Residential Boiler Market growth is fueled by favorable government measures to reduce consumption of fossil fuel along with growing efforts to improve natural gas accessibility will positively impact the gas. In 2016, National Energy Agency and National Development Reform Commission in China announced its 13th five-year development plan. The plan aims at reducing energy consumption from coal to 58% of national energy consumption by 2020.
Global Residential Boiler Market is expected to exceed USD 12 billion by 2024. Introduction of codes and standards pertaining to adoption of energy efficient heating systems will stimulate the industry growth. The U.S. introduced an EPCA act according to which all the oil fueled residential boilers installed between September 2012 and January 2021 are required to have minimum 84% of Annual Fuel Utilization Efficiency.
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Growing demand for energy efficient space heating system along with increasing investment towards infrastructure sector will propel the residential boiler market share. In 2016, China invested USD 1 trillion towards construction of residential building. Favorable government measures toward adoption of renewable technologies along with ambitious plan towards zero emission building will further complement the business growth.
South Korea is predicted to reach over 500 thousand units by 2024. Stringent government regulation to curb carbon emissions along with increasing focus towards adoption of energy efficient buildings will foster the residential boiler market size. In 2016, Government of South Korea set target to reduced GHG emission by 37% below business-as-usual emissions of 850.6 MtCO2 by 2030.
Introduction of government incentives to encourage adoption of energy efficient heating system will embellish the U.S. residential boiler market. Growing demand for energy efficient and reliable space heating system along with measures toward energy conservation will further foster the business landscape. The U.S. residential sector in 2014, accounted for over 18% of total carbon dioxide emissions.
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Increasing focus towards adoption of energy efficient systems along with economic revival post 2008 recession will propel the condensing residential boiler market share. Growing investments toward green building will further complement the industry growth.
Low maintenance cost requirement, environment friendly nature and competitive pricing will propel the natural gas residential boiler market size. Replacement and retrofitting of existing heating units along with growing demand for central heating system will fuel the oil-fired boiler penetration.
Strict government regulation to reduce environmental pollutions along with introduction of building regulation will augment the Italy residential boiler market share. The country set target to reduced greenhouse gas emissions to 40% by 2030 from 1990 levels.
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Major participants catering the industry are HTP, Lennox, NTI Boilers, Baxi, Parker Boiler, Siemens, Bosch, AC Boilers, Buderus, ECR, Bradford White, A.O. Smith, Saudi Boilers, Slant/Fin, Viessmann, ACV, Navien, Weil-McLain, Burnham Holdings and PB Heat.
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