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The latest report by IMARC, titled “ ResidentialBoilerMarket:GlobalIndustryTrends,Share,Size,Growth,OpportunityandForecast202 2-2027
” finds that the global residential boiler market size reached a value of US$ 7.73 Billion in 2021.
Residential boilers are hydronic heating systems that convert chemical energy into thermal energy for heating purposes. They heat the water inside a tank and supply hot water or steam through pipelines and radiators to keep the residential area warm.
They also offer high reliability, longer shelf-life, less maintenance, optimal energy efficiency, and environmental-friendly properties. As a result, residential boilers are widely utilized across public buildings, holiday homes, farmhouses, and other residential places across the globe.
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The market is primarily driven by the escalating demand for energy-efficient water heating equipment in the residential sector. In addition, the implementation of stringent regulations by governments of different nations to promote the establishment of green buildings and the adoption of eco-friendly residential boilers as a sustainable heating technology represent another major growth-inducing factor. Besides this, various key players are making huge investments in research and development (R&D) activities to introduce coal, oil, and gas-fired residential boilers at reduced manufacturing costs.
This, coupled with the rising utilization of condensing boilers in residential areas due to their beneficial properties, such as affordability, reduced carbon footprints, and clean heating operation, is positively influencing the market growth. Moreover, the growing environmental concerns among the masses, the increasing number of construction activities across developing economies, and the rising disposable incomes of individuals are some of the other factors creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 10.52 Billion by 2027, exhibiting a CAGR of 5.10% during the forecast period (2022-2027).
Looking forward, the market value is projected to reach a strong growth during the forecast period (2022-2027).
MarketSummary:
BreakupbyType:
• Water Tube Boiler
• Fire Tube Boiler
• Electric Boiler
BreakupbyFuelType:
• Coal Fired
• Oil Fired
• Gas Fired
• Others
BreakupbyTechnology:
• Condensing
• Non-condensing
BreakupbyRegion:
• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa
CompetitiveLandscapewithKeyPlayers:
• A. O. Smith Corporation
• Ariston Holding N.V.
• Bradford White Corporation
• Burnham Holdings Inc.
• Daikin Industries Ltd.
• FERROLI S.p.A
• Lennox International Inc.
• NORITZ Corporation
• Robert Bosch GmbH
• Slant/Fin Corporation
• SPX Corporation
• Viessmann.
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