Portland, OR, April 27, 2021 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global residential boiler market was accounted for $8.1 billion in 2019, and is projected to reach $12.3 billion by 2027, growing at a CAGR of 5.8% from 2020 to 2027.
Increase 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 have boosted the growth of the global residential boiler market. However, high cost of residential boiler and rise in use of renewable energy systems hinder the market growth. On the contrary, technological advancements toward energy-efficient boilers are expected to open lucrative opportunities for the market players in the future.
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- The Covid-19 outbreak resulted in a temporary ban on the import & export and manufacturing & processing activities across several industries. This, in turn, decreased the demand for boilers from residential consumers.
- Moreover, the prolonged lockdown resulted in disruption of the supply chain and rise in prices of raw materials.
- However, as several countries have begun vaccination drives, the market is estimated to get back on track soon.
The global residential boiler market is segmented on the basis of fuel type, type, technology, and region. Based on fuel type, the report is divided into coal fired, oil fired, gas fired, and others. The gas fired segment held the largest share in 2019, accounting for nearly three-fourths of the market. Moreover, the segment is estimated to register the highest CAGR of 5.9% during the forecast period.
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On the basis of type, the report is divided into water tube boiler, fire tube boiler, and electric boiler. The electric segment is expected to showcase the highest CAGR of 6.0% during the forecast period. However, the fire tube boiler segment held the largest share in 2019, contributing to more than three-fifths of the market.
The global residential boiler market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe held the lion’s share in 2019, accounting for nearly two-fifths of the market. However, the market across Asia-Pacific is estimated to portray the highest CAGR of 6.0% during the forecast period.
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The global residential boiler market report includes an in-depth analysis of the prime market players such as Bradford White Corporation, Ariston Thermo SpA, Ferroli S.P.A., Burnham Holdings, Inc., Noritz Corporation, Lennox International, Slant/Fin Corporation, Robert Bosch GmbH, Viessmann Manufacturing Company, Inc, and SPX Corporation.
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