The global combi boiler market is estimated to grow at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the dual application of combi boilers, as it reduces the total energy consumption, and is eco-friendly. Combi boilers offer water heater, combined with central heating systems, by utilizing the heat produced during the process, which is otherwise wasted in the atmosphere. Moreover, the environment friendly and energy efficient nature of combi boiler is estimated to propel the market growth. In addition to this, the growing demand for heating systems in urban residents, especially in temperate and tundra regions, is further anticipated to boost the market growth. As per the World Bank data, 56.156% of the global population lived in urban settlements in 2020. The increasing urban population is foreseen to increase the demand for combi boilers. Along with this, various favorable features of combi boilers, such as, compact size, space saving, and lower cost as compared to deploying two different systems for each function, are also projected to fuel the market growth.
The market is segmented by end-user into residential, and non-residential out of which, the residential segment is anticipated to hold the notable share in the global combi boiler market over the forecast period on account of increasing demand for efficient heating systems in residents, backed by growing environment awareness amongst the people. Moreover, combi boilers can save significant energy cost, making them pocket-friendly for residential use, which is expected to boost the segment growth.CLICK TO DOWNLOAD SAMPLE REPORT
In 2019, the world’s total energy supply was 606EJ, wherein the highest share in terms of source was captured by oil, accounting for 30.9%, followed by coal (26.8%), natural gas (23.2%), biofuels and waste (9.4%), nuclear (5.0%), hydro (2.5%), and other (2.2%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 1% due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global combi boiler market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness highest growth over the forecast period on the back of increasing adoption of combi boilers in countries, such as, Japan, China, and South Korea. These countries experience cold temperatures, especially during winters, which leads to a high demand for water heaters, as well as, central heaters. As combi heater provides both functions in a single compact unit, its demand is growing in the region, which, in turn, is estimated to boost the market growth. Moreover, the high urban population in developing countries, is further forecasted to fuel the market growth. As per the World Bank data, in Japan, 91.782% of the population lived in urban areas, as of 2020. Besides, the presence of various major market players in the region, is further projected to fuel the market growth.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of growing demand for efficient heating systems in colder regions, such as, Canada, and the U.S., along with rising environment awareness amongst the people.
The global combi boiler market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global combi boiler market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The availability of water heater as well as central heater in a combi boiler is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2031.
High competition from alternative sources, and low awareness amongst the people are estimated to hamper the market growth.
The Asia Pacific region is anticipated to provide more business opportunities over the forecast period owing to the high demand for energy efficient heating systems in the region.
The major players in the market are BDR Thermea Group, A.O. Smith Corporation, Ferroli S.p.A., Vaillant Group, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by technology, application, end-user, and by region.
The residential segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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