Low Voltage Electric Boiler Market
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The low voltage electric boiler market size was valued at USD 8.1 billion in 2023 and is estimated to grow at a CAGR of 11.6% from 2024 to 2032. The increasing worries about the space heating emission of greenhouse gasses has resulted in governments putting in place stringent regulations on the carbon footprints aiming at clean technologies. For instance, the investments amount in the real estate sector in the Asia Pacific increased by more than 4% in annual growth in the year 2023.
Low voltage electric boilers are designed to function at lower electrical voltages than traditional electric boilers. They use electrical heating elements or immersion heating elements to obtain heat from electricity, which is then transformed into steam and hot water for heating. These systems yield focal point advantages such as high energy efficiency, easy installation and low maintenance which makes their usage in different applications feasible especially for space and hot water heating.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Low Voltage Electric Boiler Market size in 2023: | USD 8.1 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 11.6 |
| 2023 Value Projection: | USD 21.9 Billion |
| Historical Data for: | 2021 to 2023 |
| No of Pages: | 140 |
| Tables, Charts & Figures: | 45 |
| Segments Covered: | Capacity, Application & Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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The increasing demand for space and water heating solutions along with increasing applicability across wide areas including schools, airports and government institutions will fuel the boiler market. Increasing regulatory pressures to reduce carbon emissions coupled with wide scale utilization of these systems as an alternative to traditional fossil-fuel-based systems will foster the business potential. Additionally, advancements in smart grid technology and the growing trend of electrification across wide tandem of application will further propel the business growth.
The ≤ 10 MMBtu/hr low voltage electric boiler will cross over USD 15 billion by 2032. These boilers are a popular option in such infrastructures due to their small dimensions, the installation process, and their capacity to generate even heating without extensive piping and fuel storage, among other factors. These units provide several benefits such as compact structure, little maintenance, capability of competitive hot on demand water and space heating together, which will drive up the market opportunities. Moreover, new government regulations intended to widen and grow commercial and industrial centers are expected to boost the growth of the industry.
The residential low voltage electric boiler market size is projected to witness about 10% growth rate through 2032. The rising demand for hot water coupled with the introduction of various building codes mandating the use of star-rated products has accelerated the adoption of these units. The intensifying trend of replacing outdated heating equipment with energy-efficient models in order to meet regulatory standards is likely to improve the industry landscape. Furthermore, the greater emphasis on the reduction of the carbon footprint has substantially increased the prevalence of energy efficient electric boilers.
The Europe low voltage electric boiler market is set to surpass USD 12 billion by 2032. The swift adoption of net-zero carbon emission goals in line with the rising emphasis on energy self-sufficiency will drive the business scenario. Extreme climatic conditions combined with the growing demand for water and space heating system, will continue to drive the deployment of these boilers. Stringent regulations on carbon emissions have resulted in a significant increase in the replacement of traditional heating systems. The shifting trend toward nuclear families and rising disposable incomes will support the adoption of these products, particularly in residential sector.
The U.S. low voltage electric boiler market will witness significant growth owing to growing consumer awareness, concerns for the environment as well as an increased effort to cut down on carbon emissions which according to research is likely to shape up the industry. In addition to that, the shift in consumer lifestyle towards high end foods like Chocolates and meat signifies a high growth opportunity for several industries including processed foods that are in high demand. Territorially speaking, this will lead to an increase in the deployment of food processing plants as well.
The most advanced and energy efficient high-performance boiler systems are designed, manufactured and supplied by Atlantic Boilers. Their industrial heating systems are capable to provide heat output in a continuous cycle which makes them most suited for use in an industrial or a commercial setting. In addition to this, the firm provides electrical heating solutions such as heating pumps and water heaters which indeed provide enhanced efficiency and reliability across different industries.
The key industry players include:
Market, By Capacity
Market, By Application
The above information has been provided for the following regions and country:
Fulton, Kospel, PARAT Halvorsen AS, Precision Boilers, Robert Bosch, S.A.S Lacaze Energies, Slant/Fin Corporation, Thermodyne Boilers, Thermon, Thermona, spol. s.r.o., V
Europe low voltage electric boiler industry is expected to reach over USD 12 billion by 2032, due to swift adoption of net-zero carbon emission goals in line with the rising emphasis on energy self-sufficiency in the region.
Low voltage electric boiler industry from the ? 10 MMBtu/hr segment is expected to surpass USD 15 billion by 2032, due to their compact size, ease of installation, and ability to provide consistent heating without the need for extensive piping or fuel storage.
The market size of low voltage electric boiler was worth over USD 8.1 billion in 2023 and is expected to register 11.6% CAGR from 2024 to 2032, owing to growing concerns over greenhouse gas emissions from space heating worldwide.