The combi boiler market size is projected to be valued at USD 19,347.1 million in 2023 and is expected to rise to USD 29,759.2 million by 2033. The sales of combi boiler are expected to grow at a significant CAGR of 4.4% during the forecast period.
A combi boiler, also known as a combination boiler, is a compact and single-unit water heater. Since the installations are easy and require little work, it can also be utilized as the central heating boiler for a larger heating unit. A combi boiler also aids in the utilization of excess heat energy generated in an industry that would otherwise be dissipated in the atmosphere.
One of the most prominent factors for which this type of boiler is gaining traction in the global market is that they offer efficient heating solutions at a very affordable price. Furthermore, rigorous and strict government rules on greenhouse gas emissions have helped the expansion of the combi boiler market.
However, there exist some restraining factors towards the growth of this global market. The required area for the installation of the combi boiler system, as well as the material strength of the entire combi boiler unit impedes the combi boiler market demand. The area required for this type of unit needs to be huge and spacious, which cannot be available everywhere easily, thus becoming a constraint for the consumers to buy it.
Also, by material, the entire unit needs to be a lot stronger to tolerate various kinds of environments around it. Hopefully, with the advent of smarter technology, there lies a lot of opportunity for this market to grow and increase the demand for combi boilers during the forecast period.
| Attribute | Details |
|---|---|
| Combi Boiler Market Estimated Size (2023) | USD 19,347.1 million |
| Combi Boiler Market CAGR (2023 to 2033) | 4.4% |
| Combi Boiler Market Forecasted Size (2033) | USD 29,759.2 million |
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According to market research and competitive intelligence provider Future Market Insights- the market for combi boilers reflected a value of 4.1% during the historical period, 2018 to 2022.
During the period of 2018 to 2022, the market experienced steady expansion, driven by factors such as increasing demand for energy-efficient heating solutions, rising awareness about environmental sustainability, and advancements in boiler technology.
However, the growth forecast for the period of 2023 to 2033 indicates even stronger growth potential. Several factors contribute to this optimistic outlook. Firstly, the growing emphasis on energy efficiency and the need for sustainable heating solutions are expected to drive the demand for combi boilers. Additionally, ongoing technological advancements and innovations in the field of boiler manufacturing will further enhance the performance and efficiency of these systems.
Furthermore, government initiatives and regulations promoting energy-efficient heating solutions are expected to create a favorable market environment for combi boilers. Incentives and rebates provided by authorities to encourage the adoption of eco-friendly heating systems will contribute to market growth.
Growing Urbanization & Industrialization to boost demand for Combi Boilers
The market for combi boilers is predicted to expand due to rising urbanization and industrialization. According to the Gas Research Institute's industrial boiler population, the bulk of combi boilers, around 60% of them, were concentrated in the five major steam-consuming sectors.
The investigation found that the food and chemical industries had the most boilers, accounting for 36% of the units in the inventory. The paper and chemicals sectors have the most boilers. Population growth in urban areas of less developed regions is rapid, with the urban population expected to increase from 3.85 billion now to 6.31 billion in 2050. Such factors will propel the overall market growth.
Although older heaters and boilers systems had efficiencies ranging from 56% to 70%, modern conventional heating systems can achieve efficiencies of up to 98.5 percent, turning practically all fuel into useful heat for the residence.
In an average cold-climate dwelling, increasing the efficiency of a furnace or boiler from 56% to 90% will save 1.5 tons of carbon dioxide emissions per year if heated with gas, or 2.5 tons if heated with oil. Such energy efficiency will propel the demand in the combi boiler market globally.
Heating accounts for approximately 55% of total yearly energy expenditure. This signifies that having an energy-efficient boiler is critical. All new combi boilers installed in the United Kingdom will use condensing technology and will have an efficiency rating of 90-94%, allowing homeowners to have a warmer house while consuming less energy.
Furthermore, combi boilers are substantially more compact. A hot water cylinder may be required in a conventional system, but a combi boiler does not require any cylinder alongside the boiler. Combi boilers are therefore excellent for installation in a utility, loft, or even a kitchen closet. Some designs can include a tank, allowing for higher hot water flow rates. Such advancements will propel the demand for combi boilers during the forecast period.
The dearth of expertise can tumble the demand down during the forecast period
Space availability control, as well as temperature and pressure limits in the boiler, may stymie industry growth. Some combi boiler systems rely on gravitation to function properly.
This is why the tank should be placed as high as possible, usually in the loft. A combi boiler, on the other hand, also gets its water directly from the mains. If the mains supply has low pressure, the taps and showerheads will lack pressure as well. This can cause havoc in the system, preventing it from functioning properly.
A combi boiler may not be able to handle a large house with several bathrooms. While one hot tap is on, customers will be unable to turn on another without the first losing force or turning cold. This is due to the fact that the combi boiler can only provide a certain volume of hot water at one time. Such factors are going to impede the global market growth during the forecast period.
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Demand for Natural Gas Combi Boilers to Elevate significantly
Natural gas combi boilers acquired a 54.0% value share in 2022. Increased operational safety, high energy savings, simple and low-cost installation, and simple gas extraction are just a few of the elements that will drive market demand. Furthermore, stringent rules and policies to reduce GHG footprint in tandem with falling natural gas costs would boost the business landscape.
Furthermore, rising environmental degradation and climate change consciousness are motivating many key players to implement sustainable energy techniques and invest heavily in environmentally friendly technologies for power generation in order to promote sustainable advancement among various nations around the world.
These players are heavily promoting natural gas use and developing new methods to utilize natural gas in combi boilers. Such factors are expected to drive segmental growth in the approaching years.
Demand for Energy Efficiency to encourage the use of Condensing Combi Boilers
By technology, condensing combi boilers are expected to acquire a 65.3% market share in 2022, owing to the increased use of dependable and efficient heating solutions. Some of the factors that will favorably influence product demand are high operating efficiency, reduced environmental contamination, reduced energy costs, and improved energy recovery. The continued development of contemporary and innovative heating units will also help companies in the global market thrive with this technology.
Condensing units can also attain an efficiency of more than 90%, making them extremely efficient. The best way to understand efficiency ratings is that one hundred percent equals one pound spent on a consumer's energy expenses, therefore every percentage point lost is comparable to a penny lost. Such savings will fuel segmental growth during the projection period.
Rising demand for Eco-friendly Water Heating Systems widening uptake of Combi Boilers
In terms of market revenue, the North American market for combi boilers is predicted to expand significantly during the forecast period of 2023 to 2033. According to Future Market Insights, by 2022, the combi boiler market will accumulate a revenue share of 31.0%.
Some key factors driving the expansion of the North American combi boiler market over the coming years include rising replacement rates for traditional water heaters and rising demand for energy-efficient spaces and water-heating systems.
This regional industry will also benefit from expanding demand for efficient heating systems in colder locations such as Canada and the United States, as well as increased public awareness of environmental issues. In addition to the surge in popularity in the household sector, the strong demand can be ascribed to the necessity for efficient and eco-friendly heating systems in end-user companies.
Rising Implementation of Central Heating Projects to Widen Growth Scope
During the projection period, Asia Pacific is expected to grow at a CAGR of 4.95%. The Asia Pacific region's market is expected to rise steadily over the projected period, owing to increased usage of combi boilers in countries such as China, Japan, and South Korea. These countries have freezing weather, particularly during the winter, resulting in a strong need for water heaters and central heaters.
Moreover, a large urban population in developing countries is expected to boost market expansion. According to World Bank estimates, 91.8% of Japan's population resided in urban regions as of 2021. Furthermore, the presence of numerous prominent market players in the region is expected to boost market expansion.
China has a significant water heater energy group program in the Asia Pacific, including energy labeling for electric, gas, and heat pump water heaters. Estimated water heater primary energy usage in China for the BAU, Recommended Policy, and LLCC Scenarios, the water heater energy demand is predicted to increase by a factor of 2.8 between 2015 and 2035. Gas-fired instant water heaters and heated water combi-boilers, heat pump water heaters, solar water heating systems, and electric storage water heaters, all have mandatory MEPS and labeling requirements in China.
Advancements in Heating Technologies to Spur Combi Boiler Adoption
The European combi boiler market is predicted to increase significantly throughout the forecast period, owing to solid investment activities by the government in energy-efficient heating systems and continuing development in modern buildings. The region will grow at a 5.6% CAGR from 2022 to 2032.
The United Kingdom combi boiler industry is expected to grow at a CAGR of 3.2% through 2033. Rising disposable incomes, combined with consumer focus on the adoption of sustainable facilities, will drive industry growth. Furthermore, a growing emphasis on the construction of integrated heating and hot water delivery systems, as well as advantageous incentives and subsidies to support green infrastructure, will enhance the market landscape.
The competitive landscape in the combi boiler market is characterized by the presence of several key players competing for market share. These companies strive to differentiate themselves through product offerings, technological advancements, and customer-centric strategies.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.4% from 2023 to 2033 |
| Base Year of Estimation | 2023 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion and Volume in Units and F-CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, growth factors, Trends, and Pricing Analysis |
| Key Segments Covered | Fuel, Technology, By Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Middle East & Africa; Oceania |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, Italy, France, United Kingdom, Spain, Russia, China, Japan, India, GCC Countries, Australia |
| Key Companies Profiled | Bosch Thermotechnology; BDR Thermea Group; Daikin; Bradford White Corporation; HTP; Viessmann; WOLF; Ferroli; Weil-McLain; A.O. Smith; Vaillant Group; Fonderie Sime; Navien; Ariston Holding Thermodyne Boilers; Rinnai America Corporation |
| Customization & Pricing | Available upon Request |
The market is valued at USD 19.3 billion in 2023.
Daikin, Bradford White Corporation, and HTP are the leading market players.
The market held a CAGR of 4.1% from 2018 to 2022.
Advancements in material science to boost growth.
The natural gas-powered segment is likely to remain preferred through 2033.
| Market Size Value in 2023 | USD 31.1 billion |
|---|---|
| Market Forecast Value in 2033 | USD 53.1 billion |
| CAGR (2023 to 2033) | 5.5% |
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