Commercial Electric Boiler Market Size

Commercial Electric Boiler Market Size

Commercial Electric Boiler Market size valued at USD 1.5 billion in 2023 and is projected to grow at more than 15.5% CAGR from 2024 to 2032. This growth is driven by favorable incentives to encourage the use of environment-friendly products.

The rapidly growing healthcare sector is set to bolster the industry revenue over the next 10 years. The high demand for space heating across commercial establishments is also promoting the use of commercial electric boilers. Moreover, rising investments by key private and public players for the development of commercial establishments in developing nations owing to the abundant availability of raw materials, massive human resources, and macroeconomic indicators are likely to further drive market dynamics.

The prominent role of government and authoritative agencies in the decarbonization of the commercial sector is providing rewarding chances for commercial electric boiler market expansion. Stringent regulations and environmental concerns, together with increasing government policies and schemes toward the deployment of energy-efficient boilers are bolstering product adoption. For instance, in February 2022, the U.S. government announced new measures toward establishing a cleaner industrial sector to reduce carbon emissions, such as the clean hydrogen initiative, and carbon-based trade policies, among others.

Burgeoning electricity costs may restrain industry progression

The skyrocketing electricity costs are majorly restraining the market growth. The mounting prices of electricity due to rising inflation and energy consumption around the world are hampering the uptake of commercial electric boilers in households and energy companies. Nevertheless, several supportive government rules implemented for clean energy utilization are likely to aid industry players in combating this setback and extending their customer base.