Sep 15, 2021, 02:06 EST
Shibuya-ku, Tokyo, Japan, Japan, Sep 15, 2021, 02:06 /Comserve / -- According to Research Dive analysis, the global residential boiler market is expected to generate $13,849.4 million by 2028, increasing from $8,381.4 million in 2020, at a healthy CAGR of 6.4%.
Impact Analysis of COVID-19 on the Global Residential Boiler Market:
The COVID-19 outbreak is expected to impact the global residential boiler market growth negatively during the lockdown. This is negative impact on the market due to severe restrictions on export & import and travel activities to curb the spread of the novel coronavirus. However, in the post emergency time, leading market participants in the industry are adopting new strategies such as new product launch to gain competitive edge in the global industry. For example, in July 2020, Carrier, leading provider of HVAC systems, has introduced an innovative EcoBlue technology in its packaged rooftop heat pump units. This technology is available in electric and gas heating products. Through this technology, the company aimed to gain more customer base across the globe. Such aspects are estimated to have significant impact on the global residential boiler market growth in post lockdown time.
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Residential Boiler Market Analysis:
Increasing government regulations on environmental pollution especially from HVAC systems due to it consumes about 48% of the total building energy is estimated to drive demand for effective and energy efficient boilers. This factor is expected to impel the market growth in the analysis time. For instance, in 2017, Chinese government has introduced design standards for energy efficiency of public and residential buildings to regulate the energy efficiency of physical assets like lighting and HVAC systems. As per these standards, it provides information related to consumption patterns and recommends future advancements as well as improvements by monitoring and identifying strengths and weakness to offer energy efficient systems. In addition, surging demand for heating systems to maintain homes hotter and warm across the globe especially in high population region like Asia-Pacific is predicted to drive the industry growth in the review time.The huge accessibility of substitutes to the water heaters or boilers particularly for LPG boilers such as IR heating panels and solar powdered electric heating systems are estimated to restrict the market growth in the forecast time.
Growing adoption of new technologies incorporation into boilers technology to develop effective and efficient residential boilers is predicted to generate growth prospects for the market in the upcoming years. Manufacturers are designing water heaters comes with internet of things (IoT) enabled technology that offers total control of their water heater from anywhere and anytime with the help of smartphone.
Based on fuel type, the global market is categorized into oil fired, gas fired and others. The gas fired sub-segment generated about $4,730.5 million in 2020 and is expected to continue its constant growth in the review timeframe. Oil fired fuel type shall have a considerable growth in the forecast time.
Based on technology, the global market is categorized into non-condensing and condensing. The condensing technology was the major revenue contributor of the overall residential boiler industry, accounted over $6,587.1 million in 2020. Non-condensing sub-segment is expected to rise at a CAGR of 5.5% in the review time.
Based on geographical scope, the global market was examined across North America, Europe, Asia-Pacific, and LAMEA. The Europe accounted for largest residential boiler market share in 2020, which was 37.0% and is expected to continue its constant rise throughout the analysis time. Asia-Pacific is anticipated to witness a significant growth and rise at a healthy rate of 7.6% CAGR in the forecast time.
The major companies in the global residential boiler market are Burnham Holdings, Inc., DAIKIN INDUSTRIES, Ltd., NORITZ Corporation, Thermax Limited, Viessmann Manufacturing Company Inc., SPX Corporation, Ariston Thermo SpA, A. O. Smith, Lennox International and Robert Bosch GmbH.
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