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Domestic Heating Market Report 2009
Key Note Publications Ltd, March 2009, Pages: 156
The authors estimate that, in 2008, the UK domestic heating market reached £2.01bn at manufacturers’ selling prices (msp), having increased by 3.2% compared with 2007, and by 25.3% since 2004. The main reasons for this growth were the expansion of replacement sales for new boilers, a buoyant housebuilding market and strong consumer spending earlier in the period. In the final quarter of 2007, the market suffered a downturn in real terms due to the economic downturn.
The domestic heating market includes mainly central-heating and — to a lesser extent — space-heating systems and equipment. Products include boilers, boiler spares, radiators, pumps and controls. The boilers sector has continued to benefit from rising energy prices and from changes in building regulations requiring more energy-efficient products such as condensing boilers, which have spurred replacement sales. Sales of radiators have gained from low-cost imports and from the wide variety of new and fashionable styles and materials.
The boom in the UK housebuilding sector began to falter in 2007, and collapsed in 2008, severely affecting demand for new heating systems. Although the replacement market — the largest sector of the industry — continued unabated in 2007, declining consumer confidence, rising unemployment and tightened credit availability combined to bring about the overall market downturn. Replacement sales represent around 70% of the domestic heating market, and their share is likely to rise in 2009 as tight credit conditions and rising unemployment will make homeowners increasingly reluctant to spend on new systems if they have the option to repair or replace.
Manufacturers are currently facing overcapacity in European boiler radiator sectors, which may lead to further manufacturing consolidation in the market. At the same time there has been strong movement among the larger multinational producers to join the renewable green energy bandwagon in offering a range of renewable energy heating systems, developed in-house or through acquired or partnered firms. Solar thermal heating, in particular, is now on offer by major heating product manufacturers, along with other developments including biomass boilers and micro combined heat and power (CHP).
Supported by grants and the Government and public’s interest in reducing harmful carbon dioxide (CO2) emissions from domestic heating, manufacturers are banking on a greater adoption of fuel-efficient boilers in the future, as well as a new trend towards renewable energy types. This will occur against a backdrop of continuing economic pressure and declining market conditions in 2009.
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