Global Residential Boiler Market Report and Forecast 2024-2032

Global Residential Boiler Market Outlook

The global residential boiler market size reached approximately USD 7.99 billion in 2023. The market is further projected to grow at a CAGR of 5.4% between 2024 and 2032, reaching a value of USD 12.90 billion by 2032.

Key Trends in the Market

Residential boilers are central heating appliances that are used for heating households. They heat water in a tank and distribute it to various radiators through a network of pipes. The heat generated through the boilers can be delivered by the in-floor radiant systems or baseboards.

• The increasing stringency of government regulations to reduce carbon emissions is supporting the residential boiler market growth. The increased utilisation of boilers by the residential sector can also be attributed to the various pollutants released by the conventional heating systems.

• The growing requirement for water and space heating solutions by the residential sector due to increasing urbanisation and industrialisation is providing lucrative growth opportunities to the market.

• The rising adoption of electric boilers by the residential sector owing to various advantages associated with their utilisation including silent running, small size, improved safety, and reduced maintenance costs is supporting the market expansion. The adoption of electric boilers is also increasing due to the rising costs of fossil fuels.

• The growing preference for smart homes due to their ability to offer energy efficiency, lower utility bills, and adjust the temperature depending upon the occupancy is bolstering the requirement for boilers by the residential sector.

Global Residential Boiler Market Analysis

On the basis of type, the market is divided into water tube boiler, fire tube boiler, and electric boiler. Based on technology, the market is classified into condensing and non-condensing. On the basis of fuel type, the market is bifurcated into oil-fired and gas fired.

Based on region, the residential boiler market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Daikin Industries Ltd. 

• Burnham Holdings, Inc. 

• BDR Thermea Group B.V. 

• Lennox International Inc. 

• Ferroli S.p.A 

• Bradford White Corporation 

• Ariston Holding NV

• Noritz Corporation 

• Viessmann Manufacturing Company, Inc. 

• SPX Corporation 

• Others

Market Share by Type

Electric boilers are anticipated to account for a significant residential boiler market share. This growth can be attributed to the sound free operation offered by the product. The relatively small size of the electric boilers as opposed to the alternate heating methods supports their installation in various residential buildings and compact housing units. Electric boilers directly convert electric energy into thermal energy, ensuring the maintenance of constant temperature and minimisation of risk of fluxes.

Market Share by Region

The Asia Pacific is anticipated to witness significant growth over the forecast period. This growth can be attributed to the expansion of the residential sectors in the region owing to increasing population. The rising investments towards the development of green buildings and increasing initiatives to minimise greenhouse gas emissions, owing to growing environmental concerns are boosting the residential boiler market demand. The quieter nature of the boilers as compared to forced air systems due to the steam produced from heated water is further bolstering the adoption of boilers in the residential sector.

Competitive Landscape

Daikin Industries Ltd., headquartered in Osaka, Japan, is one of the leading manufacturers of air conditioners. The company was founded in 1924 and also specialises in defence systems, residential boilers, oil hydraulics, filter products, and fluorochemicals, among others.

Burnham Holdings, Inc. is one of the leading HVAC and refrigeration manufacturing companies that provides interior comfort and thermal solutions for industrial, residential, and commercial sectors. The company was founded in 1962 and is headquartered in Pennsylvania, United States.

BDR Thermea Group B.V. is an appliance, electrical, and electronics manufacturing company that is dedicated towards providing sustainable products to allow the customers to reduce their carbon footprint. The company was established in 1684 and is headquartered in Apeldoorn, Netherlands.

Other residential boiler market key players include Lennox International Inc., Ferroli S.p.A, Bradford White Corporation, Ariston Holding NV, Noritz Corporation, Viessmann Manufacturing Company, Inc., and SPX Corporation, among others.

Key Highlights of the Report