A lead analyst at AMR highlighted the residential boiler market in Asia-Pacific is anticipated to dominate, in terms of revenue, during the forecast period.
Allied Market Research published a research report on the residential boiler market. The findings of the report states that the global market for residential boiler generated $8.1 billion in 2019, and is projected to reach $12.3 billion by 2027, witnessing a CAGR of 5.8% from 2020 to 2027. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
The report provides insights on drivers, restrains, and opportunities to help market players in devising growth strategies and capitalizing on opportunities. Rise in demand for space and water heating systems and surge in growth of the residential construction sector along with strict government regulations toward environmental pollution drive the growth of the global residential boiler market. On the other hand, high cost of residential boiler and increase in use of renewable energy systems restrain the growth to some extent. However, technological advancements toward energy-efficient boilers are projected to pave the way for lucrative opportunities in the industry.
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“The residential boiler market is anticipated to witness considerable growth during the forecast period. This is attributed to rise in demand for space and water heating systems and stringent government regulations toward carbon emissions. In addition, rapid growth of the residential construction sector fuels the growth of the residential boiler market during the forecast period. However, high cost of residential boiler and rise in use of renewable alternatives, such as solar heating systems, are expected to restrain the growth of the market in the coming years. Conversely, technological advancement in residential boilers toward high energy efficiency is anticipated to provide potential growth opportunities in the coming years.” said Eswara Prasad, Manager, Energy & Power at Allied Market Research.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the residential boiler market globally. It is helpful for market players, new entrants, and investors to determine strategies as per the current scenario and improvise the business model for the next few years. The outbreak of the pandemic gave way to temporary ban on the import & export and manufacturing & processing activities across several industries. This, in turn, reduced the demand for boilers from the residential consumers. Furthermore, the prolonged lockdown resulted in disruptions of the supply chain and rise in prices of raw materials. However, as the global situation is getting better, the market is expected to recoup soon.
The report offers detailed segmentation of the global residential boiler market based on fuel type, type, technology, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the coming years.
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By fuel type, the gas fired segment held the largest share in 2019, contributing to nearly three-fourths of the market. The same segment is also estimated to cite the fastest CAGR of 5.9% during the forecast period.
By type, the electric segment is anticipated to portray the fastest CAGR of 6.0% throughout the forecast period. The fire tube boiler segment, on the other hand, accounted for the highest share in 2019, holding more than three-fifths of the global market.
By region, the market across Europe held the lion’s share in 2019, garnering nearly two-fifths of the global market. Nevertheless, Asia-Pacific is expected to showcase the fastest CAGR of 6.0% from 2020 to 2027. The other regions studied in the report include North America and LAMEA.
Leading market players of the global residential boiler market analyzed in the report include Ariston Thermo SpA, SPX Corporation, Ferroli S.P.A., Burnham Holdings, Inc., Noritz Corporation, Lennox International, Slant/Fin Corporation, Robert Bosch GmbH, Bradford White Corporation, and Viessmann Manufacturing Company, Inc.
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