Technavio's latest report on the global domestic boiler marketprovides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new report on the global domestic boiler market from 2017-2021. (Graphic: Business Wire)
The global domestic boiler market is expected to grow significantly during the forecast period with Europe dominating the market throughout. This growth can be attributed to the increase in residential construction coupled with the need to replace older, inefficient boilers to conserve energy. This has resulted in the increased adoption of new boilers among a larger consumer base. Factors such as the rebound in consumer confidence levels accompanied by the recovery in the housing market in the US and Western Europe will also support the growth of the market.
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The top three emerging trends driving the global domestic boiler market according to Technavio heavy industry research analysts are:
- Growing use of smart thermostats
- Integration of IoT with boilers
- Building automation systems
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Growing use of smart thermostats
Smart thermostats are gaining popularity in residential as well as commercial spaces. In the commercial sector, these systems find application in small- to medium-sized buildings. These systems are automatically installed with advanced firmware and algorithms, which, along with their learning ability, help in boosting the energy efficiency of buildings while ensuring low installation costs. These systems involve higher costs in larger buildings, as they require even more customization.
"Smart thermostats can save energy costs of up to USD 180 a year. Though programmable thermostats can save on energy costs, smart thermostats can provide additional insights on energy consumption and temperature requirements. Smart thermostats enabled with Wi-Fi can adjust the room temperature automatically from a remote location," says Gaurav Mohindru, a lead analyst at Technavio for research on engineering tools.
Integration of IoT with boilers
The Internet of Things (IoT) connects components or systems to the Internet and allows them to send and receive data over the network. IoT allows devices to communicate without human-to-human or human-to-computer intervention. These systems enable real-time remote monitoring and actionable analytics.
"The integration of IoT with boiler systems is opening new avenues for the market in terms of revenue. The implementation of IoT is still in its nascent stage in the market. However, IoT companies are making efforts to connect gas boilers and other heating devices to the IoT platform. The growing penetration of IoT platform in the boiler market will have a significant impact on the global domestic boiler market in the next five years," adds Gaurav.
Building automation systems
Building automation systems (BAS) that control and monitor heating and other facilities in a given building can be enhanced by embedding them with computing and digital communication tools, which allow them to enhance energy efficiency. The rise in the number of construction projects and building retrofits has led to an increase in the number of BAS-integrated installations.
Improvements in sensor technologies, enhanced user interfaces, and availability of faster and cheaper communication systems have led to advances in BAS technology. Manufacturers are implementing open protocols to provide improved control solutions. BAS is rapidly gaining popularity for its ability to enhance the interaction and operability between the heating and cooling equipment, lighting, fire, and security control units in a building.
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