![](https://static.isu.pub/fe/default-story-images/news.jpg?width=720&quality=85%2C50)
1 minute read
Report Description Report Description and Highlights
Global Residential Boiler Market Trends:
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.
Advertisement
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).