Boiler Market Share

North America Market Statistics

North America region in boiler market is projected to account for around 35% revenue share by 2037. The growth of the market in North America is due to the fast growth in industries, mainly in the U.S., Canada, and Mexico. This along with an increasing number of old people living in the area needing care and a shifting focus on green energy usage by all industries help the North American region maintain its dominance in the boiler industry. The market for home boilers in North America was worth USD 4.2 Billion at the start of 2024 and will likely grow at a rate of 2.51% during the time looked at.

The U.S. leads in this market in the area. Here, the market for gas boilers is expected to grow at a rate of 4.8% from 2023 to 2032. In 2023, the market in the U.S. was about 4 Billion.

In Canada, the boiler industry amounted to USD 1.0bn in 2023. The key reason for the boiler market growth in Canada is the profitable value of value of nonresidential construction. Increasing government and private expenditure on building and fixing homes, along with a growing trend for smart homes, are seen to help the market grow in Canada.

European Market Analysis

The European region will also encounter huge growth for the boiler market during the forecast period and will hold the second position to North America. The market in Europe is set to grow by over 7.89% yearly from 2023 to 2032. This growth is mainly due to the need to cut down on greenhouse gas emissions. The demand for energy-saving boilers has increased because of the energy crisis and high tensions over carbon emissions in the area. The cut in gas supplies from Russia, due to the energy crisis, has lowered natural gas prices, making energy-saving gas boilers more crucial than ever. Also, increased expenditure on eco-friendly building projects is boosting the market for home boilers. Action by governments to reduce greenhouse gas emissions and efforts to support eco-friendly living are making the Europe boiler market grow.

The UK's home boiler market is set to grab over 26.5% of Europe's share by 2033. This rise comes from strict policies and rules by the government and a push for more energy-saving options, including support for condensing boilers. Meanwhile, the UK's commercial boiler sector already crossed 1.2 billion in 2023.

In Germany, oil and gas boilers lead the market with record numbers. In the past year, 66.8 percent of all new heating units were oil or gas-powered (5.8 percent oil, 61 percent gas) according to reports. Heat pumps had a 24.1 percent share, with biomass systems at 9.1 percent.