The global residential boiler market revenue was around US$ 7.8 billion in 2021 and is estimated to reach US$ 12.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.2% during the forecast period from 2022 to 2031.

A residential boiler is a type of heating device that produces heat for applications such as space heating and water heating. By boosting its capacity, it can be applied in commercial settings. Hot water boiler systems are the norm for residential boiler systems. The primary fuel utilized in residential boilers is natural gas. Propane is an expensive alternative fuel to natural gas that can be used in places where it is not readily available. Water for cooking and bathing is also heated by residential boilers. Condensing and non-condensing technologies are both used in home boiler systems.

Factors Influencing Market Growth

An increase in demand for water and space heating systems and strict government rules regarding carbon emissions drives the growth of the residential boiler market.

Residential boiler energy efficiency is expected to improve because of technological innovation which should allow key competitors to keep up with the market.

High production, maintenance, and installation costs as well as an increase in the adoption of renewable heating technologies. Thus, these factors restrain the market growth.

Study of the COVID-19 Pandemic

COVID-19 pandemic had a negative impact on some countries and industries. Globally, the growth rates of industries including building and construction, transportation, oil and gas, and energy sectors have decreased due to the lockdown that has been enforced. Because of this, people's need for heating appliances has further decreased, which is projected to limit the expansion of the residential boiler market for the upcoming year.
Additionally, as LNG and crude oil prices fell in the second quarter of 2020, gas-fired boilers' overall revenue decreased as well. The residential boiler market had slower growth in 2020 due to these factors, but it is anticipated that the market will rebound by the end of the second quarter of 2021.

Regional Insights

Asia-Pacific is the region that contributes the highest revenue. This is due to developing economies like India, China, Japan, South Korea, and Australia making efforts to reduce their greenhouse gas emissions, increasing their investments in green buildings, and implementing efficient heating systems. These factors are predicted to fuel the growth of the Asia-Pacific residential boiler market in the upcoming years.

Leading Competitors

The leading competitors in the global residential boiler market are:

Ariston Thermo SpA
Bradford White Corporation
Burnham Holdings
Ferroli S.p.A
Lennox International
Noritz Corporation
Robert Bosch GmbH
Slant/Fin Corporation
SPX Corporation
Viessmann Manufacturing Company, Inc.
Others

Segmentation Analysis

The global residential boiler market segmentation focuses on Type, Technology, Fuel Type, and Region.

Segmentation based on Type
Water Tube
Fire Tube
Electric
Segmentation based on Technology
Condensing
Non Condensing
Segmentation based on Fuel Type
Coal Fired
Oil Fired
Gas Fired
Others
Segmentation based on Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific

Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA

South America
Brazil
Argentina
Rest of South America