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The market for combi boilers is predicted to expand due to rising urbanization and industrialization. According to the Gas Research Institute's industrial boiler population, the bulk of combi boilers, around 60% of them, were concentrated in the five major steam-consuming sectors.
NEWARK, Del. , Aug. 4, 2022 /PRNewswire/ -- During the forecast period 2022-2032, the combi boiler market is expected to grow at a value of 5.2% CAGR, according to Future Market Insights. In 2021, this market was predicted to have a global valuation of US$ 23.5 Billion , and is expected to reach a sum of US$ 40.17 Billion by 2032. A combination or 'combi' boiler is a compact appliance that combines a high-efficiency water heater and a heating boiler system. Combi boiler systems also necessitate less plumbing, lowering initial costs and the likelihood of a leaking pipe.
Combi boilers are preferred by around 72% of UK homeowners over traditional boilers because of their efficiency and compact form. Combi boilers are connected to the mains water supply and offer on-demand hot water. The market for combi boilers is expected to grow due to rising urbanization. Furthermore, population growth in the developing regions is rapid, with the urban population anticipated to rise from 3.85 billion today to 6.31 billion in 2050. Such factors will increase global demand for combi boilers.
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As a result, combi boilers are ideal for installation in a loft, or even a kitchen closet. Some designs may incorporate a tank, allowing for increased hot water flow rates. During the projection period, such advances will drive demand for combi boilers. In light of rising use of dependable and effective heating solutions, the condensing technology category is predicted to dominate the global market share in 2022. High operating efficiency, less environmental contamination, lower energy costs, and increased energy recovery are some key variables that will positively influence product demand.
Key Takeaways from the Market Study
"Simple design, substantial energy savings, compact size, enhanced efficiency, and dependable operation across a wide range of applications will drive industry demand, as will continuous expenditures in the installation of space heating technologies," comments a Future Market Insights analyst.
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The most important strategy being taken by the market's leading players is the expansion of their product portfolio. At the moment, certain players are attempting to improve product quality by utilizing modern technologies such as IoT and AI. In addition, firms are using partnerships, mergers and acquisitions, and collaboration as significant methods to enter a new market.
Future Market Insights, in its new offering, presents an unbiased analysis of the global combi boiler market, presenting historical analysis from 2016 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of fuel (natural gas, oil, others), by technology (condensing and non-condensing) and region (North America , Latin America , Europe , Asia Pacific , and Middle East & Africa ).
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Key Segments Covered in the Combi Boiler Market Report
Combi Boiler Market by Fuel:
Combi Boiler Market by Technology:
Combi Boiler Market by Region:
3. Market Background and Foundation Data Points
3.1. Need of the Hour for Industries
4. Global Combi Boiler Market Demand (US$ Mn) Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Value (US$ Mn) Analysis, 2017-2021
4.2. Current and Future Market Value (US$ Mn) Projections, 2022-2032
About the Industrial Automation Division at Future Market Insights
The industrial automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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