The ‘Global Electric Boiler Market Share, Size, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global electric boiler market, assessing the market on the basis of its segments like product, category, end-use, distribution channel, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Electric Boiler Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 8.8 Billion
- Forecast CAGR (2023-2028): 9.50%
- Forecast Market Size (2028): USD 15.1 Billion
The global electric boiler market is being driven by the rising focus on sustainability worldwide and initiatives taken by various governments to curb the usage of fossil fuels and lower carbon footprints. Electric boilers are emerging as preferable alternatives to standard boilers that consume significant amounts of fossil fuels such as oil or gas and also generate considerable pollution.
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Furthermore, electric boilers have similar performance as conventional boilers but offer additional benefits such as lower requirements of space for installation and operation. There is no need for any chimneys or ducts to connect with the electric boilers as no fumes are produced and there is also no requirement for bulky storage spaces for fuel.
Increasing development of infrastructure in cold weather regions is another factor contributing to the growth of the electric boiler market. Available in various sizes and shapes, the demand for electric boilers in residential and commercial buildings is on the rise. Electric boilers are effective in space heating and generate minimal noise while operating. Development of larger residential buildings, such as apartment complexes, and a variety of commercial infrastructure including hospitals, restaurants, hotels, and office buildings, are bolstering the demand for electric boilers. Many older constructions are also being retrofitted with electric boilers to lower carbon emissions.
Electric Boiler Industry Definition and Major Segments
An electric boiler is type of boiler that is powered by electricity instead of fossil fuels such as oil or gas. Similar to traditional boilers, an electric boil is used to heat water or steam, forcing the movement of water through an element heated by electricity. Electric boilers are used to convert electrical energy to thermal energy by the process of water heating.
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Based on product, the market is bifurcated into:
- Hot Water Boiler
- Electric Steam Boiler
On the basis of category, the market is divided into:
- Traditional Electric Boilers
- Smart Electric Boilers
By end-use, the market is segmented into:
- Residential
- Commercial
- Industrial
Based on distribution channel, the market is classified into:
- Online
- Offline
On the basis of region, the market is categorised into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Electric Boiler Market Trends
Rising implementation of smart heating systems and Internet of Things is a key trend influencing the electric boiler market by heightening the demand for smart electric boilers. These smart electric boilers can be integrated with smart thermostats and automatically control the settings for water heating and space heating. Usage of smart electric boilers optimises their operation by turning on only when required, thereby further saving energy.
Among additional crucial trends in the electric boiler market are the growing demand for electric boilers in the healthcare sector and among industrial end-uses. In healthcare facilities, electrical boilers can aid in central heating, sanitisation, and sterilisation of medical equipment, promoting improved comfort and hygiene for better patient results. Industrial applications of electric boilers include power generation and central heating systems in sectors such as thermal power plants, chemical industries, food processing, and refineries and distilleries.
Regionally, North America is projected to witness significant growth in the global electric boiler market over the forecast period. This can be attributed to the strict decarbonisation goals of countries in the region and firm emission reduction targets by countries such as Canada and the United States. The widespread cold weather in the region is also surging the demand for space heating applications of electric boilers.
Key Market Players
The major players in the global electric boiler market report are:
- Nibe Energy Systems Limited
- Elnur UK Ltd
- Precision Boilers, LLC
- Reimers Electra Steam, Inc.
- Thermo 2000 Inc
- Acme Engineering Products Ltd.
- ACV UK Ltd
- Babcock Wanson Ltd
- Robert Bosch GmbH
- Cerney S.A.
- Others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Over 3000 EMR consultants and more than 100 analysts work very hard to ensure that clients get only the most updated, relevant, accurate and actionable industry intelligence so that they may formulate informed, effective, and intelligent business strategies and ensure their leadership in the market.
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