Commercial Electric Boiler Market size was USD 1.5 billion in 2023 and is expected to grow at over 15.5% CAGR during the period 2024-2032. This is led by positive incentives to promote the utilization of eco-friendly products.
The booming healthcare industry is to be the driving force behind bolstering industry revenue in the next 10 years. The escalating demand for commercial space heating among commercial facilities is also encouraging the commercial use of electric boilers. Further, increasing investments by prominent private and public entities for the construction of commercial facilities in developing countries due to the heavy availability of raw materials, enormous human resources, and macroeconomic factors are to fuel market dynamics in the future.
To achieve significant market trends
The leading role in decarbonizing the commercial sector played by government and regulatory bodies is offering lucrative opportunities for commercial electric boiler market growth. Strict regulations and environmental issues, along with rising government policies and initiatives towards the installation of energy-efficient boilers, are underpinning product uptake. For example, in February 2022, the U.S. government made new moves towards creating a cleaner industrial sector in an effort to lower carbon emissions, including the clean hydrogen initiative and carbon-based trade policies, among others.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Commercial Electric Boiler Market Size in 2023 | USD 1.5 Billion |
| Forecast Period | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR | 15.5% |
| 2032 Value Projection | USD 5.3 Billion |
| Historical Data for | 2019 to 2023 |
| No. of Pages | 635 |
| Tables, Charts & Figures | 1,182 |
| Segments covered | Voltage Rating, Capacity, Product, Application |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the opportunities for growth in this market?
Growing electricity prices could limit industry growth
The rapidly escalating costs of electricity are largely holding back the market growth. The escalating costs of electricity because of inflation and energy usage globally are hindering the adoption of commercial electric boilers by households and energy firms. However, some favorable government regulations brought into effect for use of clean energy are expected to support industry players in overcoming this drawback and expanding their customer base.
Commercial Electric Boiler Market Analysis
As far as the voltage rating goes, the low voltage segment commanded more than 70% of the commercial electric boiler market share in 2022 due to favorable legislative guidelines to reduce greenhouse gas emissions and greater uptake of low-emission heating systems. In addition, large energy efficient codes and standards to drive energy efficiency are further impacting technological uptake.
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Discover more about the dominant segments in this market
Commercial electric boiler industry size from ≤ 0.3 - 2.5 MMBtu/hr capacity segment registered approximately USD 150 million in 2022. Substantial government initiatives to curb carbon emissions in diversified sectors are driving the demand for such boilers. In addition, favorable initiatives to reach energy optimization along with a number of positive factors of these boilers viz., energy-efficient, enhanced comfort, and minimal operating expenses are pushing the adoption of these units.
From the product perspective, the steam segment is anticipated to cross USD 2 billion by 2032. The reasons for this growth are the beneficial attributes of steam electric boilers, including low emissions, rapid start-up & shut-down, and quiet operation. The rising emission compliance norms to restrict the carbon footprint, coupled with supportive government schemes & investments towards the implementation of clean technologies.
Find more about the major segments driving this market
On the application front, commercial electric boiler market from offices is expected to post almost 15% growth rate during 2023-2032. The increasing rate of urbanization along with the introduction of strict emission standards is creating profitable prospects for the market in offices. In addition, listed companies and private operators are investing significantly to upgrade working environments, which is heavily driving product deployment.
Europe commercial electric boiler market contribute over 50% of the revenue in 2022. Favorable consumer preference, coupled with positive environmental initiatives to encourage the installation of efficient & reliable heating devices is driving the demand for commercial electric boilers. Moreover, surging urbanization and strong investments within the commercial segment are expected to have a beneficial impact on the business dynamics in the region.
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Commercial Electric Boiler Market Share
Top participants operating in the commercial electric boiler industry are
- Acme Engineering Products Ltd.
- S.A.S Lacaze Energies
- Lochinvar
- Cleaver-Brooks, Inc.
- Flexiheat UK Ltd.
- Vattenfall AB
- LAARS Heating Systems Co.
- Electro Industries, Inc.
- Precision Boilers
- Klöpper-Therm GmbH & Co. KG
- Hi-Therm Boilers Pvt. Ltd.
- Värmebaronen
- The Fulton Companies
- Cochrane Engineering
- Thermon
- Danstoker A/S
- Thermona
- spol. s.r.o.
- Ecotherm Austria GmbH
- Slant/Fin Corporation
- ACV
- Kospel spó?ka z o.o.
- Bosch Industriekessel GmbH
- Chromalox
These leaders majorly engage in strategic acquisitions & partnerships and improving their output to strengthen their market standing in the coming years. For instance, in June 2021, Vattenfall, a Swedish power company, announced the construction of 150 MW power to heat electric boilers at its heat & power plant in Diemen, Amsterdam, according to the SDE+ scheme. In addition, the company also works on various sustainable heat resources, including geothermal, biomass, aqua thermal heat, and data center heating.
Impact of COVID-19 Pandemic
The significant decline in energy consumption in commercial buildings on account of stringent lockdowns and business trends resulted in a decrease in the use of commercial electric boilers during the COVID-19 pandemic. The absence of workers and utilization of in-house services hindered product adoption, thereby restraining commercial electric boiler market progression. However, ongoing government initiatives to curb carbon emissions and control greenhouse gas impact on the environment and health of citizens are slated to promote the use of commercial electric boilers in the future.
This market research report on commercial 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 Insights, By Voltage Rating
- Low Voltage
- Medium Voltage
Market Insights, 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
Market Insights, By Product
- Hot Water
- Steam
Market Insights, By Application
- Offices
- Healthcare Facilities
- Educational Institutions
- Lodgings
- Retail Stores
The above information has been provided for the following regions and countries
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- UK
- Poland
- Italy
- Spain
- Germany
- Russia
- Austria
- Sweden
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Indonesia
- Philippines
- Middle East & Africa
- Saudi Arabia
- Iran
- UAE
- Egypt
- Nigeria
- Kenya
- Morocco
- South Africa
- Latin America
- Brazil
- Argentina
- Colombia
- Chile
Frequently Asked Questions (FAQ)
How big is the commercial electric boiler market?
The market size of commercial electric boiler crossed USD 1.5 billion in 2023 and is set to progress at more than 15.5% CAGR through 2032 due to changing climatic conditions, high demand for space heating across commercial establishments, and favorable incentives to encourage the use of environment-friendly products.
Why is the commercial electric boiler industry share growing from offices applications?
The offices application segment is primed to grow at over 15% growth rate between 2023 and 2032 owing to the growing urbanization rate, coupled with the implementation of stringent emission norms.
How big is the steam commercial electric boiler market?
The steam segment is projected to surpass USD 2 billion in revenue by end of 2032 as a result of the beneficial features of steam boilers viz., low emissions, fast start-up & shut down, and silent operation.
Which factors are aiding the progression of the Europe commercial electric boiler segment?
The Europe held more than 50% of the market revenue share in 2022 on account of rapid urbanization and robust investments across the commercial sector in the region.
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