A residential boiler is a type of heating apparatus that generates heat for space and water heating purposes. By increasing its capacity, it can be used for industrial purposes. Residential boiler systems are typically hot water boiler systems. The fuel used most frequently in residential boilers is natural gas. If natural gas is not available, propane can be used as a substitute fuel, however it is more expensive. Heating water for bathing and cooking is a common usage for domestic boilers. Systems for household boilers use both condensing and non-condensing technology.
The main forces influencing the growth of the residential boiler market over the forecasted period will be the rise in demand for space and water heating systems as well as strict government regulations on carbon emissions. However, throughout the course of the projection period, it's anticipated that high manufacturing, maintenance, and installation costs as well as a rise in the use of renewable technologies for home heating would restrain the expansion of the residential boiler market.
Also, the growth of new construction initiatives in areas with more extreme weather will boost the development of the residential boiler sector.
Because to the unprecedented COVID-19 pandemic lockdown worldwide, the domestic boiler experienced detrimental effects. Globally, the growth rate of businesses such as construction and building, transportation, oil and gas, and energy has slowed as a result of the imposed lockdown. This has reduced the demand for heating appliances, which is projected to impede the growth of the residential boiler market during the following year. Government rules and shutdown instructions during an emergency have caused major providers to temporarily suspend operations and services. Major industry players are running a number of campaigns, though, to introduce their cutting-edge items and gain more clients. An international campaign dubbed "#whywait" was launched by Vaillant Group, a top supplier of heat pumps and ventilation systems, for instance, to promote climate protection through green heating methods. To expand the use of renewable energies, the company has launched this campaign to raise awareness of the energy and environmentally friendly Vaillant products. The company has also presented their energy-saving ventilation and heating systems.
Residential Boiler Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Ariston Thermo S.p.A, Bradford White Corporation, Burnham Holdings, Ferroli S.p.A, Lennox International, Noritz Corporation, Robert Bosch GmbH, Slant/Fin Corporation, SPX Corporation, Viessmann Manufacturing Company, Inc, Vaillant Group.
Global Residential Boiler Market Segmentation:
By Type Tube: Based on the Type Tube, Global Residential Boiler Market is segmented as; Electric Tube, Fire Tube, Water Tube.
By Technology: Based on the Technology, Global Residential Boiler Market is segmented as; Condensing, Non-Condensing
By Fuel: Based on the Fuel, Global Residential Boiler Market is segmented as; Coal Fired, Oil Fired, Gas Fired, Others.
By Capacity: Based on the Capacity, Global Residential Boiler Market is segmented as; Below 24kW, 24kW to 35kW, Above 35kW.
By Region: The Asia-Pacific area generates the most money. This is due to economies such as China, India, Japan, South Korea, and Australia making efforts to reduce greenhouse gas emissions, increasing investment in green buildings, and adopting efficient heating products, which are expected to fuel the growth of the Asia-Pacific residential boiler market in the coming years.
As a consequence of government attempts to promote the development of energy-efficient technology, China has recently become one of the world's top markets for boiler systems. The need for cleanliness and environmental consciousness is predicted to rise dramatically, boosting the North American home boiler industry.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.