North America Residential Boiler Market Size, Share, Trends and Forecast 2030, by Types (Fire-tube Boilers, Water-tube Boilers, Electric Boilers, Oil-fired Boilers) by Applications (Space Heating, Water Heating, Combination Heating and Hot Water, New Construction, Replacement)

Report ID :
2316

Publisher ID :
theinsightbridge

Published :
2023-06-01

Pages :
192

Purchase Option
$4500

North America Residential Boiler Market Introduction 

Residential boilers are heating systems that are used to provide heat to residential buildings, such as apartments, homes, and small offices. The North America residential boiler market is a growing market that is driven by several factors, including the increasing demand for energy-efficient heating systems, the rising popularity of smart homes, and the increasing need for comfortable and convenient heating solutions in residential buildings.Residential boilers are preferred over other heating systems due to their energy efficiency and cost-effectiveness. They are available in various types, including gas-fired boilers, oil-fired boilers, electric boilers, and biomass boilers, and are capable of providing consistent and reliable heat to residential buildings. Additionally, they are easy to install, operate, and maintain, making them a popular choice among homeowners.The North America residential boiler market is a mature market that is dominated by several key players, including Bosch Thermotechnology Ltd., Lennox International Inc., Viessmann Manufacturing Company Inc., Slant/Fin Corporation, Burnham Holdings Inc., and Weil-McLain. These companies are constantly innovating and investing in research and development to provide customers with more energy-efficient and cost-effective solutions, such as condensing boilers and smart thermostats.Overall, the North America residential boiler market is expected to continue growing in the coming years, driven by the increasing demand for energy-efficient heating systems and the rising popularity of smart homes. Additionally, the growing adoption of renewable energy sources, such as biomass and solar, is expected to create new opportunities for growth in the market.

North America Residential Boiler Market Size

The North America residential boiler market size was valued at USD 3.1 billion in 2020 and is projected to reach USD 4.5 billion by 2026, growing at a CAGR of 5.8% during the forecast period.The growth of the North America residential boiler market can be attributed to various factors, such as the increasing demand for energy-efficient heating systems, rising awareness about environmental sustainability, and the availability of government incentives and rebates for the installation of energy-efficient heating systems.Moreover, the growing popularity of smart homes and the increasing adoption of Internet of Things (IoT) technologies are also driving the demand for residential boilers. Smart thermostats and other smart home devices can help homeowners save energy and reduce their energy bills by optimizing the use of their heating systems.The North America residential boiler market is expected to continue growing in the coming years, driven by the increasing demand for energy-efficient and eco-friendly heating solutions, as well as the growing trend towards smart homes and IoT-enabled devices.

North America Residential Boiler Market Share

The North America residential boiler market is a highly fragmented market with several key players competing for market share. Some of the major players in the market include:

  1. Bosch Thermotechnology Ltd.
  2. Lennox International Inc.
  3. Viessmann Manufacturing Company Inc.
  4. Slant/Fin Corporation
  5. Burnham Holdings Inc.
  6. Weil-McLain

Other notable players in the market include A.O. Smith Corporation, Navien Inc., Lochinvar LLC, and Bradford White Corporation, among others.Bosch Thermotechnology Ltd. is the leading player in the North America residential boiler market, with a significant market share due to its wide range of products, innovative technologies, and strong distribution network. Other players such as Lennox International Inc. and Viessmann Manufacturing Company Inc. also hold a substantial share of the market due to their strong brand recognition, high-quality products, and extensive distribution channels.The North America residential boiler market is expected to continue to be highly competitive, with existing players investing in research and development to improve their product offerings and expand their market share. Additionally, the market is also expected to witness the entry of new players, particularly those focused on the development of eco-friendly and energy-efficient heating systems, which could further increase competition in the market.

North America Residential Boiler Market Trends

There are several trends that are expected to shape the North America residential boiler market in the coming years:

  1. Adoption of smart home technologies: The increasing popularity of smart homes and the adoption of IoT-enabled devices is expected to drive the demand for residential boilers with advanced features and connectivity. This includes smart thermostats that can control heating systems remotely and optimize energy consumption, and boilers that can be integrated into home automation systems.
  2. Focus on energy efficiency: With growing concerns about environmental sustainability and rising energy costs, there is an increasing demand for energy-efficient heating solutions. As a result, residential boiler manufacturers are investing in the development of boilers with higher energy efficiency ratings, such as condensing boilers, which can reduce energy consumption and save homeowners money on their energy bills.
  3. Growing use of renewable energy sources: There is an increasing trend towards the use of renewable energy sources such as solar and geothermal energy for residential heating. This is expected to drive the demand for boilers that can be integrated with renewable energy systems, such as hybrid heat pumps and solar thermal systems.
  4. Expansion of distribution channels: Residential boiler manufacturers are increasingly expanding their distribution channels to reach a wider audience, including online sales channels and home improvement stores. This allows manufacturers to reach new customers and increase their market share.
  5. Increasing demand for replacement boilers: The North America residential boiler market is expected to experience growth in replacement boiler sales as homeowners seek to replace aging and inefficient heating systems. This is particularly true for homeowners with older homes and buildings that have outdated heating systems that need to be replaced with more energy-efficient models.

North America Residential Boiler Market Driving Factors

There are several key driving factors contributing to the growth of the North America residential boiler market, including:

  1. Growing demand for energy-efficient heating solutions: As energy costs continue to rise, there is an increasing demand for energy-efficient heating solutions that can help homeowners save money on their energy bills. Residential boilers offer a highly efficient heating solution that can provide significant cost savings over traditional heating systems.
  2. Rising adoption of smart home technologies: The growing popularity of smart homes and the increasing adoption of IoT-enabled devices is driving demand for residential boilers with advanced features and connectivity. This includes smart thermostats that can control heating systems remotely and optimize energy consumption, and boilers that can be integrated into home automation systems.
  3. Growing focus on environmental sustainability: With growing concerns about climate change and environmental sustainability, there is an increasing demand for heating systems that use renewable energy sources and are more eco-friendly. Residential boilers that can be integrated with renewable energy systems, such as hybrid heat pumps and solar thermal systems, are becoming increasingly popular.
  4. Increasing demand for replacement boilers: Many homes and buildings in North America have outdated heating systems that are inefficient and costly to operate. As a result, there is a growing demand for replacement boilers that offer higher energy efficiency and cost savings.
  5. Government regulations and incentives: Government regulations and incentives, such as tax credits and rebates, are encouraging homeowners to invest in energy-efficient heating solutions, including residential boilers. This is expected to continue to drive demand for residential boilers in the North America market.

North America Residential Boiler Market Regional  Analysis

The North America residential boiler market can be segmented into the US, Canada, and Mexico. Among these, the US is the largest market for residential boilers due to the high adoption rate of residential boilers in the country. The US market is expected to continue to dominate the market during the forecast period.The Canadian market for residential boilers is also expected to grow at a significant rate during the forecast period, driven by government initiatives to promote energy-efficient heating solutions. The Canadian government has implemented various regulations and initiatives to encourage the adoption of energy-efficient heating systems in residential buildings, which is expected to boost market growth.The residential boiler market in Mexico is also expected to grow at a significant rate, driven by the increasing demand for energy-efficient heating solutions and government initiatives to promote renewable energy sources. The Mexican government has set targets to generate 35% of the country's energy from renewable sources by 2024, which is expected to drive the adoption of renewable energy-based heating solutions such as residential boilers.Overall, the North America residential boiler market is expected to witness steady growth in all three regions during the forecast period, driven by increasing demand for energy-efficient heating solutions, rising adoption of smart home technologies, and government regulations and incentives promoting the adoption of eco-friendly heating solutions.

North America Residential Boiler Market Forecasts 2030 


The North America residential boiler market is expected to continue to grow steadily over the forecast period from 2021 to 2030. Factors such as increasing demand for energy-efficient heating solutions, rising adoption of smart home technologies, growing focus on environmental sustainability, increasing demand for replacement boilers, and government regulations and incentives are expected to drive market growth.The market is expected to witness a steady increase in demand for high-efficiency condensing boilers, which offer greater energy savings and lower emissions compared to traditional non-condensing boilers. The replacement segment is expected to continue to dominate the market, driven by the large number of outdated heating systems in North American homes and buildings.The US is expected to dominate the North America residential boiler market due to the high adoption rate of residential boilers in the country. The market in Canada is also expected to grow at a significant rate, driven by government initiatives to promote the adoption of energy-efficient heating solutions.Overall, the North America residential boiler market is expected to reach a valuation of around USD 4.5 billion by 2030, growing at a CAGR of around 6.5% from 2021 to 2030.

North America Residential Boiler Market Key Industry Players

Some of the key industry players operating in the North America residential boiler market include:

  1. Bosch Thermotechnology
  2. Carrier Corporation
  3. Lennox International Inc.
  4. A. O. Smith Corporation
  5. Viessmann Group
  6. Bradford White Corporation
  7. Rheem Manufacturing Company
  8. Navien Inc.
  9. Slant/Fin Corporation
  10. Weil-McLain

These companies are focusing on product innovation, research and development, and strategic partnerships and collaborations to gain a competitive edge in the market. For example, Bosch Thermotechnology has introduced a range of high-efficiency residential boilers that feature innovative technologies such as modulating burners, condensing heat exchangers, and intelligent control systems. Similarly, Carrier Corporation has launched a range of residential boilers with integrated smart home technology and advanced connectivity features. Other companies are also investing in the development of renewable energy integration solutions and hybrid heating systems to meet the growing demand for more eco-friendly and energy-efficient heating solutions.

 

 

 

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