Hybrid Boiler Market Size, Share, Growth, and Industry Analysis by Type (Boiler with Air Source Heat Pump, Boiler with Ground Source Heat Pump, and Others), By Application (Commercial, Residential, and Industrial) Regional Forecast Forecast From 2023 To 2028

Updated On: 15 May 2023

HYBRID BOILER MARKET REPORT OVERVIEW

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The global hybrid boiler market size is USD  682 million in 2022 and the market is projected to touch USD 1397.4 million by 2028, with a growing compound annual growth rate (CAGR) of 12.7% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with hybrid boiler experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.

A hybrid boiler is a regular boiler combined with a renewable technology, such as an air source heat pump or a ground source heat pump. It will switch between the two energy sources automatically based on which is the most efficient at the moment. It automatically monitors the outside temperature and determines the most efficient and cost-effective means of heating your house and providing hot water, utilising a heat pump wherever possible. The heat pump can collect warmth from the air or ground at extremely low temperatures, but if these temperatures fall too low, the boiler will fire up since it is more cost-effective for the boiler to function. They can be a smart way to reduce dependency on fossil fuels without compromising comfort because the property benefits from both heating systems.

The system is suitable for all seasons, keeping the home cool in the summer and warm in the winter. Heat pumps function as a "reverse air conditioner" to deliver heat when it is required. If the outside circumstances are too harsh for this to fulfil requirements efficiently, the boiler will kick in to make up the difference. Because consumers are utilising two distinct heating techniques in tandem, and neither is used on a continuous basis, a hybrid system won't have to work as hard and should last longer. They are often installed or supplied in conjunction with a hybrid system. These blend the best of old and modern technology by combining a heat pump with a standard gas, LPG, or electricity source.

COVID-19 Impact: Lockdown Accelerated the Market Expansion

Because of lockdowns, travel bans, and company closures caused by the COVID-19 outbreak, numerous nations' economies and sectors have suffered. The general market breakdown caused by COVID-19 is also impacting the hybrid boiler market growth owing to factory closures, supply chain obstacles, and the global economic crisis. Because all elements of the market were impacted, such as production and supply chain, the ultimate sale of the product took a downward turn.

LATEST TRENDS

"Use of Solar Energy Leads to Market Expansion"

Solar energy is the most well-known renewable energy source. despite the fact that there is no all-in-one hybrid solution that merges solar with a typical boiler. However, the two technologies can operate together to minimise carbon emissions and lower energy expenses. Solar thermal panels use solar energy to provide hot water for your central heating, taps, and bathtubs. In the current situation, the answer is a lifesaver, and it also contributes to market expansion.

HYBRID BOILER MARKET SEGMENTATION

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• By Type

Based on Type; the market is divided into Boiler with Air Source Heat Pump, Boiler with Ground Source Heat Pump, and Others.

Boiler with Ground Source Heat Pump is the leading part of the platform segment.

• By Application

Based on Application; the market is divided into Commercial, Residential,and Industrial.

Residential is the leading part of the application segment.

DRIVING FACTORS

"Technological Advancement Speed Up the Market Demand"

Growing technical advancements in the fuel burning system, together with increased demand for flexi-fuel type boilers, are likely to drive hybrid boiler market sales throughout the forecast period. Furthermore, they are widely used for domestic purposes to heat a building or others, which is expected to accelerate new sales of these boilers throughout the forecasted time period. Because it can run on both combustible and non-combustible fuel, it is gaining interest in the industrial sector.

"Demand from Various Sectors Leads to an Increase in Market Demand"

Leading competitors in the hybrid boiler market are focusing on using lightweight components such as pumps and metres, among others. Furthermore, the production of such boilers is becoming more cost-effective, making them more cost-effective in terms of price-to-power ratio. Growing automated technologies for boiler fuel combustion, such as artificial intelligence and the Internet of Things (IoT), among others, are offering a profitable route for the hybrid boiler market, which is supplemented to satisfy the need for hybrid boilers during the specified time period.

RESTRAINING FACTORS

"High Maintenance Cost to Slow Down the Market's Growth"

Because these boilers have more complex features than normal boilers, they cost more to install and build. Furthermore, because it differs from other types of boilers, veteran workers are necessary for repair and maintenance. In comparison to traditional boilers, it requires specifically qualified people to operate it and maintain it. The hybrid boiler market may be hampered by high maintenance and repair costs compared to conventional boilers.

HYBRID BOILER MARKET REGIONAL INSIGHTS

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"North America  to lead market owing to Urbanization"

The majority of the hybrid boiler market share, on a worldwide scale, is in North America. North America is also expected to develop at a rapid pace due to the growing number of commercial buildings and industrial sectors, as well as people's desire to employ eco-friendly and cost-effective building heating solutions. The product's energy-saving features make it a popular option among customers.

KEY INDUSTRY PLAYERS

"Key Participants to Accelerate Market Growth"

This market's data was compiled from a number of sources. Trade magazines, statistics from professional organisations, academic research, and government publications are a few examples. In addition to these main sources, information is obtained from manufacturers, distributors, sellers, retailers, micro-experts, and other market participants. The study provides information on market participants as well as their geographical activities. Data gathering and report generating techniques include collaborations, technological developments, acquisitions, mergers, and the growth of industrial facilities.

List of Market Players Profiled

• Daikin Airconditioning (Japan)
• Immergas (Italy)
• Viessmann (Germany)
• Worcester Bosch (U.K.)
• IBL Group (Mauritius)
• Hurst Boiler & Welding (U.S.)
• OSAKA BOILER (Japan)
• Advanced Thermal Hydronics (U.S.)

REPORT COVERAGE

         The research covers a thorough review of the market's current status as well as a look at raw materials, technology, and machinery, as well as supply and demand, production capacity, and industry chain analysis. This study assesses the market possibilities and dangers connected with the formation of certain categories. It also examines the impact of important market drivers and industry development constraints. The effectiveness of big firms is assessed throughout time, and their effects on market dynamics are investigated.