Global Residential Boiler Market industry analysis research and trends report for 2017 – 2024
Posted: Sep 05, 2017
Ongoing investments toward residential construction coupled with growing demand for efficient space heating systems will drive the residential boiler market size. In 2016, total investment towards residential building construction in China was valued over USD 1 trillion. Government ambitious plan towards zero emission buildings will lead to replacement of traditional heating systems with efficient boilers.
Growing concern towards greenhouse gas emissions coupled with measures to reduce carbon footprints will foster the residential boiler market share. According to Environmental Protection Agency, in 2015, the U.S. residential and commercial sector accounted for over 12% of total GHG emissions. Introduction of codes and standards toward adoption of energy efficient space and water heating technologies will further embellish the business growth.
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Ongoing measures toward energy conservation coupled with mandate toward minimal efficiency requirements will drive the condensing residential boiler market growth. The Ecodesign directive 2009/125/EC introduced by the European Union underlines the ecological requirements for all energy related products. Government measures to curb residential energy consumption will further complement the business outlook across developed economies.
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Non-condensing residential boiler market size in 2016 was valued over USD 4 billion. Ability to operate under extreme climatic conditions and compact design are some of the key features which make its adoption preferable over other available counterparts. Ease of installation and minimum maintenance cost of the system will further propel the industry growth.
Fire-tube in 2016 accounted for over 13% of residential boiler market share. Low installation and operational cost of the system will further stimulate the product penetration. However, low steam production rate and lower safety when compared to water-tube boilers may act as an industry restraint.
Reasons to Buy This Report:
- Global Residential Boiler Market size & share forecast by product & application 2017-2024
- Growth drivers, pitfalls & industry challenges
- Global Residential Boiler Market growth opportunities & emerging business models
- Competitive benchmarking with market share analysis and company profiles
Water-tube residential boiler market is predicted to exceed 9 million units by 2024. Growing popularity of hydronic underfloor heating systems coupled with better safety features will stimulate the product demand. High efficiency and ability to handle high pressure will further complement the industry outlook.
Natural gas in 2016 accounted for over 50% of residential boiler market revenue. Improved safety and less space requirement features makes gas fired boilers preferable over available alternatives. Competitive pricing of natural gas, minimal maintenance cost and low pollution content will further boost the product penetration.
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U.S. residential boiler market is set to reach over 600 thousand units by 2024. Government focus toward limiting carbon emissions coupled with growing popularity of condensing boilers are some of the key drivers which will propel the industry growth. In March 2016, Department of Energy amended the minimum efficiency requirements for residential boilers. These standards will be effective from January 15, 2021 and will require all gas fired hot water boilers to have minimum annual fuel utilization efficiency (AFUE) of 84%.
Germany in 2016 accounted for over 14% of Europe residential boiler market revenue. Supportive government policies towards high efficiency boiler installations coupled with retrofitting and replacement of traditional heating units will fuel the product demand. Under the Energy-Efficient retrofitting scheme, home owners are provided with 10% grant for investing in oil or gas fired condensing boilers.
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