Electric Boiler Market volume surpassed USD 10.4 billion in 2023 and is expected to grow at over 11.8% CAGR during the forecast period of 2024-2032.Rapid growth in the demand for space and water heating solutions is expected to intensify the demand for electric boilers. Space heating demands in the recent past have witnessed high growth rates in many commercial infrastructures like schools, airports, and federal buildings. The ever-increasing need and extreme volatility of fossil fuels has led the users to move towards sustainable and eco-friendly substitutes like electrically operated systems. Further, the rising issues related to the increase in GHG emissions due to space heating have motivated the entry of strict government regulations to reduce the carbon footprint and encourage cleaner technologies. The boiler market worldwide is expected to experience 5.5% CAGR and will surpass USD 180 billion by 2032.
To obtain important market trends
Increasing electricity prices can deter the use of electric boilers
Increased apprehensions regarding the skyrocketing electricity prices worldwide might adversely affect the future of the electric boiler industry. The rising inflation and economic uncertainty have resulted in a sharp hike in the price of energy globally. For example, according to the U.S. Bureau of Labor Statistics, electricity charges doubled in 2022 with a 14.3% rise over 2021. Moreover, with the rising prices of coal, natural gas, and crude oil, the World Bank forecasted that energy prices would come out 50 times greater in 2022. Therefore, the ever-rising electricity prices can limit electrically-charged boiler demand, hindering the industry expansion.
| 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 |
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| Pitfalls & Challenges |
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What are the growth prospects in this market?
Electric Boiler Market Analysis
Residential electric boiler market value is expected to exceed USD 22 billion by 2032 due to the rising residential space heating needs globally. Increased energy demand in the residential buildings has led the energy shift towards cleaner and sustainable heat units. As per Eurostat, in 2020, 27% of final energy consumption in the EU came from households, with most energy demands across space heating.
Find more about the most important segments influencing such a market
The = 10 MMBtu/hr capacity electric boiler market is expected to experience almost 11.3% growth rate over the period of 2023-2032. Low-capacity electric boilers are extremely prevalent throughout small-sized commercial infrastructures due to the implementation of stringent emission standards related to the building industry. Residential structures are still a major source of carbon emissions and have thus become the center point of clean energy transitions, paving the way for electric systems' quick uptake for energy optimization and reducing consumption. According to the Environmental Protection Agency (EPA), the residential and commercial sector was responsible for 13% of the overall GHG emissions in the U.S. in 2020.
Medium voltage electric boiler market size exceeded USD 2 billion in 2022. Gaining popularity for medium-voltage electric boilers is driven by the rise of various legislative requirements imposing constraints on GHG emissions by energy consumers, thus promoting the utilization of carbon-free systems. Flexibility and scalability in application are provided by medium-voltage installations, besides serving as cost-cutting substitutes for high-voltage boilers. Moreover, the availability of suitable energy-efficiency regulations and the increasing decarbonization drive will drive demand for medium-voltage electric boilers.
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Discover more about the driving segments in this market
Europe electric boiler market revenue will cross around USD 18 billion by 2032 driven by the sudden arrival of net-zero carbon emission goals and increasing emphasis on energy independence. A number of measures have been rolled out to limit the operation of fossil fuels and related technologies in the European boiler industry to avoid further environmental harm. For example, Germany plans to bring an end to the installation of mono-fuel oil boilers beginning 2026 on new and existing buildings, while Ireland has plans to phase out oil and gas boilers from 2023 in new buildings, and from 2025 in the existing facilities. Comparable programs in other EU member countries will also positively contribute to business development within the region. Europe steam boiler market is going to exceed USD 6.9 billion by 2032. Electric boiler market in APAC is expected 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.
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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
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)
What is the market size of electric boiler?
The global electric boiler market size crossed than USD 10.4 billion in 2023 and is expected to expand at 11.8% gains through 2032.
Why is the demand for electric boilers growing across residential applications?
The residential applications segment is anticipated to record over USD 22 billion between 2023 and 2032 on account of the increasing energy consumption across residential buildings.
What factors are driving the electric boiler industry growth in Europe ?
The Europe market size is poised to exceed USD 18 billion by 2032 owing to the introduction of ambitious net-zero carbon emission targets.
Who are the leading electric boiler manufacturers?
Atlantic Boilers, Babcock Wanson, Bradford White, Chromalox, Cleaver-Brooks, Cochran, Värmebaronen, Vattenfall AB, and VIESSMANN are some of the key manufacturers of electric boilers.
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