Residential Boiler Market is driven by growing concern towards greenhouse gas emissions coupled with measures to reduce carbon footprints.

Selbyville, DE -- (SBWire) -- 12/26/2018 --As reported in the latest study by Global Market Insights, Inc.; the global residential boiler market size will surpass USD 12 billion by 2024.

Introduction of standards and codes toward adoption of efficient heating technologies will fuel the residential boiler market share. In the U.S., Energy Policy and Conservation Act prescribes efficiency standards for residential boilers. As per these standards all oil fired residential boilers manufactured from 1st September 2012 to 15th January 2021 must have minimum Annual Fuel Utilization Efficiency (AFUE) of 84%.

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Rising demand for efficient space heating systems coupled with growing infrastructural investment towards residential sector will stimulate the global residential boiler market size. Government efforts towards sustainable development has resulted in increased spending towards new construction and upgradation of existing establishments. In the year 2015, renovation, maintenance and repair of existing buildings accounted for 60% of residential spending across Europe.

South Korea residential boiler market is set to exceed 500 '000 units by 2024. Government efforts to reduce carbon footprint coupled with growing focus toward adoption of green buildings will boost the product demand. In 2009, the Government of South Korea introduced National Strategy for Green Growth for the period of 2009 to 2050. Its strategic goals include quality of life enhancement, contribution towards climate change initiatives and promotion of eco-friendly growth engines.

Economic revival post 2008 recession coupled with rising focus towards improving energy efficiency will embellish the condensing residential boiler market share. The technology offers improved efficiency by utilizing heat from exhaust gases. Ongoing investments toward zero emission building across developed economies will further stimulate the product penetration.

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Efforts towards improving natural gas accessibility and government measures to discourage coal consumption will propel the demand for gas fired residential boiler market. In December 2016, China introduced 13th Five Yea Energy Development Plan with an aim to reduce country's coal consumption to 58% of total energy consumption by 2020. Natural gas low emission properties when compared to conventional fuel will make its adoption preferable over the forecast timeline. Easy storage coupled with competitive pricing will further complement the business landscape.

Italy residential boiler market in 2016 was valued over USD 600 million. Enforcement of building regulations coupled with government norms toward reducing emissions will boost the demand for efficient heating units. Country's Nationally Determined Contribution (NDC) under COP21 includes 40% reduction in greenhouse gas emission by 2030 from 1990 levels. In 2014, residential sector accounted for 18.1 % of total CO2 emissions in the country.

U.S. residential boiler market will witness strong growth owing to favorable government incentives toward adoption of energy efficient heating system. Increasing demand for reliable and efficient space heating along with ongoing measures toward energy conservation will further propel the industry growth.

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Notable industry participants in residential boiler market include Bosch, Slant/Fin, HTP, AC Boilers, Viessmann, Lennox, Buderus, ACV, NTI Boilers, ECR, Navien, PB Heat, Baxi, Bradford White, Weil-McLain, Parker Boiler, A.O. Smith, Burnham Holdings, Siemens and Saudi Boilers.

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