Hydrogen Boilers Market: Current Analysis and Forecast (2023-2030)

Report Description

Global Hydrogen Boiler Market is expected to grow at a significant rate of around 6.2% during the forecast period. Hydrogen Boilers is defined as a heating device that uses hydrogen gas as its fuel instead of natural gas or other conventional fuels. Hydrogen gas is burned in a combustion chamber, producing heat that is used to warm up water which is then circulated through pipes to provide heating and hot water for homes. In addition, Hydrogen is derived either from splitting fossil fuel gas at extreme temperatures known as blue hydrogen, or by splitting water using electricity from renewables, with minimal emissions known as green hydrogen. Factors such as the increasing technological advancements coupled with the growing environmental benefits. Major companies in the market offer hydrogen boilers for power generation plants, district heating, food processing, chemical refining, and pulp and paper mills with technologically advanced features. For instance, in Feb 2023, ‘Hydrogen-ready’ boilers are a lifeline for fossil fuel heating in Europe. To have abundant green hydrogen or clean bioenergy supplies sufficient to replace fossil fuels for heating.

Baxi; Ideal Heating; Viessmann Manufacturing Co.; Bosch Thermotechnology Ltd.; Jericho Energy Ventures; Hydrogen Technologies LLC; UNITBIRWELCO; Vaillant Group; Stork; BDR Thermea Group are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst technology, Hydrogen Blend-Ready category is expected to grow with a significant CAGR during the forecast period”

Based on technology, the market is segmented into Hydrogen Blend, Hydrogen Ready, and Hydrogen Blend-Ready. The Hydrogen Blend-Ready category is expected to grow with a significant CAGR during the forecast period. This is mainly owing to the growing awareness of the need to reduce carbon emissions and transition towards cleaner energy sources. Hydrogen blend-ready boilers offer a promising solution by allowing for the use of hydrogen as a low-carbon alternative to traditional fossil fuels. Furthermore, the development of hydrogen infrastructure, including refueling stations and transportation networks, is also driving up demand for hydrogen blend-ready boilers. As more countries commit to achieving net-zero emissions, the demand for these boilers is likely to continue to grow.

Hydrogen Boiler Market Report Coverage

“Europe is anticipated to grow at a substantial CAGR during the forecast period”

In 2021, Europe holds a significant market share in 2021 and is also expected to grow with a significant CAGR during the forecasted period. This is mainly owing to the rising adoption of hydrogen boilers to make the region an eco-friendly, carbon-free environment. Additionally, increasing demand for clean energy sources, as hydrogen is a clean-burning fuel that produces no greenhouse gas emissions. Additionally, hydrogen boilers offer high energy efficiency, making them an attractive option for homeowners and businesses looking to reduce their energy costs. For instance, in Feb 2023, ‘Hydrogen-ready’ boilers are a lifeline for fossil fuel heating in Europe. To have abundant green hydrogen or clean bioenergy supplies sufficient to replace fossil fuels for heating.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global hydrogen boiler market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Hydrogen Boiler Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global hydrogen boiler market were the three major steps undertaken to create and analyze the adoption of hydrogen boiler in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global hydrogen boiler market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the hydrogen boiler market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the hydrogen boiler market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as technology. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the hydrogen boiler market. Further, we conducted factor analysis using dependent and independent variables such as various technology of hydrogen boiler. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the hydrogen boiler market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global hydrogen boiler market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the hydrogen boiler market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global hydrogen boiler market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global hydrogen boiler market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of technology in the global hydrogen boiler market.

The main objective of the Global Hydrogen Boiler Market Study

The current & future market trends of the global hydrogen boiler market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the hydrogen boiler market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of technology.
• Define and analysis of the regulatory framework for the hydrogen boiler
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the hydrogen boiler market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the hydrogen boiler market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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