The Global Wall-mounted Boiler Market value is projected to expand at a CAGR of 2.4% during the forecast period 2024-2029 and is estimated to reach USD 139.6 million by 2029 from USD 118.4 million in 2023.
Market Drivers:
The wall-mounted boiler market is anticipated to be driven by the requirement for a limited staff during its installation, which lowers the costs associated with the technician. Also, it is anticipated to grow in the upcoming years due to its lower cost when compared to a floor boiler and its smaller volume, which makes heating easier than with a huge boiler. During the projected time, increased execution speed is also expected to drive market growth.
Wall-mounted boiler market companies use natural gas as their fuel source to heat water. Also, hot water and warmth are produced by pumping the heated water through the building's temperature system. This is because of their compact size and are particularly suited for installations in limited space areas such as apartments, small houses, or commercial buildings.
Many reasons have led to the significant expansion of the gas wall-mounted boiler market. This is due to its affordability, environmental advantages, and energy efficiency. Natural gas has become more popular as a cleaner substitute for traditional fossil fuels. Furthermore, developers and building owners are looking to utilize available space to find wall-hung boilers with small designs appealing.
Market Restraints:
Furnaces and boilers are the most common heating systems in homes. This is because these are cheaper to purchase, install, and maintain, and boiler replacements are more costly. Also, due to this increased cost, replacing an outdated system with a boiler heating system is expected to limit market growth. Moreover, high-efficiency residential boilers are also more expensive to fix and maintain since they require more sophisticated technology and expensive installation. Therefore, it is anticipated to hamper the market growth.
Market Opportunities:
The technological developments are expected to drive the wall-mounted boiler market. It is anticipated that residential boiler R&D will rise, allowing key players to improve and advance the efficiency of their products and stay up with the pace of the worldwide market. In addition, when home consumers become more conscious of the importance of safety, low carbon emissions, high energy efficiency, and bill savings. So, the demand for the most energy-efficient residential boilers is expected to rise. This aspect is propelling the market's expansion by drawing key manufacturers' attention to the invention and development of sustainable products.
Market Challenges:
The growth of the wall-mounted boiler market is hindered by its reliance on fossil fuels. This poses a sustainability and growth challenge despite the growing interest in renewable energy sources.
Additionally, the market is further affected by the limited awareness in developing regions. There are emerging places where people are not aware of the advantages of wall-mounted boilers. The market expansion is affected by this lack of knowledge since potential buyers might not be fully aware of the benefits that these boilers provide.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 – 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 - 2029 |
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CAGR |
2.4% |
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Segments Covered |
By Product, Application, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
BOSCH, Vaillant, Squirrel (Devotion), Viessmann, Vanward, Ariston, Macro, Immergas, Dynasty, Rinnai, FERROLI, BDR Thermea, Esin, Beretta, KD Navien, Haydn, and Others. |
Market Segment Analysis:
The oil and gas boiler segment is leading in this market category. This is due to their efficiency, widespread use, and technological advancements that are driving their growth. Furthermore, the market has grown significantly as a result of continuous advancements in boiler technology, such as the creation of condensing boilers and enhanced heat exchangers. These developments increase performance and efficiency, drawing customers to oil and gas boilers.
Furthermore, the market for oil and gas boilers has been driven in large part by strict rules meant to reduce greenhouse gas emissions and promote energy efficiency. The adoption of ecologically friendly heating solutions has expanded as a result of compliance with these laws.
The office building segment holds the maximum share of the wall-mounted boiler market. It offers energy efficiency and cost savings, Which makes it an attractive choice. Their use in commercial settings is fueled by the necessity for minimal personnel during installation, which lowers expenses. Wall-mounted boilers in office buildings are becoming more common as a result of growing awareness of energy conservation and the need for sustainable heating solutions. Their appeal stems from their energy efficiency, which fits nicely with the environmental objectives of contemporary businesses.
The Global Wall-mounted Boiler Market Report includes the segmentation of regions:
Europe holds the majority share of the wall-mounted boiler market. Germany, France, the UK, Italy, and Spain are among the top earners in Europe. The global market is expected to grow during the forecast period due to an increase in residential consumers' demand for space and water heating. Germany led the residential boiler market share in 2019, followed by the UK and Italy. The dominant dominance of Germany in the European building market explains this. Moreover, during the forecast period, it is projected that investments in renewable energy sources and other ecologically friendly energy sources, such as natural gas, will increase. Increased expenditures in low-carbon energy generation are driving up demand for gas-fired and electric residential boilers in Europe, which is expected to drive market expansion in the upcoming years.
Asia Pacific is predicted to grow at a higher CAGR in the coming years. The region's rapid economic and population growth, coupled with increased demand for space heating and water heating, is driving market expansion in the residential boiler industry. The rapid expansion of building infrastructure and residential construction in developing nations like China, Japan, and India is expected to propel the market for residential boilers in the next years. Furthermore, during the examined time frame, it is anticipated that growing government regulations and public awareness of reducing carbon emissions in the Asia-Pacific region will support an increase in the market share of residential boilers.
North America is anticipated to expand significantly in the wall-mounted boiler market during the forecast period. Two distinct countries with substantial market potential in the region are Canada and Mexico. The domestic boiler market is growing gradually as a result of the strong demand from home customers. Moreover, due to the growing population and increased demand for air and water heating, the demand for residential boilers has increased in the region. This will accelerate market expansion for the forecast period.
Middle East and Africa are some of the key areas that are earning the largest percentage of market share in the market. This is due to the industry's rapid expansion. The three biggest markets are Saudi Arabia, South Africa, and Egypt. In addition, because of their growing populations and quick urbanization, the MEA is experiencing an increase in construction activity. Further, the need for heating systems and electricity is expected to increase due to the growth of the building and construction industry in countries such as Saudi Arabia and the United Arab Emirates. Hence, this will, in turn, drive demand for boilers and propel the market's rise in the coming years.
Latin America is experiencing notable trends in the wall-mounted boiler market. The regional expansion is facilitated by emerging economies' growing levels of urbanization and disposable income. Furthermore, boilers fueled by renewable energy open up new business prospects by promoting eco-friendliness and sustainable heating options that support international environmental initiatives.
COVID-19 had a significant impact on consumer behaviour. This affected the expansion of the wall-mounted boiler market. The pandemic has led to a shift in customers' lifestyles, focusing on safety and well-being, leading to a preference for energy-efficient heating systems. Additionally, it heightened sustainability and environmental consciousness, leading to a rise in energy-efficient options like wall-mounted boilers among consumers seeking to reduce carbon footprints.
Market Key Players:
Market Key Developments:
Frequently Asked Questions
The wall-mounted boiler market is expected to grow with a CAGR of 2.4% between 2024-2029.
The wall-mounted boiler market size is expected to reach a revised size of US$ 139.6 million by 2029.
Squirrel (Devotion), Viessmann, Vanward, Ariston, and Macro are top key players in the wall-mounted boiler market.
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