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North America & Europe Electric Boilers Market size to exceed $1.58bn by 2028
- Published Date: January 26, 2022
North America & Europe Electric Boilers Market size is anticipated to surpass USD 1.58 billion by 2028 as reported in the latest study by Global Market Insights Inc.
North America & Europe electric boilers industry share will witness growth on account of increasing government implications for the replacement of existing boilers and rising concerns toward carbon emissions. Surging demand for hot water across the residential sector along and growing requirements for effective heat transfer will boost product installation
The flourishing industrial sector will drive the medium voltage electric boilers market in North America & Europe
Medium voltage electric boilers will gain an appreciable momentum owing to increasing applicability across various industries for functions including electricity grid control, integration of renewable electricity generation, and management of peak demands. This technology offers key advantages including high reliability & durability, low noise emissions, and rapid startup, thus accelerating the industry potential.
Increasing adoption of compact units will boost the < 10 MMBtu/hr. capacity electric boilers industry size
North America & Europe electric boilers market from 10 MMBtu/hr. capacity is set to surpass USD 1.24 billion by 2028. Wide-scale utilization across various residential & commercial establishments including small houses, public assemblies, lodgings, offices, schools, institutions, and retail centers will fuel the industry landscape. These units offer key benefits including compact size, low maintenance & easy installation, which in turn, will propel the industry statistics.
The COVID-19 outbreak has led regulatory bodies and state governments to initiate full-scale lockdowns, obligating their residents to stay indoors to decrement community transmission of the virus. This has impacted operations across all verticals owing to the complete shutdown of commercial establishments. However, favorable government initiatives to fast-track operations along with the rising work from home concept will positively impact the business expansion.
Browse key industry insights spread across 255 pages with 293 market data tables & 41 figures & charts from the report, “North America & Europe Electric Boilers Market Forecasts, By Voltage Rating (Low Voltage (< 1 kV), Medium Voltage (1 kV to 69 kV), High Voltage (> 69 kV)), By Capacity (< 10 MMBtu/hr, 10 – 50 MMBtu/hr, 50 – 100 MMBtu/hr, 100 – 250 MMBtu/hr, > 250 MMBtu/hr), By Application (Residential, Healthcare, Offices, Institutions, Warehouse & Storage, Food & Beverage, Chemical), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
Robust development of the chemical industry will thrust the market dynamics
The chemical industry has gained wide recognition on account of the growing requirement for chemicals across various other manufacturing industries. The growing demand for chemicals across various consumer product industries & metal processing industries will proliferate the demand for electric boilers. Increasing government funding for the development of the industrial sector along with increasing focus toward energy optimization will stimulate business outlook.
Increasing infrastructural investments will propel the North American market size
North America electric boilers market is projected to grow at a rate of over 7.5% through 2028. Rising investments in infrastructural development along with increasing population will create a favorable business scenario. Ongoing development & expansion of residential, commercial centers, and industrial facilities in line with increasing demand for space heating will augment the market statistics.
Eminent market players operating in the North America & Europe electric boilers market include Thermona, spol., Weil-McLain, Thermon, Cerney S.A., Slant/Fin Corporation, ACV, Sussman Automatic Corporation, Ferroli, Vaillant Group, Danstoker A/S, P. M. Lattner Manufacturing, Fulton Companies, Värmebaronen, LACAZE ENERGIES, KOSPEL, Ecotherm Austria, R.F. MacDonald, Thermal Tech, Hi-Therm Boilers, Ross Boilers, PARAT Halvorsen, Lathrop Trotter, Cleaver-Brooks, Precision Boilers, Acme Engineering Prod., Vapor Power International, Thermo 2000, and Chromalox.