North America Residential Boiler Market Size - By Fuel (Natural Gas, Oil, Electric), By Technology (Condensing {Natural Gas, Oil, Electric}, Non-Condensing {Natural Gas, Oil, Electric}) & Forecast, 2024 – 2032

North America Residential Boiler Market Size - By Fuel (Natural Gas, Oil, Electric), By Technology (Condensing {Natural Gas, Oil, Electric}, Non-Condensing {Natural Gas, Oil, Electric}) & Forecast, 2024 – 2032

North America Residential Boiler Market size

North America Residential Boiler Market size was valued at USD 2.2 billion in 2023 and is estimated to expand at over 6% CAGR from 2024 to 2032. A residential boiler is a heating appliance designed to provide warmth and hot water to homes. It operates by heating water, which is then circulated through pipes and radiators or underfloor heating systems to distribute heat throughout the house. The boiler typically burns a fuel source, such as gas, oil, or electricity to generate the necessary heat. The heated water returns to the boiler to be reheated, creating a continuous cycle of heating and circulating water for home comfort and domestic hot water needs.

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The residential boiler market is set to cross USD 139.8 billion by 2032, driven by the increasing demand for energy-efficient solutions and paradigm shift to reduce carbon emissions. Rising demand for these boilers in both single and multi-apartment residential segments will positively impact the business landscape. These systems offer benefits such as reduced energy costs, enhanced comfort, and lower operational expenses, which in turn will favor the industry scenario.

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COVID– 19 Impact

The North America residential boiler market has experienced considerable disruption due to the COVID- 19 pandemic. Lockdown measures implemented by authorities have not only affected the production capacities of boiler manufacturers but have also led to a decline in demand for residential applications. However, there has been a notable recovery in the market since late 2021, as several manufacturing industries resumed operations.
 

North America Residential Boiler Market Trends

The increasing demand for power and the widespread use of heat-generating sources are leading to a transformation in traditional boiler technology, which in turn will fuel the product penetration. The countries with high energy consumption are actively seeking alternative energy-efficient products to comply with emission regulations. These policies not only aim to reduce emissions but also enhance energy security and independence by meeting the growing demand for heat. This scenario is creating a favorable market environment with significant business opportunities in the residential boiler industry.

North America Residential Boiler Market Analysis

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The North America residential boiler market from condensing technology is set to grow at 6.1% CAGR through 2032. These boilers are designed to maximize energy efficiency by recovering heat from the flue gases, resulting in reduced greenhouse gas emissions. The introduction of favorable initiatives by governments, such as tax incentives and rebates, will significantly impact the demand for residential boilers. Compact size along with no hot water tank requirement are some of the key paramount features, which will fuel the deployment of these heating systems.

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The residential electric boiler market size was reached USD 300 million in 2022, owing increasing consumer focus toward sustainability and carbon footprint reduction. The continuous investments in residential infrastructure development, coupled with the ongoing trend of replacing conventional heating units with energy-efficient boilers will augment the business landscape.

Gas fired boiler industry held a market share of over 65% in 2022, on account of growing adoption of green technologies and increasing consumer shift toward cleaner and more environmentally solutions. Stringent government regulations focusing on the adoption of energy-efficient and low-emission heating solutions will foster the industry outlook.

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The U.S. boiler market share will surpass USD 2.5 billion by 2032. Flourishing residential sector along with robust development of green buildings will drive the industry growth. The government is actively introducing favorable initiatives, including rebates and tax incentives, to promote the establishment of a sustainable environment for the future. The increasing emphasis on curbing greenhouse gas (GHG) emissions and promoting energy conservation will further foster the North America residential boiler market potential.

The Canada boiler market is anticipated to experience notable growth till 2032, owing to growing demand for energy-efficient heating solutions driven by environmental concerns and government regulations. Increasing investments in residential construction and renovation activities coupled with the rising trend of smart homes will boost market growth. Furthermore, the replacement of conventional heating systems in line with increasing demand for retrofitting projects will contribute to fuel the business potential. The European market for residential boiler is estimated to cross USD 84.9 billion by 2032.

North America Residential Boiler Market Share

The major companies operating in the North America residential boiler market includes

• Lennox International
• PB HEAT
• HTP
• VIESSMANN
• Bradford White Corporation
• Weil-McLain
• U.S. Boiler Company
• A.O. Smith
• Slant/Fin Corporation
• NTI Boilers
• IBC Technologies
• ECR International
• Allied Engineering Company
• Navien Inc.
• Triangle Tube
• Granby Industries
• Thermo-Dynamics Boiler Company
• Baxi North America
• Camus Hydronics
• King Heating Products

North America Residential Boiler Industry News

• In May 2021, Bradford White Corporation`s portfolio company LAARS Heating Systems, a manufacturer of boilers and water heaters, has introduced the FT series boilers specifically designed for residential users. These boilers come with an innovative integrated domestic hot water mini-indirect tank, ensuring a consistent supply of hot water as needed. The FT series offers flexible installation options, a durable stainless steel fir tube heat exchanger, and convenient top piping connections, further enhancing its appeal to homeowners.
   
• In September 2020, Weil-Mclain launched an Eco-Tec residential boiler. The boiler is a high-efficiency boiler and is available in heat-only or combi applications. Eco-Tec houses a fire tube heat exchanger that has a long-lasting life on account of its durable structure. The product is available in multiple sizes, ranging from 110 to 199 MBH for combi version and 80-199 MBH for heat only version. The company anticipates a bigger customer base on account of the new product launch, which has turn increase its market share.
   

This North America residential boiler market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD” from 2019 to 2032, for the following segments

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Market, By Fuel

• Natural Gas
• Oil
• Electric
• Others

Market, By Technology

• Condensing
  • Natural Gas
  • Oil
  • Electric
  • Others
• Non-Condensing
  • Natural Gas
  • Oil
  • Electric
  • Others

The above information has been provided for the following countries

• U.S.
• Canada

Authors Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ)

How big is North America residential boiler market?

The market size for residential boiler in North America surpassed USD 2.2 billion in 2023 and is estimated to surpass USD 3.6 billion by 2032, driven by the increasing demand for energy-efficient solutions, and shifting focus on reducing carbon emissions.

Why is electric residential market in North America gaining traction?

The electric residential boiler segment held over USD 300 million in 2022, backed by the continuous investments in residential infrastructure development, coupled with the ongoing trend of replacing conventional heating units with energy-efficient boilers.

What is the size of the U.S. residential boiler industry?

The U.S. market is set to surpass USD 2.5 billion by 2032. Numerous residential construction projects, along with development of green buildings will drive the industry growth.

Who are the main contenders in North America residential boiler landscape?

Lennox International, PB HEAT, HTP, VIESSMANN, Bradford White Corporation, Weil-McLain, U.S. Boiler Company, A.O. Smith, Triangle Tube, Granby Industries, Thermo-Dynamics Boiler Company, Baxi North America, Camus Hydronics and King Heating Products.