As winter comes, residential boilers become the utmost thing of interest in the homes of the American and European countries. Boilers are hydronic heating systems, which transfer heat by using water. Heating system of these types comes with many benefits—the most important one is maintaining the temperature at a constant level.
Residential boiler system is designed mainly for space heating of the homes in countries with low temperature. Fuels such as natural gas and oil are used in this system for steam and hot water generation. Increasing need of renewable sources for hot water and heating spaces is generating demand for geothermal boilers and solar panels.
Factors Enhancing the Growth of the Residential Boiler Market
Initiatives and investments by the governments in the energy usage in ventilation, air conditioning, and heating systems are anticipated to attribute to the growth of the market during the analysis period.
In 2020, the U.S. Department of energy (DOE) took a brilliant initiative to regulate the energy conservation standards and regulations for the manufacturers of water heaters and manufacturers. DOE believes that consumer boilers should be standardized as major energy saving technologies. These boilers should be technologically and financially feasible for every customer. The DOE has provided further support to the manufacturers to design innovative boilers which will help in saving energy and money.
The top manufacturers are focusing on the development of new technologies for boilers coating that will provide benefits such as instant heating and corrosion resistance to develop energy efficient boilers. A.O. smith, a leading manufacturer in water treatment and boilers, keeps constantly upgrading its blue diamond glass coating technology to fight against sediment, scale, and residue build-up on the surface of the boiler tank. These factors are contributing to the growth of the global residential boiler market.
Recent Trends and Developments in Residential Boiler Market
According to a recent report by Research Dive, the leading players of the global residential boiler market include Lennox International, Robert Bosch GmbH, Ariston Thermo SpA, SPX Corporation, A. O. Smith, Viessmann Manufacturing Company Inc., Thermax Limited, Daikin Industries, Ltd., Burnham Holdings, Inc., and NORITZ Corporation among others.
These industry players are investing a lot of efforts on the research and development of smart and unique strategies to sustain the growth of the market. These strategies include product launches, mergers and acquisitions, collaborations, partnerships, and refurbishing of existing technology.
Some of the recent developments of the market are as follows:
- As per a recent press release, in April 2021, SPX Corporation, a supplier of highly engineered infrastructure equipment and technologies, completed the acquisition of Sealite Pty Ltd and affiliated entities- Star2M Pty Ltd. and Avlite Systems. Sealite is a leader in the design and manufacture of marine and aviation products with worldwide presence. This acquisition is expected to enhance the product development and extend the customer base.
- According to another news, in January 2021, Daikin North America LLC, a subordinate of the world’s largest producer of cooling, heating, and refrigerant products, announced about a strategic orientation with ABCO HVACR Supply + Solutions, a US-based leading distributor of HVAC and refrigeration systems and supplies.
This collaboration aims to combine the fineness of Daikin manufacturing and product development with ABCO’s intensity and integrity in the marketplace. This strategic development is expected to reinforce Daikin’s opportunity for enhanced association in the local regions, ABCO branches, Daikin group companies, and the entire local customer base of Daikin.
Impact Analysis of Covid-19 on the Industry
The Covid-19 has impacted the global residential boiler market in a negative way. This is mainly because of the restrictions on supply chains and networks at a global level.
However, the market will recover from the slight decline once the pandemic ends as the demand of residential boiler will never cease to rise in American and European countries where the temperature level is always low. With the rising environment concern, people are leaning toward green boilers which will keep the market afloat.