Space Heating Boilers Market Size, Share, Report 2023-2032
The global space heating boilers market was valued at USD 27.46 billion in 2022 and it is predicted to surpass around USD 38.47 billion by 2032 with a CAGR of 3.43% from 2023 to 2032. The space heating boilers market in the United States was accounted for USD 2.5 billion in 2022.
Key Pointers
Report Scope of the Space Heating Boilers Market
| Report Coverage | Details |
| Revenue Share of Europe in 2022 | 65% |
| CAGR of Asia Pacific from 2023 to 2032 | 4.06% |
| Revenue Forecast by 2032 | USD 38.47 billion |
| Growth Rate from 2023 to 2032 | CAGR of 3.43% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Companies Covered | Rheem Manufacturing; Ingersoll-Rand Plc; Daikin Industries, Ltd.; Lennox International; Viessmann Group; Vaillant Group; ECR International, Inc.; AAON; Mitsubishi Electric Corporation; Ariston Thermo USA LLC; Superior Boiler; HKS Lazar sp. z o.o.; Lochinvar; Ideal Heating; Baxi; Navien; Biasi UK Ltd |
Rising awareness of environmental issues and the need to reduce greenhouse gas emissions have driven a strong emphasis on energy-efficient and environmentally friendly space heating boiler solutions. Governments globally have been implementing regulations and incentives to encourage the adoption of more efficient and cleaner space heating boiler technologies.
Space heating boilers are appliances used to provide heat for indoor spaces in residential and commercial buildings. These space heating boilers are a crucial part of the heating system and are responsible for generating and distributing heat throughout the building. They can operate using various fuel sources, including natural gas, oil, propane, electricity, and biomass. They use fuel combustion or electrical resistance to generate heat. Modern space heating boilers are equipped with sophisticated control systems that regulate the boiler's operation and maintain the desired indoor temperature. These controls can optimize energy efficiency and ensure safe and reliable operation. These aforementioned factors are expected to drive the demand for space heating boilers in the coming years.
Growing demand for sustainable buildings coupled with the growing adoption of high-efficiency space heating systems are expected to drive the demand for space heating boilers in the U.S. in the coming years. Various green building certifications, including LEED (Leadership in Energy and Environmental Design) and Energy Star, have gained popularity in the U.S. These recognize buildings that meet high standards of energy efficiency and sustainable design, incentivizing developers and investors to invest in such projects.
Federal, state, and local governments have been offering incentives and implementing regulations to encourage sustainable building practices. These incentives may include tax credits, grants, and rebates, making sustainable building investments more financially attractive. Additionally, many companies in the U.S. have set sustainability targets, including reducing carbon footprints and increasing energy efficiency. Investing in sustainable buildings aligns with these goals and can help companies demonstrate their commitment to environmental responsibility.
Sustainable buildings often have lower operating costs due to reduced energy consumption and efficient designs. Investors recognize the potential for long-term cost savings and increased property value. The availability of green bonds and other forms of sustainable finance has facilitated investments in environmentally friendly projects, including sustainable buildings. These factors are expected to drive the demand for space heating boilers in the coming years.
Energy-efficient space heating boilers offer various benefits compared to traditional, less efficient boiler systems. These are designed to extract more heat from the fuel they burn, resulting in reduced energy waste and lower energy consumption. With reduced energy consumption, energy-efficient space heating boilers can significantly lower operating costs for commercial spaces and homeowners. The initial investment in an energy-efficient space heating boiler is often offset by long-term savings.
Overall, investing in an energy-efficient space heating boiler not only brings cost savings and environmental benefits but also enhances comfort, reliability, and property value. When choosing an energy-efficient space heating boiler, it's essential to consider factors like the size of the property, the heating load, and the available fuel options to ensure the best fit for the user’s specific needs.
Operation Insights
The gas-fired space heating boilers operation segment led the space heating boilers market and accounted for 75% of the revenue share in 2022. The gas-fired space heating boilers vary depending on several key considerations such as the demand, adoption, and utilization of gas-fired space heating boilers in residential and commercial industries. Stringent energy efficiency regulations and environmental standards set by governments are expected to further drive the market demand.
The price of natural gas, as a primary fuel for gas boilers, plays a significant role in their adoption. When natural gas prices are competitive or lower compared to other energy sources, companies are more likely to choose gas-fired space heating boilers to benefit from cost savings. Further, gas-fired space heating boilers that offer high performance and reliability are preferred by companies.
The electric space heating boilers operation segment is expected to witness a CAGR of 5.65% over the forecast period. As a backup heat source for solar applications and applications requiring particular temperature settings, it is perfect for radiant systems. For instance, the AT Series electric boiler, which has a sophisticated microprocessor control and load managing controller, is a 100% efficient, small wall-hung boiler. The cast iron heat exchanger in the AT Series is a tried-and-true one-piece, and it comes with a 20-year limited warranty.
Application Insights
The commercial application segment led the market with a revenue share of 56% in 2022. Since water carries thermal energy quickly and maintains heat longer than air, commercial space heating boilers are inherently energy efficient. They also have a lower risk of developing system leaks since they use pipes rather than ductwork, which uses less energy. Since heat is properly dispersed throughout the area because boilers employ thermal radiation techniques to heat the structure. As long as the heating system is suitably balanced for the necessary heating load, they also operate continuously for extended periods, giving residents steady heat. These aforementioned factors are expected to drive the demand for space heating boilers for commercial application over the forecast period.
The AAON BL Series Packaged Boiler Outdoor Mechanical Room is factory engineered with pre-engineered pumping, piping, and controls in one quick connect package to save time and money at the work site. The BL Boiler is intended for indoor or outdoor application; it can be installed in a conventional mechanical room or moved to the building's exterior to make the most of available inside space. Further, the boiler is a minimum of 88% thermal efficient.
The residential application segment is anticipated to witness a CAGR of 3.66% over the forecast period. Space heating boilers used for residential applications are an essential part of home heating systems. They are designed to provide hot water and/or central heating for houses, apartments, and other residential properties. These aforementioned factors are anticipated to propel the demand for space heating boilers for residential applications in the coming years.
Type Insights
The condensing space heating boilers type segment led the market and accounted for 91% of the global revenue share in 2022. These are superior to non-condensing space heating boilers as they are energy efficient. Up to 30% of a boiler's heat is practically lost before condensing space heating boilers were invented since it was expelled directly into the flue pipe. Condensing space heating boilers also employ a Flue Gas Heat Recovery System to recycle waste heat from the flue to warm the cold water entering the boiler, which allows them to operate at a greater efficiency level.
Traditional boilers typically do not achieve efficiency levels over 55% - 65%. However, non-condensing space heating boilers can achieve up to 78% efficiency (the proportion of useful heat). Condensing space heating boilers, on the other hand, can achieve up to 90% - 99% efficiency. By installing a condensing space heating boiler in a domestic space, the user can save up to 1,200 kg of carbon emissions annually. Condensing space heating boilers are an ideal alternative heating technology since they considerably cut fuel costs and carbon footprint.
The non-condensing space heating boiler type segment is anticipated to witness a CAGR of 2.45% over the forecast period. Since non-condensing space heating boilers are typically less expensive to fix, doing so can result in immediate financial savings. Condensing space heating boilers can save more money, though, because of their longer lifespans and increased fuel efficiency. Owing to this, even though condensing space heating boiler prices are more, they ultimately prove to be the best option. These aforementioned factors are anticipated to propel the demand for space heating boilers in the coming years.
Regional Insights
Europe region dominated the market in 2022 by accounting for a revenue share of 65%. The region has been at the forefront of promoting energy efficiency in the commercial and residential sectors. Stringent regulations and directives, such as the Energy Efficiency Directive (EED) and the Energy Performance of Buildings Directive (EPBD), have pushed businesses to invest in high-efficiency boilers. This has driven the demand for condensing boilers and other advanced technologies that offer better energy performance.
North America, particularly the U.S., and Canada, has stringent energy efficiency regulations and standards. These regulations have driven the demand for high-efficiency commercial space heating boilers, including condensing space heating boilers, which help end-users to reduce energy consumption and operating costs. Further, the growth of the commercial construction sector in North America has created a demand for heating systems, including commercial space heating boilers, in newly constructed buildings and renovated properties.
Asia Pacific region is expected to witness a CAGR of 4.06% over the forecast period. The ongoing urbanization and infrastructure development in the region have resulted in the construction of commercial buildings, shopping complexes, and other commercial facilities. These new constructions require modern and efficient heating systems, boosting the demand for space heating boilers for commercial applications in this region.
Efforts to improve energy infrastructure in the Central & South America region have resulted in increased installations of heating systems, including space heating boilers, for commercial and residential applications. Further, ensuring a stable and reliable energy supply is crucial for the region's economic development. Space heating boilers provide a dependable heating solution, especially in regions with cooler climates or specific industrial processes. These factors are anticipated to drive the demand for space heating boilers in the coming years.
Space Heating Boilers Market Segmentations:
By Operation
By Application
By Type
By Region
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Operation Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Space Heating Boilers Market
5.1. COVID-19 Landscape: Space Heating Boilers Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Space Heating Boilers Market, By Operation
8.1. Space Heating Boilers Market, by Operation, 2023-2032
8.1.1 Gas-fired Space Heating Boilers
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Electric Space Heating Boilers
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Oil-fired Space Heating Boilers
8.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Space Heating Boilers Market, By Application
9.1. Space Heating Boilers Market, by Application, 2023-2032
9.1.1. Residential
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Commercial
9.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Space Heating Boilers Market, By Type
10.1. Space Heating Boilers Market, by Type, 2023-2032
10.1.1. Non-condensing Space Heating Boiler
10.1.1.1. Market Revenue and Forecast (2020-2032)
10.1.2. Condensing Space Heating Boiler
10.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 11. Global Space Heating Boilers Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Operation (2020-2032)
11.1.2. Market Revenue and Forecast, by Application (2020-2032)
11.1.3. Market Revenue and Forecast, by Type (2020-2032)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Operation (2020-2032)
11.1.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.1.4.3. Market Revenue and Forecast, by Type (2020-2032)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Operation (2020-2032)
11.1.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.1.5.3. Market Revenue and Forecast, by Type (2020-2032)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Operation (2020-2032)
11.2.2. Market Revenue and Forecast, by Application (2020-2032)
11.2.3. Market Revenue and Forecast, by Type (2020-2032)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Operation (2020-2032)
11.2.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.2.4.3. Market Revenue and Forecast, by Type (2020-2032)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Operation (2020-2032)
11.2.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.2.5.3. Market Revenue and Forecast, by Type (2020-2032)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Operation (2020-2032)
11.2.6.2. Market Revenue and Forecast, by Application (2020-2032)
11.2.6.3. Market Revenue and Forecast, by Type (2020-2032)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Operation (2020-2032)
11.2.7.2. Market Revenue and Forecast, by Application (2020-2032)
11.2.7.3. Market Revenue and Forecast, by Type (2020-2032)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Operation (2020-2032)
11.3.2. Market Revenue and Forecast, by Application (2020-2032)
11.3.3. Market Revenue and Forecast, by Type (2020-2032)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Operation (2020-2032)
11.3.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.3.4.3. Market Revenue and Forecast, by Type (2020-2032)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Operation (2020-2032)
11.3.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.3.5.3. Market Revenue and Forecast, by Type (2020-2032)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Operation (2020-2032)
11.3.6.2. Market Revenue and Forecast, by Application (2020-2032)
11.3.6.3. Market Revenue and Forecast, by Type (2020-2032)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Operation (2020-2032)
11.3.7.2. Market Revenue and Forecast, by Application (2020-2032)
11.3.7.3. Market Revenue and Forecast, by Type (2020-2032)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Operation (2020-2032)
11.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.4.3. Market Revenue and Forecast, by Type (2020-2032)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Operation (2020-2032)
11.4.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.4.4.3. Market Revenue and Forecast, by Type (2020-2032)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Operation (2020-2032)
11.4.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.4.5.3. Market Revenue and Forecast, by Type (2020-2032)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Operation (2020-2032)
11.4.6.2. Market Revenue and Forecast, by Application (2020-2032)
11.4.6.3. Market Revenue and Forecast, by Type (2020-2032)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Operation (2020-2032)
11.4.7.2. Market Revenue and Forecast, by Application (2020-2032)
11.4.7.3. Market Revenue and Forecast, by Type (2020-2032)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Operation (2020-2032)
11.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.5.3. Market Revenue and Forecast, by Type (2020-2032)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Operation (2020-2032)
11.5.4.2. Market Revenue and Forecast, by Application (2020-2032)
11.5.4.3. Market Revenue and Forecast, by Type (2020-2032)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Operation (2020-2032)
11.5.5.2. Market Revenue and Forecast, by Application (2020-2032)
11.5.5.3. Market Revenue and Forecast, by Type (2020-2032)
Chapter 12. Company Profiles
12.1. Rheem Manufacturing
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Ingersoll-Rand Plc
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Daikin Industries, Ltd.
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Lennox International
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Viessmann Group
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Vaillant Group
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. ECR International, Inc.
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. AAON
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Mitsubishi Electric Corporation
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Ariston Thermo USA LLC
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers