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Electric Boiler Market Size By Voltage Rating (Low, Medium), By Application (Residential, Commercial, Industrial, Food Processing, Pulp & Paper, Chemical Processing), By Capacity (≤ 10, >10-50, >50-100, >100-250, >250), Market Forecast, 2023 – 2032

  • Report ID: GMI5448
  • Published Date: Mar 2023
  • Report Format: PDF

Industry Statistics

Electric Boiler Market size exceeded USD 9 billion in 2022 and is projected to expand at more than 11.9% CAGR from 2023 to 2032.

The rising demand for space and water heating solutions is set to proliferate the demand for electric boilers. In the recent past, space heating requirements across several commercial infrastructures, such as schools, airports, and federal institutions have rapidly increased. The constantly escalating demand and high volatility associated with fossil fuels has prompted users to switch to sustainable alternatives such as electrically-powered systems. Moreover, the growing concerns associated with the rise in GHG emissions from space heating has encouraged the influx of stringent government regulations to cut the carbon footprint and promote cleaner technologies. According to the International Energy Agency (IEA), in 2021, the direct emissions from heating buildings increased by 5.5%, accounting for 80% of direct carbon emissions in the buildings sector.

Electric Boiler Market

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Surging electricity costs may impede the adoption of electric boilers

Higher concerns over the spiking electricity bills across the world could negatively influence the electric boiler market outlook. The ongoing inflation and economic volatility have caused a dramatic escalation in energy prices worldwide. For instance, as per the U.S. Bureau of Labor Statistics, electricity bills doubled in 2022, with a 14.3% growth from 2021. Furthermore, with the surging costs associated with coal, natural gas, and crude oil, the World Bank predicted that energy prices would emerge 50 times higher in 2022. Hence, the continually increasing electricity prices may restrict the demand for electrically-charged boilers, hampering the industry growth.

Need for higher energy consumption in residential spaces to fuel product adoption

Residential electric boiler market value is anticipated to reach over USD 22 billion by 2032 driven by the increasing residential space heating requirements worldwide. The growing energy consumption across residential buildings has prompted the energy transition towards cleaner and more sustainable heating units. According to Eurostat, in 2020, households accounted for 27% of the final energy consumption in the EU, with the majority of energy requirements across space heating.

Rising adoption of ≤ 10 MMBtu/hr boilers to limit residential & commercial GHG emissions to promote industry expansion

Electric Boiler Market Share, By Capacity

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The ≤ 10 MMBtu/hr capacity electric boiler market is poised to witness nearly 11.3% growth rate between 2023 and 2032. Small-capacity electric boilers are widely used across small-scale commercial infrastructures ascribing to the introduction of strict emission norms pertaining to the building sector. Residential buildings remain a key contributor to carbon emissions and have therefore become the epicenter of clean energy transitions, making way for the rapid adoption of electric systems for energy optimization and limiting consumption. As per the Environmental Protection Agency (EPA), the residential and commercial sector accounted for 13% of the total GHG emissions in the U.S. in 2020.

Surging number of medium-voltage electric boiler installations to accelerate industry trends

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The global electric boiler market size crossed than USD 9 billion in 2022 and is expected to expand at 11.9% gains through 2032.

The residential applications segment is anticipated to record over USD 22 billion between 2023 and 2032 on account of the increasing energy consumption across residential buildings.

The Europe market size is poised to exceed USD 18 billion by 2032 owing to the introduction of ambitious net-zero carbon emission targets.

Atlantic Boilers, Babcock Wanson, Bradford White, Chromalox, Cleaver-Brooks, Cochran, Värmebaronen, Vattenfall AB, and VIESSMANN are some of the key manufacturers of electric boilers.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 32
  • Tables & Figures: 1331
  • Countries covered: 27
  • Pages: 780

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