![]() This, in turn, decreased the demand for boilers from residential consumers. The Covid-19 outbreak resulted in a temporary ban on the import & export and manufacturing & processing activities across several industries. ![]() On the contrary, technological advancements toward energy-efficient boilers are expected to open lucrative opportunities for the market players in the future.ĭownload Report Sample (210 Pages PDF with Insights) However, high cost of residential boiler and rise in use of renewable energy systems hinder the market growth. Increase in demand for space and water heating systems and surge in growth of the residential construction sector along with strict government regulations toward environmental pollution have boosted the growth of the global residential boiler market. Portland, OR, Ap(GLOBE NEWSWIRE) - As per the report published by Allied Market Research, the global residential boiler market was accounted for $8.1 billion in 2019, and is projected to reach $12.3 billion by 2027, growing at a CAGR of 5.8% from 2020 to 2027. ![]() Moreover, the prolonged lockdown resulted in disruption of the supply chain and rise in prices of raw materials. Europe held the lion’s share in 2019, accounting for nearly two-fifths of the market. Increase in demand for space and water heating systems and surge in growth of the residential construction sector have boosted the growth of the global residential boiler market.
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