PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515417
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515417
The Electric Boiler Market size was valued at USD 10,990.98 million in 2023, expanding at a CAGR of 12.02% from 2024 to 2032.
An electric boiler market comprises devices that heat water using electricity, providing heating and hot water solutions for residential, commercial, and industrial applications. The demand for eco-friendly heating solutions, the cost-effectiveness of electric boilers over fossil fuels, and increasing consumer awareness about energy conservation are key driving factors. However, challenges such as high initial investment costs and limitations in heating large-scale industrial processes restrain the market growth. Opportunities lie in innovations like smart heating controls and integration with renewable energy systems, which enhance efficiency and reduce carbon emissions, catering to the expanding demand for sustainable heating solutions worldwide.
Electric Boiler Market- Market Dynamics
Rising Adoption of Renewable Energy Fuels Growth in Electric Boiler Market
The electric boiler market is experiencing growth driven by the rising adoption of renewable energy sources. Organizations such as the U.S. Energy Information Administration (EIA) report that renewable energy sources accounted for 21% of total electricity generation in the United States in 2021, with wind and solar contributing significantly to this growth. Governments worldwide are implementing policies and incentives to promote renewable energy adoption, bolstering the market for electric boilers as part of efforts to reduce carbon emissions and achieve climate goals. Consumers are increasingly choosing electric boilers due to their compatibility with renewable energy systems such as solar and wind power, which enhance sustainability and reduce dependence on fossil fuels. This trend underscores a shift towards cleaner energy solutions in residential, commercial, and industrial sectors, positioning electric boilers as integral components of sustainable heating strategies globally.
Electric Boiler Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 12.02% over the forecast period (2024-2032)
Based on Type segmentation, Combi Boilers was predicted to show maximum market share in the year 2023
Based on Capacity segmentation, greater than 50 kW was the leading type in 2023
Based on Application segmentation, Commercial was the leading type in 2023
On the basis of region, Europe was the leading revenue generator in 2023
The Global Electric Boiler Market is segmented on the basis of Type, Capacity, Application, End-User, and Region.
The market is divided into three categories based on Type: Combi Boilers, System Boilers, and Regular Boilers. Combi boilers lead due to their compact design and ability to provide both heating and hot water on demand, making them popular for residential applications. System boilers follow, offering efficient heating with integrated components, while regular boilers cater to traditional heating setups.
The market is divided into three categories based on Capacity: < 10 kW, 10-50 kW, and > 50 kW. Boilers with capacities greater than 50 kW dominate, catering primarily to commercial and industrial applications requiring high heating output. Boilers in the 10-50 kW range follow, suitable for larger residential and small commercial settings, while boilers below 10 kW serve smaller residential applications.
Electric Boiler Market- Geographical Insights
In Europe, stringent regulations aimed at reducing carbon emissions and promoting energy efficiency have spurred significant adoption of electric boilers for heating purposes. Countries like Germany and the UK lead the market, driven by incentives for renewable energy integration and the phase-out of fossil fuel-based heating systems. North America follows, with the United States and Canada witnessing growing adoption due to incentives for clean energy technologies and increasing awareness of environmental sustainability. In Asia-Pacific, countries such as China and Japan are seeing rising demand for electric boilers amidst urbanization and efforts to improve air quality through cleaner heating solutions. Latin America and the Middle East & Africa are emerging markets, gradually adopting electric boilers to address energy security and environmental concerns.
Several key players such as A.O. Smith Corporation, Bosch Thermotechnology, General Electric Company, and Ariston Thermo Group. A.O. Smith Corporation stands out with its extensive portfolio of electric water heaters and boilers, emphasizing energy efficiency and advanced heating technologies. Bosch Thermotechnology leverages its global presence and innovative solutions in heating and hot water systems, including electric boilers known for reliability and performance. General Electric Company focuses on sustainable energy solutions, offering a range of electric boilers designed for residential and commercial applications. Ariston Thermo Group specializes in efficient heating solutions, including electric boilers tailored for various market segments. Emerging players are enhancing competition by introducing smart heating controls and energy-efficient technologies, contributing to market growth and innovation in the electric boiler sector globally.
In June 2024, Fischer introduced the Eco Electric boiler, featuring self-modulating technology that can automatically reduce power by up to 50% to match customer demand, improving efficiency.
In August 2022, Babcock Wanson launched two new electric boiler ranges - the VAP EL 400V three-phase electric boilers and the VAP EL 230V single-phase electric boilers, offering high efficiency for industrial processes.
GLOBAL ELECTRIC BOILER MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
A. O. Smith Corporation
ARTEL S.A.
ATMOS
Bosch Thermotechnology Ltd.
Daikin Industries, Ltd.
EKOTEK Boiler Company
Elnur UK Ltd.
Ferroli S.p.A.
Glen Dimplex Group
Heating Systems Company
KINGS Boiler Hire Ltd.
Proodos Industrial Boilers
Stiebel Eltron GmbH & Co. KG
Thermolec Ltd.
Vaillant Group
Viessmann Werke GmbH & Co. KG
Others