam or hot water and that only use single-phase electric current in combination with natural gas, propane, or home heating oil. Boiler systems are divided into two categories, steam boilers, and hot water boilers. A hot water boiler system warms the water and pumps it via baseboards or radiators in the home, as opposed to a steam boiler system that boils water to produce steam that is pushed through the radiators. Most of the time, this will also heat the water needed for other domestic tasks like cooking and bathing, removing the need for a separate hot water tank.

Lennox International, Robert Bosch GmbH, Ariston Thermo SpA, SPX Corporation, A. O. Smith, Viessmann Manufacturing Company Inc., Thermax Limited, Daikin Industries, Ltd., Burnham Holdings, Inc., and NORITZ Corporation are only a few of the residential boiler market top competitors.

These market players are making substantial investments in the research and development of innovative and distinctive methods, which has been driving the residential boiler market growth. These strategies include the introduction of new products, acquisitions, partnerships, mergers, and refurbishing existing technology.

For example, The leading manufacturers in the residential boiler market are focusing on the creation of new coating technologies for boilers that are expected to offer opportunities like fast heating and corrosion resistance to create boilers that are energy efficient. A.O. Smith, a leading water treatment and boiler manufacturer, is continually improving its blue diamond glass coating technique to combat silt, scale, and residue buildup on the surface of the boiler tank. These elements are driving the residential boiler industry to develop globally. Governmental initiatives and investments in energy-efficient heating, cooling, and ventilation systems are expected to contribute to the residential boiler market growth during the forecast period.To know about the Research Methodology:-Request Free Sample Report
Residential Boiler Market Dynamics:
Government initiatives

Stringent government regulations on carbon emissions are expected to boost the market growth in the forecast period. The majority of government organizations are taking measures to reduce carbon emissions by decreasing the use of fossil fuels like coal for water heating. For example, the Canadian government invested $15 billion in roughly 60 different programs and policies in 2020, including clean power projects that reduced the consumption of fossil fuels, increased the production of low-carbon fuels like hydrogen, renewable natural gas, and bio-crude, improved energy efficiency at home, and many other initiatives.

Such factors are expected to drive the use of efficient residential boilers for home heating in an effort to reduce costs and use energy, which is expected to drive market growth during the forecast period. Increased use of innovative technologies such as self-cleaning to reduce the frequency of boiler tank cleaning is expected to drive residential boiler market growth in the forecast years. Every six to nine months, boiler tanks must be cleaned or flushed. Self-cleaning tanks, however, include a unique dip tube that stirs the water at the bottom of the boiler tank to prevent silt from settling and reduce scaling. On-demand boilers are used in this system for kitchen usage. These elements are expected to drive the industry's growth during the forecast period.

Residential Boilers Under 24 kW

Residential buildings may be heated with ease using a boiler with a capacity range under 24 kW. Residential structures like apartments, flats, and detached homes occupy less area than villas and townhouses. Due to the rising need for hot water and space heating in small residential areas, the market for residential boilers with output capacities under 24 kW is expected to grow rapidly. As a result, the market for residential boilers with a capacity of 24 kW will be driven by an increase in demand for high-efficiency and small-sized boilers. Residential boilers with power outputs between 24 kW and 35 kW are expected to see value growth at a CAGR of 6.0% over the course of the forecast year.

Urban regions are experiencing an increase in apartments due to the growing population there and the booming residential sector. As a result, there is a growing preference for real estate with a variety of facilities, such as large complexes, green areas, etc.

As a result, during the duration of the forecast period, the demand for residential boilers in apartments is expected to increase positively. Apartment residential boiler sales will increase at a 5.1% CAGR between 2023 and 2032.

Supply chain analyses of the residential boiler market

Supply chain problems have contributed to the general economic downturn by raising the cost of boiler components. Prices inevitably rise when supply is insufficient to meet demand. Some residential boiler market suppliers claim that prices have increased by 80% from the previous year. The shortage of boilers is getting worse due to the current strong demand for customers. The crisis in Ukraine has stabilized extremely high levels of prices. While price inflation has moderated for some items as a consequence of softening demand, particularly at the retail end of the market, it is unclear whether this will translate into lower project costs in the near future.

The price of electricity has been rising globally throughout 2023. A big number of UK manufacturers that create products and components for the construction engineering industry acquired their energy on advance contracts, according to the joint statement, in order to control cost risks. This strategy is expected to protect the market from some of the more immediate effects of rising energy prices. However, the industry was suffering from the high levels of volatility that are now present in energy prices. In certain circumstances, the sector was seeing daily cost fluctuations of up to 300 percent. During the winter, this instability may have a direct impact on and disrupt more energy-intensive manufacturing. Moreover, the demand for solar PV and other green energy solutions drives the residential boiler market
Residential Boiler Market Segment Analysis:
Based on Type, the Residential Boiler Market is segmented into Water Tube, Fire Tube, and Electric. The water tube boilers held the largest market share in 2021. A high-pressure water tube boiler, also known as a water tube, circulates water from the outside via tubes that have been warmed by the fire. Fuel is burned within the furnace to create hot gas, which boils water in the tubes that produce steam. A key element of many industrial systems is the water tube boiler. There are several Water Tube Boilers For Sale on Linquip, as well as a range of Suppliers And Companies, manufacturers, and distributors that provide water tube boilers.



Water tube boilers are more eco-friendly by design because they don't require as much water storage to create steam and they heat the water in the tube just once. The demand for water tubes in the residential boilers market is high. Water tube boilers can react to fluctuations in the demand for steam more rapidly by heating less water at once. Modularly constructed individual units can be powered up or down as necessary. By doing this, water tubes dramatically reduce energy waste by only using fuel and water when necessary. Thanks to these drive the residential boiler market during the forecast period.

Based on the Type of Fuel, the Residential Boiler Market is segmented into Cole Fired, Oil Fired, and Gas Fired. Gas-fired fule type is expected to dominate the residential boiler market during the forecast period. In the upcoming years, demand for gas-fired boilers is expected to increase. Due to stringent restrictions designed to reduce pollutants caused by conventional boilers, there has been an increase in demand in the residential boiler market. Additionally, a switch to cleaner fuels has occurred, which is boosting the demand for gas-fired boilers even more.

A rise in demand for natural gas-fired boilers is being brought on by growing awareness of environmental damage. Additionally, government initiatives to protect the environment are expected to have an impact on the growth in the use of gas-fired boilers. Additionally, the popularity will certainly increase because of the low cost of heating and great efficiency of gas-fired boilers in the residential boiler market.

Increased market penetration will also result from the growth of commercial buildings with rising heating demand, particularly in metropolitan areas. Additionally, government initiatives to develop smart cities will only advance the industry and put the worldwide market for gas-fired boilers on a higher growth trajectory in the residential boiler market during the forecast period.

Based on the technology, the Residential Boiler Market is segmented into Condensing and Non condensing, Condensing boilers held the largest market share during the forecast period. In conventional heating systems (such as gas boilers), heated gases move through the heat exchange surface of the boiler, sending the energy produced to the heat distribution system, which includes radiators and underfloor heating. The boiler's flue is then used to release the combustion gases into the atmosphere. Because a significant percentage of the steam that generates during the burning process is being pushed out along with the gases, some heat is thus wasted. As a result, the steam that is emitted contains unused evaporation energy.

Because condensing boilers have the ability to convert evaporation energy into heat in this situation, they are the more sensible, environmentally friendly, and economical option than traditional boilers. Thanks to these drive the residential boiler market growth. Condensing boiler manufacturers also assert that the efficiency rate of their devices may reach up to 98%, making them an excellent choice if there are worried about their carbon impact. Typically, conventional boilers have an efficiency range of 70–80%. The efficiency of the gas cooling process will increase as the temperature of the water entering the condenser decreases. The condensation effect can thus be used to its fullest extent. Therefore, it is crucial to give the issue of maximizing the condensation effect within your boiler more weight if you want to improve the overall performance of the heating system in the residential boiler market.
Residential Boiler Market Regional Insights:
The Europe region dominated the market with 45 % share in 2023. The residential boiler market is dominated by Europe, which is anticipated to expand at a CAGR of 5.9% over the forecast period. Top revenue-generating countries in Europe include the UK, Germany, France, Italy, and Spain. The global market is expected to grow during the forecast period because of an increase in residential customers' demand for space and water heating. Germany dominated the residential boiler market in 2019, followed by the UK and Italy. Germany's dominant position in the

European building sector supports this. Additionally, it is expected that during the forecast period, expenditures on renewable energy sources and eco-friendly energy sources like natural gas would increase. Due to growing expenditures in low-carbon energy production, there is an increase in demand for gas-fired and electric residential boilers in Europe, which is expected to fuel market development in the next years.

During the forecast period, Asia-Pacific is expected to develop at a CAGR of 6.10% and produce USD 4,365.67 million. China, Japan, India, South Korea, and Australia are the main factors boosting the growth of the Asian-Pacific market. The tremendous economic and demographic growth of the Asia-Pacific area also contributes to the development of the residential boiler industry. Due to increasing demand for space heating and water heating from residential users, including homeowners, renters, apartment residents, farmers, and others, the market in Asia-Pacific is expected to grow.

Due to the recent rapid development of residential construction and building infrastructure in emerging countries like India, China, and Japan, the market for residential boilers is expected to grow in the next years. An increase in government restrictions and public awareness of the need to reduce carbon emissions in the Asia-Pacific region are other factors contributing to the forecast that the residential boiler market share will increase throughout the forecast period.

Competitive Landscape

A.O. Smith, PB Heat, LLC, Lennox International Inc., Slant/Fin Corporation, Viessmann Group, Ariston Holding N.V., Bradford White Corporation, USA, WM Technologies, LLC, Bosch Thermotechnology Corp., Burnham Holdings Inc., ACV, Daikin Industries, Ltd., NTI Boilers, Rinnai America Corporation, and Navien Inc. are the top market players in residential boiler market.

Leading manufacturers of residential boilers are creating cost-effective solutions to maintain their market leadership. The report predicts that the market would consolidate as a result of the existence of multiple top competitors, including Ariston Group, Viessmann, and others. To boost their revenue, a number of the players are implementing inorganic development techniques including mergers and alliances. For example, The U.S. Boiler Company, a Burnham Holdings Inc. subsidiary, has increased the size of its Alta series of residential boilers and will introduce a heat-only boiler model in 2022.

The E1 combination boiler from Noritz Group, which includes a built-in outside temperature reset control and great fuel economy, was introduced in China in March 2021.

Bosch Thermotechnology Corp., a producer of heating equipment and hot water solutions announced the development of its new Singular Boiler series in April 2021. This series provides exceptional comfort and hot water in a single simple solution. Singular 4000 and Singular 5200 are two products in the series that provide 4 and 5.2 gallons of hot water per minute, respectively. The invention was launched with the intention of meeting the growing consumer demand for effective boilers.



Brand
Boiler cost


Bosch
$2,000 - $4,500


Burnham
$1,200 - $5,500


Crown
$1,700 - $4,500


Lennox
$1,800 - $6,700


Navien
$1,800 - $4,500


Peerless
$1,700 - $5,000


Utica
$1,800 - $6,000



Residential Boiler Market Scope: Inquire before buying



Residential Boiler Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 8.62 Bn.


Forecast Period 2024 to 2030 CAGR:
5.2 %
Market Size in 2030:
US $ 12.30 Bn.


 Segments Covered:
by Product Type
Water Tube
Fire Tube
Electric


by Type of Fuel Gas used
Cole Fired
Oil Fired
Gas Fired


by Type of Technology
Condensing
Non condensing


by Capacity
Below 24 KW
24KW to 35 KW
Above 35 kw


by Application
Residential
Commercial
Industrial



Residential Boiler Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Leading Manufacturers in the Residential Boiler Market are
1. Viessmann (Germany)
2. Vaillant group (Germany)
3. Robert Bosch (Germany)
4. Ariston Holding NV (Italy)
5. Immergas Group (Italy)
6. Ferroli S.p.A. (Italy)
7. Unical Ag Spa (Italy)
8. Fondital (Italy)
9. Ideal Heating (UK)
10.Groupe Atlantic (France)
11.BDR Thermea Group (Netherlands)
12.Hoval (Liechtenstein)
13.A. O. Smith Corporation (US)
14.Bradford White Corporation (US)
15.Burnham Holdings (US)
16.Lennox International Inc. (US)
17.Slant/Fin Corporation (US)
18.ECR International (US)
19.SPX Corporation (US)
20.PB HEAT, LLC (US)
21.Columbia Boiler Company (US)
22.Navien (US)
23.Smith Boilers (US)
24.Daikin Industries, Ltd. (Japan)
25.Noritz Corporation (Japan)

Frequently Asked Questions:

1] What segments are covered in the Global Residential Boiler Market report?
Ans. The segments covered in the Residential Boiler Market report are based on Product Type and End User.

2] Which region is expected to hold the highest share in the Global Residential Boiler Market?
Ans. The Europe region is expected to hold the highest share in the Residential Boiler Market.

3] What is the market size of the Global Residential Boiler Market by 2030?
Ans. The market size of the Residential Boiler Market by 2030 is expected to reach US$ 12.30 Bn.

4] What is the forecast period for the Global Residential Boiler Market?
Ans. The forecast period for the Residential Boiler Market is 2024-2030.

5] What was the market size of the Global Residential Boiler Market in 2023?
Ans. The market size of the Residential Boiler Market in 2023 was valued at US$ 8.62 Bn.