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Ongoing infrastructural investments for development of sustainable building infrastructure to cater soaring urban population will stimulate the business landscape. High living standards, soaring disposable income and rising adoption of energy efficient heating systems are some of the other imperative factors, which will augment the deployment of residential boilers. Ongoing financial investments and government incentives toward development of advanced heating technologies will foster the industry outlook.
The global market for residential electric boiler was reached USD 8.9 billion in 2023 and is estimated to grow at a 11.1% CAGR from 2024 to 2032, driven by the shift towards decarbonization.
The low voltage residential electric boiler market is projected to exceed USD 15 billion by 2032, due to the need for efficient water heating systems and the transition to zero-emission buildings.
The medium voltage residential electric boiler market is expected to grow at a CAGR of about 10.5% through 2032, propelled by increasing environmental regulations and the shift towards sustainable heating solutions.
The U.S. residential electric boiler market is set to surpass USD 700 million by 2032, led by efforts to reduce greenhouse gas emissions and rising investments in green building infrastructure.