Rising standards and regulations outlined by various organizations, such as the Department of Energy (DOE) that focuses on the energy efficiency of the boilers, have driven the growth of the high-efficiency boiler segment across the residential sector in the last few years. This growth is further supported by the inhabitants that have become more aware of the effects of carbon emissions on the environment and rising energy costs. This industry trend is expected to follow the years to come and have an impact on the wholesalers and the manufacturers in the market that are focusing on switching and expanding towards high-efficiency boiler segments by launching new products and diversifying their existing product portfolio. For instance, on September 3, 2020, Weil-McLain launched Eco-Tech boilers that feature an AFUE rating of 95%.
In light of the rising disposable incomes of the individuals, more focus on comfort and custom homes has been observed. Thus, to meet these evolving demands, the manufacturers are willing to adopt technologies such as integrating digital and IoT systems that can offer the customer an effective system monitoring, control, and better efficiency.
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Impact of COVID-19
The pandemic crisis has created both doubts and opportunities for the players engaged in the boiler business. As the uncertainty around the pandemic rises, it is further pushing the individuals to seek more energy-efficient solutions that can survive through lockdowns. This has created a lucrative growth opportunity for the manufactures of residential boilers as the individuals are spending more time at home and consuming electricity at a significant rate, owing to which they are willing to upgrading their heating systems with more energy-efficient boilers to reduce energy consumption and electricity bills. However, it can also be stated that the potential recession faced by the U.S. economy is likely to incline the homeowners towards opting for less expensive brands or fixing their existing equipment versus replacing with new boilers.
The U.S. Residential Boiler Market: Segmentation
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* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now