Oil Condensing Boiler Market Size, Share, Growth, and Industry Analysis, By Type (Floor Standing Boiler, Wall Mounted Boiler), By Application (Residential, Commercial) and Regional Insights and Forecast to 2031

Updated On: 29 April 2024

OIL CONDENSING BOILER MARKET REPORT OVERVIEW

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The global oil condensing boiler market size was USD 449.4 million in 2019 and will touch USD 546.7 million by 2026, exhibiting a CAGR of 3.0% during the forecast period.

An oil condensing boiler is a heating device designed to efficiently convert petroleum fuel into heat using condensation principles. These boilers are built with a larger heat exchanger, which allows more heat to be transferred from the combustion gases to the water in the heating system. This increases efficiency because more heat is obtained from the fuel and less waste is produced.

The growing focus on energy efficiency and environmental sustainability increases the demand for even more efficient heating solutions. Oil condensing boilers offer significant improvements in efficiency and emission reduction over traditional oil boilers. This makes them a desirable choice for users looking to minimize their carbon footprint and reduce energy consumption. The oil condensing boiler marketplace is pushed through numerous factors, inclusive of growing call for energy-green heating solutions, growing focus approximately environmental sustainability, and authorities tasks selling energy-green technologies. Moreover, the developing urbanization and industrialization in growing international locations also are contributing to the marketplace growth.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic negatively stimulated the residential boiler marketplace because it caused a global shutdown of infrastructure initiatives which include several industrial and home creation activities, for that reason decreasing the call for oil condensing boiler installation. Furthermore, the consistent lockdowns, exceptional inflation, and financial losses caused negative monetary situations for families throughout numerous countries. This situation negatively stimulated the boiler renovation requirements. However, the growing awareness on easy strength structures and gasoline performance is anticipated to foster the deployment of strength-green boiler technologies.

LATEST TRENDS

"Adoption Of Clever And Related Technologies Will Drive Market Growth"

One of the tremendous developments determined withinside the oil condensing boiler marketplace is the adoption of clever and related technologies. Manufacturers are integrating IoT (Internet of Things) and superior tracking structures into those boilers to decorate their performance and performance. Additionally, there's a developing choice for compact and space-saving designs, that is using product innovation withinside the marketplace. One of the main trends is the spread of environmentally friendly and energy-efficient heating solutions, due to the growing concern about carbon dioxide emissions and environmental sustainability. In addition, the demand for small and space-saving boilers is increasing, especially in urban areas where space is limited. In addition, advances in technology have led to the development of smart and connected boiler systems that allow users to remotely monitor and control their heating systems. The market is also seeing a shift towards the use of alternative fuels and the integration of renewable energy sources, which will further boost the oil condensing boiler market growth.

OIL CONDENSING BOILER MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into Floor Standing Boiler, Wall Mounted Boiler.

Wall-mounted models are compact and wall-mountable, making them ideal for small spaces. They are also very efficient and provide heat and hot water when needed.

Floor models, on the other hand, are larger and suitable for larger rooms. They offer higher heat output and are more suitable for commercial or industrial use. Both boilers use condensing technology to maximize energy efficiency and reduce fuel consumption.

• By Application

Based on application the global market can be categorized into Residential, Commercial.

In residential buildings, these boilers are usually used to heat the home.

Commercial enterprises such as small offices, cafes and shops also use these boilers for heating and hot water supply.

DRIVING FACTORS

"Focusing On Energy Efficiency to Accelerate Market Growth"

Increased investments in energy efficiency that are both cost-effective and environmentally positive will increase market demand. The demand for domestic boilers is increasing in response to the growing need for efficient domestic boilers. The boiler heats the interior using the trapped heat generated by the condensation of water vapor and using significantly less fuel. Due to their high efficiency and cost-effectiveness, the demand for domestic boilers is expected to grow exponentially with the introduction of Smart Home concepts. Modern boilers with smart control options are becoming more common. As young people prefer smart home products, sales of smart boilers are expected to increase.

"Growing adoption of environmentally friendly laws and regulations to Propel the Market Growth"

The unexpectedly increasing petrochemical and chemical industries in growing international locations inclusive of India and China are anticipated to force up call for commercial boilers. Demand is probably to climb in addition because of accelerated funding in mega power tasks across the world. These vessels are often hired with inside the chemical and petrochemical sectors, which account for almost all of commercial boilers on this software area. Strict environmental regulations are encouraging the adoption of such systems, which will increase the demand for industrial boilers in the coming years. According to the US Environmental Protection Agency, the goal of the new boiler restrictions is to massively reduce environmental emissions. More than 88% of boilers from major sources can meet emission standards with annual adjustments, but the remaining 12.0% require renovation or replacement to reduce harmful emissions, which is expected to create opportunities for manufacturers during the forecast period.

RESTRAINING FACTORS

"Rising Availability Of Boiler Options to Obstruct Product Call "

Easy availability, accessibility, and affordability of opportunity merchandise ought to restrain the residential boiler marketplace growth. The ongoing traits within side the subject of renewable heating structures for residential and industrial programs poses a danger to conventionally powered boilers. However, the presence of supportive authorities’ guidelines and incentives are accelerating the reputation of renewable technology at the same time as fostering improvements within side the subject of hydrogen-primarily based totally boilers. In addition, the growing efforts allowing the smooth and low-priced retrofitting of electricity structures throughout residential homes will spur enterprise progression.

OIL CONDENSING BOILER MARKET REGIONAL INSIGHTS

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"North America to Dominate the Market due to Growing Call For Energy-Green Residential "

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

The oil condensing boiler market share in North America is predicted to witness extensive increase because of the growing call for energy-green residential and business heating systems. The region’s stringent policies on carbon emissions additionally make contributions to marketplace increase.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The oil condensing boiler market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Worcester Bosch (U.K.)
• Wolf GmbH (Germany)
• Viessmann (Germany)
• Grant Engineering (U.K.)
• KD Navien (South Korea)
• August Brotje GmbH (Germany)
• De Dietrich Heating (France)
• Hoval (U.K.)
• FERROLI (India)
• Mistral Boilers (U.K.)
• MHG Heating (U.K.)

INDUSTRIAL DEVELOPMENT

November 2022: VISSEMANN launched the Vitodens boiler collection with a capacity of 35 kW. The new addition offers hot water capacity from 2.9 kW to 35 kW and heating capacity from 3.2 to 32 kW. The newmodels are Wi-Fi compatible, so the homeowner can fully control the heating using the ViCare app. The new series increased the company's turnover and accelerated its growth.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.