Residential Electric Boiler Market was worth USD 8.7 billion in 2023 and is expected to grow at 11% CAGR during the forecast period of 2024-2032. The adoption of strict government regulations regarding reducing carbon emissions in various economies will propel the industry growth.
In order to obtain key market trends. Apart from that, various governments and regulatory bodies across the world have been highlighting taking up sustainable, low-emission solutions to mitigate the environmental burden. For example, the European Union has implemented a variety of policies to reduce energy consumption and GHG emission. Electric boiler residential technology has low NOx emission, improved DHW performance, and enhanced monitoring & control. Furthermore, it ensures contractors and homeowners with ease of serviceability, which will benefit its adoption by 2032.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Residential Electric Boiler Market Size in 2023 | USD 8.7 Billion |
| Forecast Period | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR | 11% |
| 2032 Value Projection | USD 22.5 Billion |
| Historical Data for | 2019 to 2023 |
| No. of Pages | 255 |
| Tables, Charts & Figures | 360 |
| Segments covered | Voltage Rating |
| Growth Drivers |
|
| Pitfalls & Challenges |
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What are the opportunities for growth in this market?
Still, the persistent increase in world population and increasing pace of urbanization have opened the door to multiple infrastructural investments aimed at building sustainable building infrastructure. These investments, together with the rising deployment of energy-saving heating systems in residential and commercial buildings, will etch a good growth path for the residential electric boiler market.
The presence of various substitute technologies can restrain product adoption over the next few years. In addition, various drivers like surging disposable incomes, enhancing living standards, and rising government spending on next-generation heating technologies will drive sales of the product through 2023-2032.
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Residential Electric Boiler Market Analysis
Discover more about the important segments influencing this market
The residential low-voltage electric boiler industry is expected to capture over USD 15 billion by 2032. Low-voltage boiler systems are space-saving and need minimal maintenance, making the overall cost of the boiler lower. Increasing investments in the real estate industry, coupled with the replacement of traditional with efficient boilers, will foster business expansion. Also, stringent regulations to limit the use of fossil fuels and implementation of government tax credits encouraging the use of clean technologies will drive product necessity by 2032.
Find out about the dominant segments dictating this market
Europe is going electric boiler crazy! This market for clean and efficient domestic boilers is predicted to expand exponentially, hitting a staggering 14 billion dollars by 2032. Why? Well, individuals are purchasing more houses, and they want their houses to be warm and snug without it costing them an arm and a leg. Electric boilers are just the ticket. In addition, the EU is encouraging more environmentally friendly energy solutions, so more individuals are bidding farewell to outdated heating systems and hello to electric boilers. This change is also being fueled by families moving in together, and the increasing demand for non-energy-wasting water heaters. All of these elements are turning Europe into a hotbed for electric boiler companies. Indeed, the total market size of electric boilers in North America and Europe is forecast to hit an impressive 20.7 billion dollars by 2032. That's a lot of warm and energy-saving homes!
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Residential Electric Boiler Market Share
The key manufacturers operating in the industry’s competitive landscape include
- ACV
- Bosch Industriekessel GmbH
- Chromalox
- Thermon
- VIESSMANN
- Cochrane Engineering
- Acme Engineering Products
- Atlantic Boilers
- Bradford White Corporation
- Cleaver-Brooks
- Danstoker
- Electro Industries
- FERROLI
- Flexiheat
- Klöpper-Therm GmbH
- Kospel spó?ka
- LAARS Heating Systems
- P.M. Lattner Manufacturing S.A.S Lacaze Energies
- Slant/Fin Corporation
- The Fulton Companies
- Thermona,
- Värmebaronen.
- In February 2023, Thermon launched the Genesis Network Software Version 1.6, offering a new alarm dashboard, added support for Accutron series TS366, TS202, and TS101 controllers, improved UI responsiveness, and relocated network management link. This launch enhanced the company’s market presence.
- In September 2022, FERROLI launched the bluehelix hi-tech RRT residential boilers, with power ranging from 24kW to 34kW. The new series includes patented stainless steel. The thermobalance heat exchanger is shaped to ensure increased water flow and improve efficiency. It also offers quiet operations, a touchscreen display, and easy installation.
This market research report on residential electric boiler includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD” from 2019 to 2032 for the following segments
Market, By Voltage Rating
- Low Voltage
- Medium Voltage
The above information has been provided for the following regions and countries
- 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
- Brazil
- Argentina
- Chile
Frequently Asked Questions (FAQ)
How big is the residential electric boiler market?
The market size of residential electric boiler crossed USD 8.7 billion in 2023 and is estimated to grow at 11% CAGR during 2024 to 2032, attributed to the stringent regulatory framework regarding CO2 emissions across several economies.
Why is demand for low-voltage boiler systems gaining momentum?
The low-voltage residential electric boiler industry is anticipated to be worth USD 15 billion by 2032, given the high energy efficiency and low maintenance requirements of the products.
What is driving the demand for residential electric boilers across Europe?
Europe residential electric boiler industry is slated to amass USD 14 billion in revenue by 2032, credited to the positive outlook of the regional real estate sector and growing consumer inclination toward sustainable heating systems.
Which are the major companies constituting the competitive landscape of the residential electric boiler industry?
Notable players in the residential electric boiler business scenario are ACV, Bosch Industriekessel GmbH, Chromalox, Thermon, VIESSMANN, Cochrane Engineering, Acme Engineering Products, Atlantic Boilers, Bradford White Corporation, Cleaver-Brooks, Danstoker, Electro Industries, FERROLI, Flexiheat, and others.
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