Electric Boiler Market Size

Electric Boiler Market Size

Electric Boiler Market size exceeded USD 10.4 billion in 2023 and is projected to expand at more than 11.8% CAGR from 2024 to 2032.

The rising demand for space and water heating solutions is set to proliferate the demand for electric boilers. In the recent past, space heating requirements across several commercial infrastructures, such as schools, airports, and federal institutions have rapidly increased. The constantly escalating demand and high volatility associated with fossil fuels has prompted users to switch to sustainable alternatives such as electrically-powered systems. Moreover, the growing concerns associated with the rise in GHG emissions from space heating has encouraged the influx of stringent government regulations to cut the carbon footprint and promote cleaner technologies. The global market for boilers is likely to witness 5.5% CAGR and will cross USD 180 billion by 2032.

To get key market trends

  Download Free Sample

Surging electricity costs may impede the adoption of electric boilers

Higher concerns over the spiking electricity bills across the world could negatively influence the electric boiler market outlook. The ongoing inflation and economic volatility have caused a dramatic escalation in energy prices worldwide. For instance, as per the U.S. Bureau of Labor Statistics, electricity bills doubled in 2022, with a 14.3% growth from 2021. Furthermore, with the surging costs associated with coal, natural gas, and crude oil, the World Bank predicted that energy prices would emerge 50 times higher in 2022. Hence, the continually increasing electricity prices may restrict the demand for electrically-charged boilers, hampering the industry growth.