Electric Boiler Market Analysis

Electric Boiler Market Analysis

Residential electric boiler market value is anticipated to reach over USD 22 billion by 2032 driven by the increasing residential space heating requirements worldwide. The growing energy consumption across residential buildings has prompted the energy transition towards cleaner and more sustainable heating units. According to Eurostat, in 2020, households accounted for 27% of the final energy consumption in the EU, with the majority of energy requirements across space heating.

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The ≤ 10 MMBtu/hr capacity electric boiler market is poised to witness nearly 11.3% growth rate between 2023 and 2032. Small-capacity electric boilers are widely used across small-scale commercial infrastructures ascribing to the introduction of strict emission norms pertaining to the building sector. Residential buildings remain a key contributor to carbon emissions and have therefore become the epicenter of clean energy transitions, making way for the rapid adoption of electric systems for energy optimization and limiting consumption. As per the Environmental Protection Agency (EPA), the residential and commercial sector accounted for 13% of the total GHG emissions in the U.S. in 2020.

Medium voltage electric boiler market size surpassed USD 2 billion in 2022. The increasing demand for medium-voltage electric boilers can be attributed to the emergence of several legislative mandates compelling energy consumers to limit GHG emissions, thereby encouraging the adoption of carbon-neutral systems. Medium-voltage installations offer flexibility and scalability in terms of application, while acting as more economical alternatives to high-voltage boilers. Additionally, the presence of favorable energy-efficiency standards and the rising decarbonization efforts will propel demand for medium-voltage electric boilers.

Europe electric boiler market revenue is slated to cross approximately USD 18 billion by 2032 impelled by the rapid influx of net-zero carbon emission targets and the growing focus on self-sufficiency in the energy sector. Several initiatives have been implemented to restrict the use of fossil fuels and associated technologies in the European boiler sector to prevent further environmental damages. For instance, Germany intends to end the deployment of mono-fuel oil boilers starting 2026 across new and existing buildings, while Ireland has announced plans to ban oil and gas boilers from 2023 in new homes, and from 2025 in the existing infrastructures. Similar initiatives across other EU member nations will also have a positive impact on business growth in the region. Europe steam boiler industry is poised to cross USD 6.9 billion by 2032. The market for electric boiler in APAC is set to reach USD 7.5 billion by 2032.