Residential Boiler Market Size

Residential Boiler Market size was valued at USD 9.05 billion in 2024 and is likely to exceed USD 19.47 billion by the end of 2037, registering over 6.2% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of residential boiler is evaluated at USD 9.49 billion.. The growth of the market can be attributed to growing shift of people to urban areas that require boilers for residential purposes. Around 4.4 billion people, or 56% of the world's population, reside in cities. By 2050, approximately 7 out of 10 people would live in cities, with the urban population predicted to more than double from its current level. Hence, owing to this, the construction activities are estimated to boost further driving the market growth.

Moreover, in urban areas, there has been a growing shift in lifestyle preferences among people. Also, a large number of people living in urban area demand for more comfortable space. Hence, the preference for residential boiler is anticipated to increase. Additionally, the energy efficiency of any heating system, including boilers, is one of the most crucial aspects to take into account. A higher grade indicates that more of the energy is used to heat the house and less is lost or wasted. High-efficiency appliances benefit the environment and could also help users save money on their utility costs each month. Therefore, the government is also encouraging population to adopt residential boilers and boosting spending on hydrogen fuel which is estimated to drive the market growth over the forecast period.