Market Research Future has published a half-cooked research report on the Global Residential Boiler Market to exhibit a CAGR of 6% during the forecast period of 2022 to 2030.
Market Research Future has recognized the following companies as the key players in the global Residential Boiler Market Ariston Thermo SpA, Bradford White Corporation, Burnham Holdings, Inc., Ferroli S.P.A., Lennox International, Noritz Corporation, Robert Bosch GmbH, Slant/Fin Corporation, SPX Corporation, and Viessmann Manufacturing Company, Inc.
Residential Boiler Market Highlights
The global residential boiler market is projected to record a CAGR of ~6% during the forecast period. Residential boilers are heating systems that are used in homes and buildings. Unlike commercial boilers, residential boilers convert chemical energy into thermal energy and can be used for heating and some cooling. Residential boilers can be fueled by oil, gas, or electricity.
Due to the COVID-19 outbreak, production was disrupted, the supply chain has been reduced and people lost their jobs. The residential boiler market got affected due to the decrease in demand from end-user and the restriction that was imposed on various unnecessary industries. People were focusing on necessary items and in these, the demand for residential boilers continued to decline. Due to the fear of lockdown, the people were rushing for necessary items.
Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Residential Boiler Market Research Report
Residential Boiler Market Segmental Analysis
The global residential boiler market has been segmented based on type, technology, fuel type, and region.
By type, the global residential boiler market has been segmented into water tube boiler, fire tube boiler, and electric boiler. The fire tube boiler segment is the largest in the global residential boiler market. The fire tube boiler segment is driven by factors such as easy installation, simple maintenance, and comparatively lower price. Fire tube boilers are a type of boiler that use fire tubes to heat water. They come in many different shapes and sizes and are often used in residential and commercial settings. Fire tube boilers are relatively easy to install and maintain with low cost compared to other types of boilers.
By technology, the global residential boiler market has been segmented into condensing and non-condensing. The condensing segment is expected to be the fastest-growing in the global residential boiler market. This is due to consumers' demand for efficiency and ease of use of the machines. As consumers become more energy conscious and aware, more and more companies are investing in R&D to develop more efficient machines. These machines are projected to be in the high-efficiency condensing range, which is the fastest-growing segment of the residential boiler market.
Based on the fuel type, the global residential boiler market has been segmented based on coal-fired, oil fired, gas fired, and others. The gas fired segment registered the highest market share in the global residential boiler market. There are many different types of boilers, each of which has a unique purpose. Gas-fired boilers are used for many industrial processes, providing heat to commercial and residential buildings in particular. Having a gas-fired boiler is safer than using wood or oil, as it is easy to control temperature and uses less fuel. Gas-fired boilers can also be used for outdoor heating in colder climates. Regulating the temperature of one's home is easier with a gas-fired boiler. It is also safer to use than other methods if one is trying to keep warm in a snowstorm. Gas-fired boilers have a longer lifespan than other types of boilers, too.
Residential Boiler Market
Geographically, the global residential boiler market has been categorized as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is expected to hold a significant market share of the global market. This growth is anticipated to continue over the forecast period. Factors such as the need for energy-efficient boilers in residential and commercial buildings are anticipated to drive the growth of this market in the next few years.