Global Boiler Market Exceeds $6.1 Billion
Our February M/E Roundtable talked about specifying boilers, a market which continues to grow significantly worldwide according to a recent study.
The world domestic boiler market rose to $6.1 billion and 8.6 million units in 2001 and is continuing to grow significantly, according to BSRIA, a United Kingdom-based global market research firm.
In a recent study on the world domestic boiler market, BSRIA researchers discovered:
South Korea is the world's largest market by volume, although the UK will overtake it this year. Germany is the largest by value.
Despite its deep economic woes, Japan is the world's fastest growing market, with China second.
Condensing boilers is the fastest growing segment at 10% per year to more than 1 million units in 2004. Currently, four countries control 90% of the world market.
There are many strange products and practices across the world, for example, split boiler systems in Japan, residential electrical boilers in Korea and conventional and back boilers in the U.K.
Although European boiler manufacturers dominate the world market, their penetration outside Europe is low because many other big names emerging in the Far East and North America.
BSRIA's study, "The World Market for Domestic Boilers," published in February 2002, covers 24 countries and includes an overview report. The report was compiled based upon 360 interviews with key manufacturers, importers and other suppliers.
For more information, visit BSRIA's web site at: www.bsria.co.uk/wmi .