Electric Boiler Market to Reach $24.1 Billion Globally by 2032 at 10.2% CAGR: Allied Market Research

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Jan 10, 2024, 10:20 ET

Growing adoption of electric boilers across residential, commercial, and industrial sectors due to their versatility and energy-efficient heating solutions is anticipated to drive the growth of the global electric boiler market during the forecast period. The Europe region held the majority of the market share in 2022.

WILMINGTON, Del., Jan. 10, 2024 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Electric Boiler Market by Product Type (Hot Water Boilers, Steam Water Boilers), by Category (Traditional Electric Boilers, Smart Electric Boilers), by Distribution Channel (Online, Offline), by End-use (Residential, Commercial): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global electric boiler market generated $9.2 billion in 2022, and is anticipated to generate $24.1 billion by 2032, witnessing a CAGR of 10.2% from 2023 to 2032.

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Prime Determinants of Growth

The growth of the electric boiler market is propelled by increasing demand for environmentally sustainable transportation, driven by zero tailpipe emissions and government incentives. Additionally, the versatility of electric boilers in providing energy-efficient heating solutions contributes to their expanding adoption across residential, commercial, and industrial sectors. However, challenges related to power source dependency, potential inefficiencies in extremely cold climates, and the need for additional backup systems, impacting overall cost considerations, are anticipated to hamper the market growth during the forecast period. On the other hand, the rising emphasis on green technologies, coupled with the flexibility of electric boilers to meet energy-efficient heating demands across diverse industries are likely to unlock lucrative opportunities for market growth.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$9.2 billion
Market Size in 2032	$24.1 billion
CAGR	10.2 %
No. of Pages in Report	300
Segments covered	Product Type, Category, Distribution Channel, End Use, and Region
Drivers	• Growing demand for eco-friendly heating solutions • Growing adoption of electric boilers across residential, commercial, and industrial sectors due to their versatility and energy-efficient heating solutions
Opportunities	• Rising awareness about the need to reduce greenhouse gas emissions • Growing government incentives for sustainable home heating
Restraints	• Lack of significant investment in research and development activities

COVID-19 Scenario

The outbreak of the COVID-19 pandemic had a significant impact on the growth of the global electric boiler market. With an increased focus on minimizing virus transmission, the demand for reliable, efficient, and clean heating options such as electric boilers have surged. The emphasis on reducing indoor air pollution and ensuring proper ventilation has made electric boilers an attractive solution.
The widespread adoption of remote working during the pandemic has prompted consumers to invest in home improvements, including heating system upgrades, leading to a heightened demand for electric boilers. As people spent more time indoors, the importance of maintaining a comfortable and healthy living environment became paramount.
The COVID-19 pandemic not only underscored the importance of clean and efficient heating solutions but also accelerated the integration of smart technologies in the electric boiler industry, shaping its trajectory in the post-pandemic era.

Product Type: Hot Water Boilers Sub-Segment Expected to Maintain Dominance by 2032

The hot water boilers sub-segment dominated the global electric boiler market share in 2022, holding a major share of 65.5%. The sub-segment is expected to dominate the market, growing with a CAGR of 10.4% during the forecast period. This growth is mainly due to the high thermal efficiency of hot water boilers which help extract more usable heat from fuel and reduce energy waste.

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Category: Traditional Electric Boilers Sub-Segment to Grab Dominating Market Share by 2032

The traditional electric boilers sub-segment led the global electric boiler market in 2022, holding a significant share of 70.7% and is expected to dominate the market in 2032, with a major share of 69.9%. This growth is mainly due to the high energy efficiency and compatibility of traditional electric boilers with renewable energy sources. Additionally, the low-maintenance nature, durability, and precise controllability contribute to the widespread appeal of these boilers among homeowners and businesses seeking both efficiency and convenience.

Distribution Channel: Offline Sub-Segment to Hold Leading Market Share by 2032

The offline sub-segment led the market in 2022, holding a substantial share of 71.4%. This dominance is expected to continue by 2032, holding a major share of 69.4%. The growth of the sub-segment is due to the extensive reach of offline distribution channels, overcoming technical restrictions and ensuring inclusivity, particularly in areas with limited internet access or technological proficiency.

End Use: Residential Sub-Segment to Grab Highest the Market Share by 2032

The residential sub-segment dominated the market in 2022, holding a major share of 53.9%. This dominance is expected to continue by 2032, holding a major share of 52.8%. This growth is mainly due to the energy efficiency of electric boilers, which help save costs through precise temperature control and modern technology.

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By Region: Europe Held the Dominant Position in 2022

The Europe region dominated the global electric boiler market in 2022, holding a major share of 31.6%. This dominance is mainly due to the region's strong commitment to environmental sustainability, aligning with programs like the European Green Deal. The inherent environmental friendliness of electric boilers, producing no on-site emissions and relying on renewable energy sources, perfectly resonates with Europe's ambitious goals in combating climate change.

Leading Players in the High-speed Steels Market:

Viessmann
Reimers Electra Steam, Inc.
Värmebaronen
A. O. Smith
ECOTHERM Austria GmbH
ELNUR S.A
BDR Thermea Group
Vapor Power International
SAV Systems Ltd
P.M. Lattner Manufacturing Co.

The report provides a detailed analysis of the key players of the global electric boiler market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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