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Europe Residential Boiler Market is anticipated to exceed 6 Million Units by 2024

Author : Rahul Sankrityayan | Published Date : 2019-06-27 

The shifting focus of European countries toward developing sustainable, energy efficient heating systems is driving Europe residential boiler market. Over the last few years, in line with the mounting concern about the growing emissions from boilers that have been hampering the ecosystem, the European Commission has taken a decision to optimize the sustainability of residential boilers. Consequently, the development of sustainable and energy efficient heating system variants has helped decrease energy bills across the EU. Reportedly, the heating and cooling systems deployed at the buildings and industries have been accounting for approximately 50% of annual energy consumption of the European Union.

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As per a study carried out by the European Commission, nearly 50% of the buildings across Europe possess old boilers with an efficiency rate of less than 60%. Out of those old boilers, 47% are oil boilers, 22% are gas boilers, 58% are coal boilers, and 34% are direct electric boilers, prompting an immediate renovation of sorts. However, the rate of renovation in the EU was very less in 2016. In this regard, most of the countries have been deploying significant regulatory policies to boost refurbishment activities for renovating existing buildings. Some of the countries have been encouraging tenants and house owners to invest in the refurbishment of existing heating systems by providing cost-effective energy solutions to the people staying in the multi-apartment buildings.

Speaking along to the same lines, regional governments have also been executing public awareness programs to educate people about the selection of high performance and clean boiler systems for ensuring energy renovation and making buildings more efficient. Such strategies will increase the adoption rate of smart and renewable energy facilities across European countries. As of now, renewable energy accounts for approximately 18% of the primary energy consumption in the heating and cooling sector and is quite likely to depict a massive rise ahead, further pushing Europe residential boiler market trends.

Considering the long-term benefits associated with the deployment of renewable boiler systems for residential applications, policymakers as well as energy companies have been putting their efforts to encourage the development of next-generation products. The increasing availability of advanced and smart residential boiler systems will significantly result into a rise in the product demand. In addition, numerous European countries have set a target to decarbonize residential buildings by 2050 by reducing oil imports and increasing dependency on renewables. The implementation of supportive energy efficient directives across most of the European countries is thus poised to enhance Europe residential boiler industry share over the years ahead.

In accordance with the increasing importance for the clean and efficient boiler systems, players in the Europe residential boiler market have been keenly looking forward to developing an eco-friendly design for air heating devices and electricity generation equipment. The emerging technologies integrated into the development of smart residential boilers will further promote the industry trends over the years ahead. Owing to the multi-tasking capability of recently developed residential boilers, Europeans have been observed to have shifted their preference, prompting regional boiler manufacturers to come up with multi-tasking and energy efficient boiler variants.

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For instance, gas boilers have been preferred due to their capability to generate electricity as well as to deliver hot water. As per estimates, driven by a supportive regulatory scenario and the rise in the consumers’ preference, gas boilers will achieve the third position in the European market by 2030. Indeed, a report by Global Market Insights, Inc., claims that by the end of 2024, Europe residential boiler market size from gas-fired products would exceed 3 million units in terms of annual installations by the end of 2024 owing to the surging acceptance for this home heating technology.

It is noteworthy to mention that growing importance for the energy efficiency and the surging replacement of old energy generation equipment have been driving Europe residential boiler industry considerably. The enforcement of various directives and norms to reduce carbon dioxide emissions will also have a positive influence on the product demand. In addition, with the support of subsidized energy utilities, the European masses are expected to adopt the new generation boilers on a large scale that will have a notable impact on the industry growth. For the record, by the end of 2024, Europe residential boiler market will surpass a revenue collection of USD 6 billion.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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