Market Size of Global Domestic Boilers Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | < 7.10 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Domestic Boilers Market Analysis
The Global Domestic Boilers Market is expected to register a CAGR of less than 7.1% during the forecasted period 2022-2027. The growth in Global Domestic Boilers Market is attributed to the increasing number of households globally. Moreover, an increasing need for heaters due to climate change across various regions globally.
- The rising awareness about the benefits of renewable energy sources and increasing demand for energy-efficient products are the major factors driving the market. The market is also driven by factors such as growing population and increasing demand for heating systems in developing countries.
- The decline in the cost of natural gas is expected to promote the adoption of domestic boilers globally. Similarly, the new regulations on emissions by various governments across the globe have led to the development of more efficient boilers to be installed. The market growth is further attributed to the rising concerns toward carbon emissions along with the increasing penetration of integrated space & water heating solutions globally.
- The COVID-19 pandemic has highlighted the importance of building infrastructure and its ability to help people stay healthy during the pandemic. Due to the imposition of the lockdown due to Covid-19, the boiler units have the chances of occurrence of downtime corrosion in boilers globally.
- Moreover, vendors in the market are introducing new products to replace traditional boilers globally. For instance, in January 2022, Vattenfall announced the launch of a high-temperature heat pump that enables fossil-free living within one generation. According to the company, heating accounts for 37% of the UK's carbon emission, and with the product being deployed in the Region, the company aims to decarbonize heating in suburban or rural areas of Europe.
- Moreover, the replacement of existing boilers equipment with better-performing ones is expected to rise in commercial, residential, and industrial sectors to abide by energy conservation targets set by the European Union and other government bodies globally. Such initiatives by the government are expected to negatively hamper the growth of domestic boiler and increase the need for the replacement of boilers globally.
