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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, 2024 – 2032
- Report ID: GMI5448
- Published Date: Mar 2023
- Report Format: PDF
Electric Boiler Market Size
Electric Boiler Market size exceeded USD 10.4 billion in 2023 and is projected to expand at more than 11.8% CAGR from 2024 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. The global market for boilers is likely to witness 5.5% CAGR and will cross USD 180 billion by 2032.
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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Electric Boiler Market Size in 2023: | USD 10.4 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 11.8% |
| 2032 Value Projection: | USD 28.6 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 780 |
| Tables, Charts & Figures: | 1,331 |
| Segments covered: | Voltage Rating, Capacity, Application |
| Growth Drivers: | |
| Pitfalls & Challenges: |
Electric Boiler Market Analysis
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.
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.
Medium voltage electric boiler market size surpassed USD 2 billion in 2022. The increasing demand for medium-voltage electric boilers can be attributed to the emergence of several legislative mandates compelling energy consumers to limit GHG emissions, thereby encouraging the adoption of carbon-neutral systems. Medium-voltage installations offer flexibility and scalability in terms of application, while acting as more economical alternatives to high-voltage boilers. Additionally, the presence of favorable energy-efficiency standards and the rising decarbonization efforts will propel demand for medium-voltage electric boilers.
Europe electric boiler market revenue is slated to cross approximately USD 18 billion by 2032 impelled by the rapid influx of net-zero carbon emission targets and the growing focus on self-sufficiency in the energy sector. Several initiatives have been implemented to restrict the use of fossil fuels and associated technologies in the European boiler sector to prevent further environmental damages. For instance, Germany intends to end the deployment of mono-fuel oil boilers starting 2026 across new and existing buildings, while Ireland has announced plans to ban oil and gas boilers from 2023 in new homes, and from 2025 in the existing infrastructures. Similar initiatives across other EU member nations will also have a positive impact on business growth in the region. Europe steam boiler industry is poised to cross USD 6.9 billion by 2032. The market for electric boiler in APAC is set to reach USD 7.5 billion by 2032.
Electric Boiler Market Share
Leading companies in the global electric boiler industry include
- Acme Engineering Products Ltd.
- ACV
- Atlantic Boilers
- Babcock Wanson
- Bosch Industriekessel GmbH
- 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.
- Hi-Therm Boilers Pvt. Ltd.
- Klöpper-Therm GmbH & Co. KG
- KOSPEL
- LAARS Heating Systems Co.
- Lochinva
- P.M. Lattner Manufacturing Co.
- PARAT Halvorsen AS
- Precision Boilers
- S.A.S Lacaze Energies
- Slant/Fin Corporation
- The Fulton Companies
- Thermodyne Boilers
- Thermon
- Thermona, spol.
- Värmebaronen
- Vattenfall AB
- VIESSMANN
These firms are focusing on product innovations and novel developments to expand their product offerings. For instance, in August 2022, Bosch Industriekessel GmbH unveiled the fully carbon-neutral ELSB electric steam boiler, capable of generating green electricity for industrial and commercial steam processes.
Impact of the COVID-19 pandemic
The COVID-19 pandemic had a significant impact on the electric boiler market with unprecedented supply chain disruptions and a dynamic drop in demand for industrial electric boilers. As hospitalization rates associated with the COVID-19 infection continued to escalate, several governments implemented strict lockdowns, forcing multiple manufacturing sectors to cease operations. In addition, steam boilers were largely adopted in comparison to electric systems during the pandemic owing to their flexibility and cost-efficiency. However, the growing efforts toward the reduction of carbon footprint and clean energy transition will help boost the adoption of electric boilers in the post-pandemic era.
The electric boiler market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD” from 2019 to 2032, for the following segments:
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Market Insights, By Voltage Rating
- Low Voltage
- Medium Voltage
Market Insights, By Capacity
- ≤ 10 MMBtu/hr
- > 10 - 50 MMBtu/hr
- > 50 - 100 MMBtu/hr
- > 100 - 250 MMBtu/hr
- > 250 MMBtu/hr
Market Insights, By Application
- Residential
- Commercial
- Offices
- Healthcare Facilities
- Educational Institutions
- Lodgings
- Retail Stores
- Others
- Industrial
- Food Processing
- Pulp & Paper
- Chemical
- Refinery
- Primary Metal
- Others
The above information has been provided for the following regions and country:
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- UK
- Poland
- Italy
- Spain
- Austria
- Germany
- Sweden
- Russia
- Asia Pacific
- China
- India
- Philippines
- Japan
- South Korea
- Australia
- Indonesia
- Middle East & Africa
- Saudi Arabia
- Iran
- UAE
- Nigeria
- South Africa
- Latin America
- Argentina
- Chile
- Brazil
Frequently Asked Questions (FAQ) :
Electric Boiler Market Scope
