Selbyville, Delaware, April 11, 2023 (GLOBE NEWSWIRE) —
Electric Boiler Market size is set to surpass USD 28.5 billion by 2032, according to a new research report by Global Market Insights Inc.
The steady rise in the adoption of energy-efficient heating systems is expected to propel the demand for electric boilers. In the recent past, electric boilers have come to prominence as they are rapidly replacing conventional boiler technologies for eliminating the carbon footprint. Multiple governments worldwide are implementing strict policies and norms to retrofit infrastructures with cleaner boiler systems, encouraging users to abandon gas and oil-powered boilers. Moreover, the surging costs of fossil fuels are driving consumer preference for energy-efficient and economical heating solutions, thereby positively influencing the electric boiler industry.
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Increasing adoption of >10 – 50 MMBtu/hr boilers for carbon footprint reduction to drive industry growth
Electric boiler market revenue from the > 10 – 50 MMBtu/hr capacity segment crossed USD 350 million in 2022. Electric boilers with a capacity of >10 – 50 MMBtu/hr are widely deployed across multiple commercial and industrial settings, such as pulp manufacturing facilities, healthcare, refineries, and primary metal production units. With the deployment of stringent emission targets and regulatory frameworks for mandating the supervision of industrial emissions, several manufacturing units are being installed with electric boilers to ensure optimum energy efficiency and reduced operational costs.
Low-cost installation of low-voltage electric boilers to outline business growth
Electric boiler market from the low voltage segment is projected to expand at more than 11.8% CAGR from 2023 to 2032. The soaring demand for low-voltage electric boilers can be accredited to their compact size, lower maintenance requirements, and cost-effectiveness. Unlike conventional boilers, these systems ensure lower emissions and residues, hence gain significant momentum across a multitude commercial and industrial applications. Since low-voltage boilers are relatively inexpensive, they are experiencing surging adoption across residential heating, further spurring the industry growth.
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Rising investments in commercial green buildings to foster demand for electric boilers
Commercial applications held over 12% of the electric boiler market share in 2022 owing to the growing government-led efforts towards clean energy transition. Several countries are focusing on the upgradation of commercial settings and ramping up green infrastructure projects to achieve net zero emission targets. For instance, in May 2022, the World Green Building Council (WorldGBC), unveiled a new policy framework for the EU to boost the decarbonization by constructing climate-neutral and green buildings. Similar initiatives and policies worldwide emphasizing the need for sustainable boiler systems will add a positive edge to the market dynamics.
Clean energy transition to push industry expansion across North America
North America electric boiler industry size is slated to register nearly USD 1.5 billion by 2032 due to the presence of stringent decarbonization goals and emission reduction targets. The U.S. and Canada have introduced ambitious net-zero emission targets for the coming decade, encouraging residential, industrial, and commercial settings to upgrade their infrastructure from fossil fuels to electric systems. For instance, in September 2022, the California Air Resources Board (CARB), approved a new proposal to ban the sale of gas-powered space heaters and water-heating technologies by 2030.
Product innovations & developments to drive industry progression
Key participants operating in the global electric boiler market are Acme Engineering Products Ltd., ACV, Atlantic Boilers, Babcock Wanson, Bradford White, Cerney, S.A., Chromalox, Cleaver-Brooks, Cochran, Danstoker A/S, Ecotherm Austria GmbH, Electro Industries, Inc., FERROLI S.p.A, Flexiheat UK Ltd., KOSPEL, Lochinvar, P.M. Lattner Manufacturing Co., PARAT Halvorsen AS, Precision Boilers, S.A.S Lacaze Energies, Slant/Fin Corporation, The Fulton Companies, Thermodyne Boilers, Thermona, spol., Värmebaronen, Vattenfall AB, and VIESSMANN. These firms are coming up with innovative products with the aim of strengthening their customer traction.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Electric boiler industry 3600 synopsis, 2019 – 2032
2.1.1 Business trends
2.1.2 Capacity trends
2.1.3 Voltage rating trends
2.1.4 Application trends
2.1.5 Regional trends
Chapter 3 Electric Boiler Industry Insights
3.1 Industry ecosystem analysis
3.1.1 Vendor Matrix
3.2 Regulatory landscape
3.3 COVID- 19 impact on the industry outlook
3.4 Price trend analysis
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 Stringent government regulations to limit carbon emissions
3.5.1.2 Surging population index coupled with increasing urbanization rate
3.5.1.3 Increasing demand for energy efficient space and water heating systems
3.5.1.4 Extensive investments across the healthcare sector
3.5.1.5 Surging demand of space heating
3.5.1.6 Growing measures toward the decarbonization of commercial & industrial sector
3.5.1.7 Robust industrialization & increasing investments toward development of manufacturing facilities
3.5.2 Industry pitfalls & challenges
3.5.2.1 High electricity cost
3.5.2.2 Availability of other alternatives
3.6 Growth potential analysis
3.7 Porter’s Analysis
3.8 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.