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Domestic Heating Market Report 2007
Key Note Publications Ltd, July 2007, Pages: 157
Estimates that the UK domestic-heating market reached a high of £1.81bn at manufacturers' selling prices (msp) in 2006, having increased by 1.7% on 2005 and by 24.1% over the entire review period (2002 to 2006). The main boost to sales has been changing legislation that requires more efficient, `greener' boilers, which are higher in value, alongside a buoyant housing market and a strong consumer market.
The market is divided into the large central-heating sector, covering boilers, boiler spares, radiators, pumps and controls, and the now much smaller space-heating sector. Boilers represent around half the total value of the market, the increase in their value being attributed to revised building regulations, which require greater efficiencies in building materials and systems that specify condensing boilers. The controls sector has experienced renewed growth from greater use of digital and integrated products. UK radiator manufacturers have been hit hard by overcapacity affecting margins and prices, and by significant growth in low-cost imports, which have been encouraged by the strength of the pound. However, local manufacturers have responded with attractive designer-led and aesthetically pleasing radiator products, which have boosted sales and helped to update the image of central-heating systems generally.
The recent boom in the UK housebuilding sector has enhanced the demand for domestic heating products, particularly small systems for flats and similar properties for single and smaller households. Consumer spending has been strong, encouraging homeowners to update existing older and less-efficient systems. Moreover, a significant rise in fuel prices has further influenced demand for the new fuel-efficient oil and gas condensing and combination (combi) boilers, which can save owners up to a third on fuel costs.
Although consumer confidence has been strong, rising inflation and interest rates now threaten these growth patterns and the outlook for the short to medium term is for slower growth in demand for domestic heating products. An erratic weather pattern in recent years has seriously affected demand for space-heating products and, although this could quickly change, with a return to colder winters, forecasters believe that the UK can expect a generally warmer climate in future years as global warming takes effect.
Corporate mergers and acquisitions have slowed in the wake of previous activity that resulted in the establishment of larger European multinational companies. These now appear to have consolidated production facilities on a Europe-wide basis, with strategic sites in major market areas. New manufacturing names have appeared, which still incorporate the brands of the former acquired companies.
Manufacturers are emphasising the role of new technology and breathing new life into a formerly staid market. Anticipating further legislative pressures on fossil-fuel-burning systems, they have invested significantly in expanded research and development (R&D) facilities and are investigating further ways of producing more fuel-efficient systems. Developments include combined-fuel and solar-heating systems, voltaic and fuel-cell technology and combined heat and power (CHP) systems.
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