LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global combi boilers market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global combi boilers market will grow at a CAGR of around 6% during the forecast period. The steady growth in single-family and detached homes is a major factor driving the market’s growth.
Combi boilers are best suited for small-sized homes. Thus, they are extensively used for single-family homes. The increase in the number of single-family homes or detached housing will play an essential role in driving the demand for combi boilers. The chronic shortage of existing homes available for sale has resulted in an increase in single-family housing starts. A key trend that has been witnessed particularly in the US is the shrinking size of single-family homes. The size of single-family homes has been reducing and the trend was observed to continue until the first quarter of 2017.
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The three emerging market trends driving the global combi boilers market according to Technavio research analysts are:
- Advent of smart thermostats
- Growing demand for home energy management systems (HEMS)
- Combining solar hot water systems with combi boilers
Advent of smart thermostats
The growing trend of automation has led to the development of smart thermostats that have gained mass popularity in both the residential as well as commercial sectors. These systems are equipped with advanced firmware and technology that boost the energy-efficiency of buildings. Though these thermostats are costlier than the traditional ones, they enable long-term savings. Smart thermostats also provide consumers with insights about energy use and optimum temperature requirements. In addition, these thermostats are equipped with Wi-Fi and can be operated from a remote location.
Despite the various benefits, smart thermostats require high initiation costs, especially for large buildings due to customized requirements. Moreover, in smaller buildings, they do not generate a return on investment (ROI) because of the lack of varying cooling and heating needs.
“Smart thermostats can be integrated with household appliances such as space heaters and water heaters, thereby enhancing their energy efficiency. It is expected that further technological advances in smart thermostats may result in reduced costs that might impact the market for combi boilers,” says a senior analyst at Technavio for research on unit operations.
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Global combi boilers market segmentation
This market research report segments the global combi boilers market based on product (gas-fired combi boilers, oil-fired combi boilers, and electric combi boilers) and geography (the Americas, APAC, and EMEA).
EMEA dominated the market in 2017, accounting for a share of more than 55%. The cold climatic conditions in Europe will further drive the demand for combi boilers in the region. The growth in demand for combi boilers in EMEA will outpace that in APAC and the Americas.
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