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Global Residential Boiler Market Size, Share, Forecast: By Boiler Type: Water Tube Boiler, Fire Tube Boiler, Electric Boiler; By Technology: Condensing, Non-Condensing; By Fuel Type: Oil-Fired, Gas Fired, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 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
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Boiler Type |
|
| Breakup by Technology |
|
| Breakup by Fuel Type |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Residential Boiler Market Analysis
8.1 Key Industry Highlights
8.2 Global Residential Boiler Historical Market (2018-2023)
8.3 Global Residential Boiler Market Forecast (2024-2032)
8.4 Global Residential Boiler Market by Boiler Type
8.4.1 Water Tube Boiler
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Fire Tube Boiler
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Electric Boiler
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Residential Boiler Market by Technology
8.5.1 Condensing
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Non-Condensing
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Residential Boiler Market by Fuel Type
8.6.1 Oil-Fired
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Gas Fired
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Others
8.7 Global Residential Boiler Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Residential Boiler Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Residential Boiler Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Residential Boiler Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Residential Boiler Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Residential Boiler Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Daikin Industries Ltd.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Burnham Holdings, Inc.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 BDR Thermea Group B.V.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Lennox International Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Ferroli S.p.A
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Bradford White Corporation
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Ariston Holding NV
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Noritz Corporation
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Viessmann Manufacturing Company, Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 SPX Corporation
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Residential Boiler Market: Key Industry Highlights, 2018 and 2032
2. Global Residential Boiler Historical Market: Breakup by Boiler Type (USD Billion), 2018-2023
3. Global Residential Boiler Market Forecast: Breakup by Boiler Type (USD Billion), 2024-2032
4. Global Residential Boiler Historical Market: Breakup by Technology (USD Billion), 2018-2023
5. Global Residential Boiler Market Forecast: Breakup by Technology (USD Billion), 2024-2032
6. Global Residential Boiler Historical Market: Breakup by Fuel Type (USD Billion), 2018-2023
7. Global Residential Boiler Market Forecast: Breakup by Fuel Type (USD Billion), 2024-2032
8. Global Residential Boiler Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global Residential Boiler Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Residential Boiler Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Residential Boiler Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Residential Boiler Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Residential Boiler Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Residential Boiler Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Residential Boiler Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America Residential Boiler Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America Residential Boiler Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa Residential Boiler Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa Residential Boiler Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global Residential Boiler Market Structure
Key Questions Answered in the Report
The market reached a value of approximately USD 7.99 billion in 2023.
The market is projected to grow at a CAGR of 5.4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 12.90 billion by 2032.
The major market drivers include the increased adoption of electric boilers and rising stringency of government regulations to reduce carbon emissions.
The key trends fuelling the growth of the market include rising investments towards the development of green buildings and growing requirement for water and space heating solutions by the residential sector due to increasing urbanisation.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The significant types include water tube boiler, fire tube boiler, and electric boiler.
The key players in the market are 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., and SPX Corporation, among others.
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