The global residential boiler market is anticipated at USD 29.5 billion in 2022. Demand is likely to remain high for residential boilers during the assessment period. This is due to the increased need for heating appliances garnering USD 53.1 billion in 2033, recording a CAGR of 5.5 % from 2023 to 2033. The market is likely to secure USD 31.1 billion in 2023.
| Data Points | Key Statistics |
|---|---|
| Residential Boilers Market Size Value in 2023 | USD 31.1 billion |
| Residential Boilers Market Forecast Value in 2033 | USD 53.1 billion |
| Global Growth Rate | 5.5% CAGR |
| Forecast Period | 2023 to 2033 |
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| Historical CAGR (2018 to 2022) | 4.5% |
|---|---|
| Forecasted CAGR (2023 to 2033) | 5.5% |
Considering the historical period of 2018 to 2022, the market for global residential boilers grew at a CAGR of 4.5% by volume, according to Future Market Insights (FMI). In 2023, the demand for residential boilers is estimated to reach a valuation of USD 31.1 Billion.
The demand for residential boilers is projected to increase at a rate of 5.5% CAGR during the forecast period (2023 to 2033) due to the growing preference for comfortable residential spaces. Rising urbanization and shifting lifestyle preferences are anticipated to spur demand for residential heating equipment, fuelling sales in the market.
Residential boilers are increasingly being used as heating system equipment in several residential settings across the globe. This is due to the all-purpose heating they offer, including space and water heating.
The expansion of new construction projects in places with harsher climatic conditions will also aid the growth of the residential boiler market. According to the study, residential boiler sales are anticipated to increase at a healthy rate as a result of a growing preference for commodious amenities.
High-Efficiency Condensing Boiler to Gain Traction in Residential Boiler Market
The increasing need for high-efficiency home boilers will propel domestic boiler demand across the globe. The boiler utilizes trapped heat produced by the condensation of water vapors to warm interior spaces while consuming significantly less fuel. The demand in the domestic boilers market is expected to boom due to high efficiency and cost-effectiveness of boilers.
Modern boilers with smart management options are anticipated to become more prevalent with the advent of smart home concepts. Sales of smart boilers are anticipated to surge due to the preference for smart home appliances among millennials.
More than 70% of the market share is held by condensing residential boilers as per FMI, which are expected to rise at a CAGR of 5.6 % over the forecast period.
Government regulations and spending on hydrogen as a fuel source are burgeoning with growing carbon levels in the environment. The demand in the market is projected to improve over the forecast period with surging awareness about the benefits of hydrogen-based residential boilers.
The Growing Emphasis on Energy-Efficient Products to Drive the Residential Boiler Market Growth
Residential boilers that run on natural gas are becoming more popular among private households as a result of improved government policy and greater natural gas supply. Low fuel costs and favorable government initiatives are promoting the use of fuels with low carbon emissions.
Preference for environment-friendly fuel sources which include biogas, solar-powered home boilers, and electricity-based residential boilers is increasing. The sales of residential boilers are projected to witness tailwinds in the upcoming decade with rising legislation and policies on low carbon-emission fuels.
Rapid Development of Residential Construction Activities to Propel Residential Boiler Sales
Residential boiler sales in China are expected to increase at a CAGR of 5.4% in terms of value, as per Future Market Insights. This is due to growing urbanization and rising demand for suitable living conditions. The increasing construction of new buildings such as apartments, high –rise complexes has created demand for residential boilers in China
The demand for residential boilers increases with increasing environmental concerns and a shift towards cleaner and more environmentally friendly heating solutions.
Growing demand for energy-efficient heating systems, including space and water heating, is driving the demand for boilers in China. The residential boiler market in East Asia is anticipated to grow at a CAGR of 5.2% during the assessment period, in terms of volume.
Germany to Vanguard the Sales in Europe Residential Boiler Market, Sales in the United Kingdom to Rise
The rising demand for space and water heating equipment from residential units in Germany will improve the demand for residential boilers. The market for residential boilers in the United Kingdom is anticipated to hold more than 26.5% of the market share in Europe in 2033.
The increasing government regulation and increased use of energy-efficient solutions and government initiatives promoting the use of condensing boilers have driven market growth. The adoption of smart and connected boilers has also been increasing in this region.
The residential boiler market in Germany is estimated to reach a value of around USD 3.5 Billion in 2023. Increasing government regulations and rising demand for highly efficient space heating systems are some of the factors fuelling the growth.
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Residential Boilers with Below 24 kW to Reach USD 29.8 Billion by 2023
The boiler with a capacity range below 24 kW is more than enough to heat residential dwellings. Residential buildings such as apartments, flats, and detached houses take up less space in comparison to villas and townhouses.
The market for residential boilers with output capacities under 24 kW is anticipated to develop significantly as a result of the increased need for hot water and space heating in tiny residential areas.
Rising demand for high-efficiency and compact-sized boilers will fuel the sales of residential boilers with a capacity of 24 kW. Residential boilers with a power output of 24 kW to 35 kW are anticipated to grow at a CAGR of 6.5 % in terms of value during the forecast period.
Over 70% of Residential Boiler Sales to Concentrate on Apartments
The development of the residential sector is surging, resulting in an increasing number of apartments in urban areas due to the rising population in urban areas. The preference for real estate with diverse amenities, such as green spaces, sizable compounds, etc. is rising.
The demand for residential boilers in apartments is expected to propel at a positive rate over the forecast period. As per FMI, sales of residential boilers in apartments will rise at 5.4% CAGR between 2023 and 2033.
Some prominent companies in the residential boiler market are-
Leading manufacturers of residential boilers are developing cost-effective products to maintain their dominance in the market. The market is expected to be consolidated due to the presence of several leading players such as Ariston Group, Viessmann, and others.
Some of the players are adopting inorganic growth strategies such as collaborations and mergers to increase their revenue.
For instance,
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.5% from 2023 to2033 |
| Market Value in 2023 | USD 31.1 billion |
| Market Value in 2033 | USD 53.1 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Capacity, Technology, Fuel Type, Application, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East & Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel, Rest of MEA |
| Key Companies Profiled | Ariston Group; BDR Thermea Group; Groupe Atlantic; Viessmann; Vaillant Group; Robert Bosch; Ideal Heating; Unical Ag Spa; Daikin Industries; A.O. Smith Corp; Bradford White Corporation; Ferroli S.p.A.; Burnham Holdings; Lennox International; Fondital; Hoval; Noritz Corporation; Slant/Fin Corporation; ECR International; Immergas Group |
The residential boiler market is anticipated to develop at a CAGR of 5.5% through 2033.
Trends like IoT integration, hydrogen boilers, and energy storage are molding the future of the residential boiler market.
The United States, Germany, and China dominate the global residential boiler market.
The global residential boiler market size is likely to reach USD 53.1 billion by 2033.
Key players in the residential boiler market include Ariston Group, BDR Thermea Group, Groupe Atlantic, Viessmann, Vaillant Group, Robert Bosch, Ideal Heating, and others.
| Market Estimated Size (2023) | USD 19,347.1 million |
|---|---|
| Market Forecasted Size (2033) | USD 29,759.2 million |
| Market CAGR (2023 to 2033) | 4.4% |
| Market Size (2020) | USD 3.73 Billion |
|---|---|
| Market Size (2032) | USD 6.85 Billion |
| Market CAGR (2020 to 2032) | 5.2% |
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