3One of the recent developments in the global residential boiler market comprises the launch of an H2-ready boiler by Bosch Thermotechnology in November 2020. The product depicts how green hydrogen can be effectively deployed for securing the future heat supply of buildings.
The hydrogen gas boiler was demonstrated at the company’s site located in Worcester. Via this development, Bosch Thermotechnology is proving that boilers can be converted easily and quickly from the presently utilized natural gas boilers to 100 per cent hydrogen.
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Even though hydrogen is being considered an environmentally friendly energy carrier, its rate of implementation in the residential sector has been rather slow. Similar advancements are set to boost the demand for residential boilers over the forecasted span.
On this note, the global residential boiler market size is projected to surpass USD 60 million by 2027, according to the latest research by Global Market Insights, Inc.
This growth is on account of the shifting trends towards nuclear family coupled with the surging adoption of efficient water heaters across various regions. Prominent players in the residential boiler market comprise Burnham Holdings, Inc., BDR Thermea Group, Daikin, Parker Boiler, Bosch, Lennox International, and others.
These players are focusing on numerous collaborative strategies such as acquisitions and mergers for enhancing their geographical footprint and increasing product penetration.
Some major trends driving global residential boiler industry growth include:
Increasing demand for oil fired residential boilers
Limited availability of natural gas and the soaring popularity of central heating systems across developing economies are poised to escalate the demand for oil fired residential boilers over the anticipated period. The oil fired residential boiler industry is estimated to record commendable growth through 2027.
The product adoption is boosted by the replacement of the existing traditional heating systems with high energy efficiency boilers.
Escalating adoption of condensing boilers
The increasing adoption of condensing boilers is due to the surging inclination of residential boiler manufacturers towards investments in research and development initiatives. In addition, the surging focus towards the reduction of GHG emissions as well as energy conservation will foster the growth of the condensing boiler segment in the residential boiler market through 2027.
Further, greater savings in household energy bills owing to the high efficiency of condensing boilers will push product adoption over the ensuing years.
Rising inclination towards sustainable building projects in the Asia Pacific
Increasing disposable income coupled with the rapid rate of urbanization will drive the expansion of the Asia Pacific residential boiler market over the estimated period. The region is characterized by increasing initiatives for the achievement of zero emission building targets and subsequent inclination towards sustainable building projects.
China has emerged as one of the prominent markets of residential boiler systems owing to favorable government policies promoting the deployment of energy efficient technologies.
In a nutshell, the soaring requirement for energy efficient space and water heaters will bolster the augmentation of the residential boiler industry over the assessment span.
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