Space Heating Boilers Market Size Worth $38.24 Billion By 2032 | CAGR: 3.4%

The global space heating boilers market size is expected to reach USD 38.24 billion by 2032, according to a new study by Polaris Market Research. The report “Space Heating Boilers Market Share, Size, Trends, Industry Analysis Report, By Operation (Gas-fired Space Heating Boilers, Electric Space Heating Boilers), By Application (Residential, Commercial), By Type, By Region, And Segment Forecasts, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The market is poised to reap the advantages of the swift construction expenditure, synergized with advantageous governmental initiatives geared towards adopting energy-efficient solutions. Notably, initiatives like integrating energy-efficient products are anticipated to yield favorable outcomes. An example of such measures is highlighted on the ENERGY STAR website, which elucidates that federal income tax credits for energy-efficient home enhancements will be extended until 2032 as per the Inflation Reduction Act 2022.

In 2021, the United States accounted for 16% of the global primary energy consumption, as reported by the U.S. Energy Information Administration. Notably, despite encompassing around 4% of the global population during that year, the U.S. secured the 10th position worldwide regarding primary energy consumption per capita. The usage of prominent energy sources like natural gas and LP gas has prompted environmental apprehensions, given the implications tied to sourcing, transportation, and the potential for emissions, particularly methane leaks.

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Procurement of sizable commercial space heating boilers can be facilitated through the Federal Energy Management Program. Specifically, for low-pressure steam water boilers designated for commercial use, spanning a rated capacity within the range of 2,500,000 (Btu/h) to 10,000,000 (Btu/h), the acquisition protocols and efficiency benchmarks outlined by FEMP are pertinent. In addition, the ENERGY STAR initiative encompasses both small-scale commercial and residential space heating boilers. Consequently, the escalating quest for energy-efficient remedies, harmonized with an upsurge in governmental directives emphasizing heightened energy efficiency standards, is projected to be a pivotal driver for the market's demand trajectory.

Space heating boiler manufacturers are actively pursuing avenues for growth, including product introductions, contract agreements, mergers, acquisitions, and expansive initiatives to innovate novel offerings. For instance, in July 2023, Rheem, a distinguished water heating and HVACR system provider, unveiled ThermaForce, an assortment of remarkably high-efficiency condensing gas boilers and water heaters catering to the residential segment.

Space Heating Boilers Market Report Highlights

• Electric segment will grow at the fastest pace, as they based on renewable source of energy, without causing any harm to environment
• Commercial segment held the largest share, owing to stringent guidelnes introduced by the respective legislatures
• Condensing space heaters garnered largest share, as they have higher efficiency, and optimum recycling capabilities
• APAC will grow at substantial pace, primarily due to huge un-tapped growth in commercial sector
• The global players include Rheem Manufacturing, Ingersoll-Rand, Daikin Industries, Lennox International, Viessmann, Lochinvar, Ideal Heating, Baxi, Navien, and Biasi

Polaris Market Research has segmented the space heating boilers market report based on operation, application, type, and regions:

Space Heating Boilers, Operation Outlook (Revenue - USD Billion, 2019 - 2032)

• Gas-fired Space Heating Boilers
• Electric Space Heating Boilers
• Oil-fired Space Heating Boilers

Space Heating Boilers, Application Outlook (Revenue - USD Billion, 2019 - 2032)

• Residential
• Commercial

Space Heating Boilers, Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Non-condensing Space Heating Boiler
• Condensing Space Heating Boiler

Space Heating Boilers, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Space Heating Boilers Market Report Scope