Commercial Electric Boiler Market size is set to surpass USD 5 billion by 2032, according to a new research report by Global Market Insights Inc.
The market growth is attributed to the rising demand for efficient energy and space heating units. Furthermore, the booming healthcare sector is another key factor elevating product penetration. The escalating healthcare spending in line with government efforts to upgrade and promote healthcare services is impelling the demand for electric boilers. In addition, the ongoing efforts of private players to introduce energy-efficient boilers are also positively influencing the business dynamics.
High reliability to shape medium voltage electric boilers industry landscape
With respect to voltage rating, the commercial electric boiler market from medium voltage segment is slated to record more than 15.5% CAGR through 2032. This growth is credited to the surging applicability of these boilers across educational institutions, hotels, and retail outlets. Moreover, promising benefits of these boilers, such as zero exhaust gas, low noise emissions, high reliability & durability, and rapid startup are expected to fuel the product demand.
Rising disposable income to bolster > 50 - 100 MMBtu/hr capacity segment uptake
The > 50 – 100 MMBtu/hr capacity segment is anticipated to reach nearly USD 1.5 billion by 2032. The growing demand for retail centers in keeping with the increasing disposable income and changing consumer preferences are predicted to complement product penetration.
Cost-effectiveness of hot water electric heater to benefit industry outlook
In terms of product, the commercial electric boiler market from hot water segment is poised to register 15% growth rate between 2023 and 2032. The burgeoning adoption of efficient and cost-effective systems to address water heating & storage needs across commercial facilities is boosting the industry progression. Additionally, easy installation and a growing focus on the integration of advanced digital technology units are positively sway segment growth.
Browse key industry insights spread across 635 pages with 1141 market data tables & 41 figures & charts from the report, “Commercial Electric Boiler Market Size By Voltage Rating (Low Voltage, Medium Voltage), By Capacity (≤ 0.3 - 2.5 MMBtu/hr, > 2.5 - 10 MMBtu/hr, > 10 - 50 MMBtu/hr, > 50 - 100 MMBtu/hr, > 100 - 250 MMBtu/hr), By Product (Hot Water, Steam), By Application (Offices, Healthcare Facilities, Educational Institutions, Lodgings, Retail Stores), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Ongoing infrastructural development to augment educational institutions segment revenues
In terms of application, the educational institutions segment is projected to exceed more than USD 1 billion by 2032. The deployment of electric boilers to fulfill the heating requirements of educational institutions is primed to remain high during the forecast years. Positive efforts by the government to expand and upgrade college and school infrastructure are foreseen to promote product adoption. The segment growth is expected to further be driven by space heating facilities and training centers provided by private institutions and government agencies.
Rigorous developments in commercial facilities to foster industry growth across North America
North America commercial electric boiler market size held over USD 200 million in 2022. The region may emerge as a major hub for this industry owing to the strong presence of industry participants in developed countries. These companies and state governments are actively participating in the development and expansion of commercial facilities, which is estimated to accelerate the regional industry expansion.
Supply chain expansion to remain a key growth strategy
Key players operating in the industry are Vattenfall AB, Flexiheat UK Ltd., LAARS Heating Systems Co., Cleaver-Brooks, Inc., Lochinvar, and Electro Industries, Inc., among others.
The competitive landscape of the commercial electric boiler market is slated to witness a series of strategic collaborations, mergers, and acquisitions by industry participants. For instance, in February 2021, Danstoker, a Danish firm specializing in boilers, supplied its low-voltage electric boilers with a voltage range of 3x400V or 3x690V for low- & high-temperature hot water and steam with a capacity ranging from 400 to 5,500 kW.