Industrial Electric Boiler Market size is set to surpass USD 691 million by 2030, according to a new research report by Global Market Insights Inc.
The report identifies rapid industrialization across developing economies and the upgradation of existing boilers as the chief industrial electric boiler industry drivers. For instance, a February 2022 study by the Department of Chemical and Biological Engineering, Northwestern University, U.S., examined the GHG impact and electrification potential of U.S. industrial boilers. The consensus was that furthering the electrification of industrial boilers and decarbonization of existing grids could limit GHG emissions.
The medium voltage boilers segment is predicted to observe a 14.9% growth rate till 2030. Zero exhaust gas, high reliability & durability, low noise emissions, and rapid startup are some prominent features offered by these boilers, complementing their adoption over conventional boilers, particularly in manufacturing plants and the chemical sector.
Browse key industry insights spread across 530 pages with 892 market data tables & 33 figures & charts from the report, “Industrial Electric Boiler Market Size By Voltage Rating (Low Voltage, Medium Voltage), By Capacity (>250 MMBtu/hr, 100-250 MMBtu/hr, 50-100 MMBtu/hr, 10-50 MMBtu/hr, < 10 MMBtu/hr), By Application (Food & Beverage, Paper, Chemical, Refinery), COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
The 10-50 MMBtu/hr capacity segment is poised to register a 12.8% CAGR through 2030. Widespread product utilization across medium-scale industries for generating steam, coupled with supportive regulatory schemes, will favor the business scenario. Furthermore, the introduction of various government tax incentives to promote the adoption of energy-efficient technologies that consume less fuel and deliver high energy will boost product penetration around the world.
The industrial electric boiler market from the chemical application segment is anticipated to reach USD 225 million by 2030 on account of the growing demand for chemicals across various metal processing and consumer product industries. The operational utilization of electric boilers in chemical processes will remain high through the coming years.
The APAC industry is projected to grow at a CAGR of over 13.9% by 2030 driven by operational flexibility offered by gas-fired plants as compared to coal-fired plants. Surging modernization and refurbishment of power infrastructures with investments in gas-fired distributed energy will accelerate gas power generation, thereby bolstering product uptake.
Major participants operating in the industrial electric boiler market are FERROLI, Cleaver-Brooks, The Fulton Companies, Cochrane Engineering, Cerney, Thermona, Thermon, Danstoker, Babcock Wanson, Värmebaronen, PARAT Halvorsen, Ecotherm Austria, Acme Engineering Products, Slant/Fin Corporation, Thermodyne Boilers, ACV, Precision Boilers, LACAZE ENERGIES, KOSPEL, Vattenfall, and Klöpper-Therm GmbH. These industry players are expected to witness a series of product innovations and alliances.