Residential Boiler Market Regional Analysis:
Europe Market Insights
Europe region is set to dominate around 40.8% market share by 2035, driven by rising construction projects, increased use of renewable energy, and higher demand for residential boilers. Moreover, early projections from the EEA show that about 20% of the energy used in the EU in 2021 came from renewable sources. Despite the fact that conditions and consumption habits were different in the two years, this is the same as the level that was seen in 2020. Additionally, approximately 39% of the heating in Europe is provided by boilers designed specifically for each building, which burn natural gas to heat the water before piping it into the radiators in the buildings. Further, constant drop in temperature is also estimated to increase the demand for residential boilers. Buildings in German use an additional about 64 GWh of natural gas per day for every degree that the outside temperature drops. Hence, all these factors are estimated to drive the market growth in this region over the forecast period. Additionally, availability of hydrogen energy storage system is also estimated to drive the market in this region.
APAC Market Insights
The Asia Pacific residential boiler market, amongst the market in all the other regions, is projected to grow with the highest CAGR during the forecast period. The growth of the market in this region can be attributed to rising demand for space heating and water heating, along with rapid growing population and economic expansion. Further, owing to the growing population large number of construction activities are estimated to be carried out since they are demand more space. Moreover, growing government regulations and rising public awareness regarding carbon emission and initiatives to reduce it is also estimated to boost the growth of the market in this region. Also, there has been rapid growth in real estate line which is boosting the purchase of properties among people further also influencing the market growth.
North American Market Insights
Additionally, the market in North America is also estimated to have a significant growth over the forecast period. This growth is estimated to be influenced by availability of key producers and large consumer in United Nation for residential boilers. Moreover, severe weather conditions, such as below-freezing temperatures, and the rapid uptake of heating systems in the industrial sector would drive up product demand. Additionally, the residential boiler market is predicted to expand over the next years as a result of rising environmental pollution awareness spurred on by carbon and greenhouse gas emissions.
