The residential boiler market in North America has been witnessing steady growth in recent years, driven by several factors such as the increasing demand for energy-efficient heating systems, the growing adoption of smart home technologies, and the need for reducing greenhouse gas emissions. In this article, we will discuss the latest market research on the North America residential boiler market and the key trends that are expected to shape the market in the coming years.
Market Analysis:
According to a report by ResearchAndMarkets, the North America residential boiler market size was valued at USD 6.9 billion in 2020 and is expected to reach USD 9.7 billion by 2028, growing at a CAGR of 4.3% during the forecast period. The report highlights the growing demand for high-efficiency condensing boilers, the increasing adoption of smart thermostats, and the rise in residential construction activities as some of the key drivers of the market.
Key Trends:
- Adoption of High-Efficiency Condensing Boilers: The demand for high-efficiency condensing boilers is on the rise, driven by their ability to reduce energy consumption and lower carbon emissions. These boilers use advanced heat exchangers to extract heat from the flue gas, which would otherwise be wasted, making them more energy-efficient than traditional boilers.
- Growing Adoption of Smart Thermostats: The increasing adoption of smart home technologies, including smart thermostats, is driving the demand for residential boilers that can be integrated with these systems. Smart thermostats allow homeowners to control their heating systems remotely and adjust temperature settings based on their preferences, which can help to save energy and reduce heating costs.
- Expansion of Renewable Energy Sources: The expansion of renewable energy sources, such as solar and geothermal, is expected to have a significant impact on the residential boiler market in North America. These energy sources can be used in conjunction with boilers to provide additional heating and reduce the reliance on traditional energy sources.
- Government Regulations: Government regulations aimed at reducing greenhouse gas emissions and promoting energy efficiency are expected to drive the demand for residential boilers in North America. For example, in the United States, the Department of Energy has set energy efficiency standards for residential boilers, which are expected to drive the adoption of high-efficiency condensing boilers.
Conclusion:
In conclusion, the North America residential boiler market is expected to continue to grow in the coming years, driven by factors such as the increasing demand for energy-efficient heating systems, the growing adoption of smart home technologies, and the need for reducing greenhouse gas emissions. The adoption of high-efficiency condensing boilers, the growing adoption of smart thermostats, and the expansion of renewable energy sources are expected to be key trends shaping the market in the coming years. Government regulations aimed at reducing greenhouse gas emissions and promoting energy efficiency are also expected to play a significant role in driving the market growth.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Everest Market Insights journalist was involved in the writing and production of this article.