Residential boilers are devices that derive combustion from natural gas, propane gas, or oil to generate heat through a series of tubes & radiations. With the ability to downsize the production of pollutants & emissions and generate a higher quality of heat with minimum energy consumption, their demand is rapidly increasing worldwide. More & more people are showing active interest in deploying energy-efficient boilers in their homes to ascertain a constant flow of hot water or steam while reducing energy consumption & carbon emissions.
Governments of different countries are laying out stringent environmental norms and working on bringing better technology to these boilers to curb the alarming levels of carbon emissions. With these trends surfacing, a recent research study by MarkNtel Advisors has projected around 5.7% CAGR for the Global Residential Boiler Market during 2022-27. Besides the facts above, technological advancements and massive R&D investments that have enabled coal, oil, and gas-backed residential boilers at reduced costs shall also contribute to the industry’s expansion in the coming years.
Here are some Key Highlights associated with Residential Boilers
Typically Natural Gas & Oil are the two main fuel types used in residential boilers. Since natural gas burns cleanly and is cheaper than oil with fewer emissions, it is the most popular residential boiler fuel worldwide that offers high operational reliability & longer service life of boilers.
On the other hand, condensing & non-condensing are two technologies on which residential boilers work. Of both, condensing boilers are more prominent due to benefits like less waste generation & optimum utilization of what gets produced. Besides, they exhibit better cost-efficiency & require less fuel to operate than their counterparts.
Geographically, North American households are the largest consumers of residential boilers, owing to rapid urbanization across various countries in the region, i.e., leading to increasing emissions & pollution and, in turn, augmenting the demand for residential boilers for air purification purposes. Governments of different countries are laying out several policies for deploying residential boilers as an alternative source to attaining hot water using renewable energy resources.
Moreover, Europe is another prominent end-user of residential boilers owing to stringent environmental norms to control environmental degradation and extreme climatic conditions in the region. Since most months across European countries are colder, there’s always a need for a continuous supply of hot water & steam in households.
As governments and societies are becoming increasingly environmentally conscious and aim to mitigate climate change, there’s a burgeoning demand for residential boilers across households owing to their eco-friendly & energy-efficient characteristics. Since these devices consume less energy & yet produce a higher efficiency-level output, their mounting usage is aiding in reducing the burden on energy sources or fuels from which they derive their power.
Moreover, there are even increasing consumer preferences for sustainable fuel sources like biogas or solar-driven residential boilers owing to the rising legislation & policies for using low carbon-emission fuels. As a result, these trends are set to create new directions for the residential boiler industry to expand at a notable pace in the coming years.