Market Trends of Global Domestic Boilers Industry
This section covers the major market trends shaping the Domestic Boilers Market according to our research experts:
Increasing Construction Activities is driving the market growth
- Ongoing replacement of conventional units with cost-effective solutions along with continuous technological advancements for the development of modern facilities is expected to foster the market demand for domestic boilers. Moreover, with rapid urbanization across emerging economies in line with shifting trends, sustainable solutions are also expected to contribute to market growth.
- With the increasing usage of Domestic Boilers in residential refurbishment and replacement activities along with its installments in new residential buildings is driving the growth of the Domestic Boilers market globally.
- The growing demand for the installation of smart thermostats in new and old residential buildings has been indirectly promoting the adoption of domestic boilers globally. Smart thermostats are gaining popularity in residential as well as commercial spaces, these systems find application in small and medium-sized buildings.
- These systems are automatically installed with advanced algorithms and firmware. The installation of thermostats in the buildings along with domestic boilers has been increasing with an aim to boost the energy efficiency capabilities of the buildings along with ensuring low installation costs.
- Moreover, owing to the rise in the spendings on private and public constructions in the United States to reach USD 1,245.4 billion for private constructions and USD 346.3 billion for private constructions as compared to USD 1,107.9 billion for private constructions and USD 361.2 billion for private constructions is expected to contribute towards the demand of installations of domestic boilers in the market.
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Asia Pacific region is expected to hold the major share
- The awareness about the increase in greenhouse gases and their harmful effects on the environment are the major contributing factor to fuelling the domestic boiler market in the Asia-Pacific region.
- Driven by increasing gasification and environmental policy uptake in Asia-Pacific regions, the domestic boiler market is expected to grow during the study period. Promising government initiatives and rising private investment in the infrastructure of various industries are driving growth in countries such as China and India.
- For instance, in June 2021, the Government of India undertook some major initiatives toward a greener and cleaner nation. Some of the initiatives launched by the Government of India included Namami Gange Programme, Green Skill Development Programme (GSDP), Swachh Bharat Abhiyan, Nagar Van Scheme, Atal Bhujal Yojana (ABHY), Jal Jeevan Mission, and National Clean Air Programme. Such initiatives by governments in the Asia-Pacific region are expected to drive the demand for domestic boilers in the market.
- Further, with the growing demand for smart homes and the development of smart cities globally, consumers aim at experiencing more comfort and convenience using several electronic devices. Smart home technologies use advanced sensors to connect household appliances such as domestic boilers, air conditioning units, lighting systems, entertainment systems, security devices, and camera systems. Such changes in consumer preferences are expected to increase the adoption of Domestic Boilers in the market.
- For instance, as per the Statista Global Consumer Survey (GCS), 90% of the people in China owned a smart home device, also, 83% of the people in India owned a smart home device, and 68% of the people in South Korea owned a smart home device. Such adoption of smart home devices across the region is also expected to contribute towards the market growth of domestic boilers in the region.
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