Residential Boiler Market Analysis

Global Residential Boiler Market Overview:

Residential Boiler Market Size was valued at USD 30,917.3 billion in 2023. The Residential Boiler market industry is projected to grow from USD 32,432.2 Billion in 2024 to USD 49,349.9 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.4% during the forecast period (2024 - 2032). Increased demand for space and water heating systems and strict government regulations regarding carbon emissions are the crucial factor driving the growth of the Residential Boiler Market.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Residential Boiler Market Trends

Increased focus on Energy efficiency to boost market growth.

The increased focus on energy efficiency, which are both cost-effective and ecologically benign, is fueling market demand. demand for residential boilers will rise in response to the increasing need for high-efficiency house boilers. The boiler heats interior rooms by utilizing trapped heat created by the condensation of water vapors while using substantially less fuel. Due to their great efficiency and cost-effectiveness, household boiler demand is thus anticipated to soar. With the introduction of smart home concepts, it is projected that modern boilers with smart management choices will become more commonplace. Due to youth preference for smart home products, sales of smart boilers are expected to rise.

Furthermore, the increasing adoption of tactics by major players has improved and will continue to boost the market of residential boiler market. The International Energy Agency's stringent energy-saving regulations have increased demand for such windows even more.

Additionally, with increasing carbon levels in the atmosphere, government regulations and spending on hydrogen as a fuel source are increasing. Over the projection period, it is anticipated that demand in the market will increase due to growing awareness of the advantages of residential boilers driven by hydrogen.

However, Customers who install Residential Boiler may save a lot on their annual electricity bills is another factor driving the growth of the Residential Boiler market revenue.

Residential Boiler Market Segment Insights:

Residential Boiler Types Insights

The Residential Boiler segmentation is based on type, Water Tube, Fire Tube, and Electric Boiler. The Water tube segment held the majority share in 2021 because of the increased focus on energy efficiency with respect to the residential Boiler market revenue. In 2021, the water tube boilers accounted for the biggest market share. A high-pressure water tube boiler, commonly referred to as a water tube, uses tubes that have been warmed by the fire to circulate water from the outside. In the furnace, fuel is burned to produce hot gas that boils water in the tubes to make steam. The water tube boiler is an essential component in most industrial systems. On Linquip, you may find several Water Tube Boilers for Sale along with a variety of Suppliers and Companies, producers, and distributors that offer water tube boilers.

April 2022: SPX Corporation (“SPX”) (NYSE: SPXC) announced that it has completed the acquisition of International Tower Lighting, LLC (“ITL”), a private company headquartered in La Vergne, Tennessee. ITL is a leader in the design and manufacture of highly-engineered Aids-to-Navigation, or “AtoN” systems, including obstruction lighting for telecommunications towers, wind turbines and numerous other structures. ITL also hosts monitoring and support services for its customers.

June 2021: Hydronic heating manufacturer Viessmann has announced it will introduce its newest products at an upcoming virtual event on June 17th, 2021. This release is expected to highlight new boilers in the popular Vitodens line, along with new digital applications for homeowners and contractors.

Residential Boiler Technology Insights

The Residential Boiler market data has been bifurcated by technology into Condensing, Non-condensing. Condensing boilers held the biggest market share over the forecast period. The residential boiler market is divided into condensing and non-condensing boilers. A conventional boiler is the best residential boiler on the market. When using a conventional heating system (such as a gas boiler), heated gases pass through the boiler's heat exchange surface and are then sent to the heat distribution system, which comprises radiators and underfloor heating, where they are converted into energy. 

The combustion gases are subsequently released into the atmosphere through the flue of the boiler. Some heat is lost because a considerable portion of the steam that is produced during the burning process is expelled with the gases. Hence rising technology in Condensing, Non-condensing implants for Residential Boiler positively impacts the market growth. As a result, the steam that is released has evaporation energy that was not used.

Jan 2023: Bosch agreed to acquire shares in the long-established Swedish company Husqvarna AB. The acquisition will increase its shareholding to roughly 12 percent in the company’s share capital in total. Husqvarna is listed on Nasdaq Stockholm. In acquiring these shares today, Bosch intends to strengthen the battery alliance between the two companies. Husqvarna also includes the Gardena subsidiary and its Flymo brand, both of which are also partners in the Bosch Power Tools division’s “Power for All Alliance”. This acquisition has further broadened the growth opportunity for the Residential Boiler industry in GERMANY.

Figure 2: Residential Boiler Market, by Technology, 2021 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Condensing boilers, as opposed to standard boilers, are the more sensible, ecologically friendly, and cost-effective choice because they have the capacity to transform evaporation energy into heat in this circumstance. These fuel the market for residential boiler growth. Condensing boiler manufacturers further claim that their products' efficiencies can reach up to 98%, making them a great option for anyone concerned about their carbon footprint. Boilers that are traditional typically range in efficiency from 70 to 80%. With a drop in the temperature of the water entering the condenser, the efficiency of the gas cooling process will rise. Thus, the condensation effect can be utilized to the greatest and is expected to stymie the growth of the residential boiler market throughout the forecast period.

Residential Boiler Fuel Type Insights

Based on fuel type, the Residential Boiler industry has been segmented into Coal Fired, Oil Fired, and Gas Fired. During the projected period, gas-fired full-type boilers are anticipated to rule the residential boiler market. Gas-fired boiler demand is anticipated to rise in the future years. The demand for residential boilers has increased because of severe regulations intended to lessen the pollutants that conventional boilers produce. Additionally, there has been a shift to cleaner fuels, which is increasing the demand for gas-fired boilers even more. 

The third fastest-growing fuel type in the Residential Boiler industry is coal-fired. The demand for natural gas-fired boilers is increasing as people become more conscious of the harm that they are causing to the environment. The expansion of the use of gas-fired boilers is additionally anticipated to be impacted by government measures to save the environment. The low cost of heating and high efficiency of gas-fired boilers in the domestic boiler market will also contribute to the growth in popularity.

Residential Boiler Regional Insights

By Region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. The North America Residential Boiler market accounted for USD 3.80 billion in 2021 and is expected to exhibit a 2.51% CAGR during the study period. This is attributed to the growth of rapid industrialization, primarily in US, Canada, and Mexico, as well as an aging population across the region.

Further, the major countries studied are the U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: RESIDENTIAL BOILER MARKET SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Residential Boiler market accounts for the second-largest market share due to the rising demand for the residential boiler in developed countries such as Germany, France, and the U.K. is witnessing high growth rates. Europe is emerging as an area of remunerative opportunities for the leading players in the Residential Boiler Market, principally on the back of the growing installation of residential boilers across different countries. It owes to the extreme climatic conditions in the region where most months are colder, which cites a constant need for hot water boilers residential & steam, thereby stimulating the demand for residential boilers. Further, the Germany Residential Boiler market held the largest market share, and the UK Residential Boiler market was the fastest-growing market in the European region.

The Asia-Pacific Residential Boiler Market is expected to grow at a CAGR of 3.1% from 2022 to 2030. The tremendous economic and demographic growth of the Asia-Pacific area also contributes to the development of the residential boiler industry. Moreover, the China Residential Boiler market held the largest market share, and the India Residential Boiler market was the fastest-growing market in the Asia-Pacific region.

For instance, the India Residential Boiler market is expected to grow very rapidly. Due to increasing demand for space heating and water heating from residential users, including homeowners, renters, apartment residents, farmers, and others are fueling the rise of the Residential Boiler industry in India. Asia-Pacific is expected to grow. The market for residential boilers is anticipated to expand over the coming years because of the recent rapid development of residential construction and building infrastructure in growing nations like India, China, and Japan. Other factors supporting the prediction that the market share for residential boilers will grow over the course of the forecast period include an increase in governmental regulations and increased public awareness of the need to reduce carbon emissions in the Asia-Pacific region. Hence, Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2022–2030.

Residential Boiler Key Market Players & Competitive Insights

Major market players of residential boilers are developing affordable solutions to preserve their market share. The existence of numerous top competitors, such as Ariston Group, Viessmann, and others, indicates that the industry will consolidate. Several the players are using inorganic development strategies, such as mergers and alliances, to increase their revenue. In 2022, The U.S. Boiler Company, a Burnham Holdings Inc. subsidiary, will launch a heat-only boiler model and has expanded the size of its Alta series of residential boilers.

One of the primary business strategies adopted by manufacturers in the Residential Boiler industry to benefit clients and expand the Residential Boiler market sector is to manufacture locally to reduce operating costs. In recent years, Residential Boiler have provided some of the most significant benefits.

The E1 combination boiler from Noritz Group, which includes a built-in outside temperature reset control and great fuel economy, was introduced in China in March 2021. Bosch Thermo Technology Corp., a producer of heating equipment and hot water solutions announced the development of its new Singular Boiler series in April 2021. This series provides exceptional comfort and hot water in a single simple solution. Singular 4000 and Singular 5200 are two products in the series that provide 4 and 5.2 gallons of hot water per minute, respectively. The invention was launched with the intention of meeting the growing consumer demand for effective boilers. 

Key Companies in the Residential Boiler market includes.

• Ariston Thermo SpA


• Bradford White Corporation


• Burnham Holdings Inc.


• Ferroli S.P.A.


• Lennox International


• Noritz Corporation


• Robert Bosch GmbH


• Slant/Fin Corporation


• SPX Corporation


• Viessmann Manufacturing Company Inc. among others

Residential Boiler Industry Developments

January 2024

Laars Heating Systems, a manufacturer and designer of residential, commercial, and industrial boilers, water heaters, and pool heaters, has acquired Electro Industries Inc., headquartered in Monticello, Minnesota.

Controls, electric duct heaters, air-to-water heat pump technology, and electric boilers are all produced by Electro Industries. As a subsidiary of Bradford White Corp., Laars exists.

Since its inception in 1974, Electro Industries has earned a reputation for manufacturing premium electric space-heating solutions for residential and commercial applications, according to a press release from Bruce Carnevale, president, and CEO of Bradford White. We are delighted to extend a warm welcome to the Electro Industries staff as they become members of the Bradford White family and integrate their dependable products into the Bradford White portfolio.

According to a Laars press release, the acquisition will broaden the company's portfolio of space heaters for residential, commercial, and industrial applications. This furthers Laars' commitment to meeting the evolving requirements of customers considering state and local electrification policies and regulations.

Krista Smith-Larson, president of Electro Industries, stated, We are ecstatic that Bradford White Corporation has acquired Electro Industries, where their market reach and resources will ensure that the legacy of our family business continues to expand for years to come.

John Seefeldt, CEO of Electro Industries, remarked, "Laars Heating Systems and Electro Industries share comparable dedications to American manufacturing, quality, and customer service. By merging with Laars Heating Systems, we will expand our offerings to a wider demographic and improve our ability to serve our existing clientele.

Laars' manufacturing presence in the United States is expanded with the inclusion of all company assets, including the Electro Industries facility in Monticello, in this acquisition of Electro Industries. Electro Industries shall be established as a Laars subsidiary.

• January 2023: Ariston group completes the acquisition of centrotec climate system.

• December 2021: Noritz (China) Co., Ltd (hereinafter referred to as “Noritz China”) launched a new series of residential gas water heaters with the O₃ water generation function in China.In China, interest in health, beauty, safety, and security is increasing, and the needs related to hot water supplies are also diversifying.

Residential Boiler Market Segmentation:

Residential Boiler by Type Outlook

• Water Tube Boiler


• Fire Tube Boiler


• Electric Boiler

Residential Boiler Technology type Outlook

• Condensing


• Non-condensing

Residential Boiler Application Outlook

• Residential


• Commercial


• Industrial

Residential Boiler Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America