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2023

Electric Boiler Market

Electric Boiler Market Size, Share, Competitive Landscape and Trend Analysis Report by Product Type (Hot Water Boilers, Steam Water Boilers), by Category (Traditional Electric Boilers, Smart Electric Boilers), by Distribution Channel (Online, Offline), by End-use (Residential, Commercial): Global Opportunity Analysis and Industry Forecast, 2023-2032

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Author's: Supriya Bhosale | Surya Sanka
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Electric Boiler Market Research, 2032

The global electric boiler market size was valued at $9.2 billion in 2022, and is projected to reach $24.1 billion by 2032, growing at a CAGR of 10.2% from 2023 to 2032. An electric boiler, in its most basic form, consists of an electric heating element, often constructed of materials such as nickel-chromium alloy, covered in a corrosion- and high-temperature-resistant sheath. When an electric current flows through the heating element, it hits resistance and heats up. This heat is subsequently transmitted to the water or other heating medium, causing it to reach the appropriate temperature. Electric boilers are useful for both space heating and hot water production since heated water or fluid may be cycled through radiators, underfloor heating systems, or utilized for home hot water delivery.

Electric Boiler Market

One of the key benefits of electric boilers is their high efficiency. Electric boilers transform electrical energy into heat with great efficiency, decreasing energy waste and offering a more sustainable mode of propulsion. This economy translates to a greater driving range on a single charge, saving drivers time and money on refueling. Electric boilers are at the forefront of environmentally sustainable transportation. Unlike internal combustion engines, which release toxic pollutants and greenhouse gases, electric boilers emit no tailpipe emissions. This not only improves air quality but also adds to the worldwide effort to prevent climate change. Electric boilers produce fast torque, allowing for quick acceleration from a stop. This speedy reaction can improve the driving experience and is especially useful in city traffic, where stop-and-go traffic is typical. Regenerative braking systems, which catch and store energy during deceleration, are used in electric cars with electric boilers. This energy may be utilized to increase the range of the vehicle, making electric vehicles more energy efficient.

Electric boilers are entirely dependent on a consistent power source. This reliance might be a severe disadvantage in places with frequent power outages or faulty electrical systems. Backup generators can help to reduce this problem, but they add to the system's cost and complexity. Electric boilers may struggle to provide enough heat to sustain acceptable interior temperatures in particularly cold areas. In these conditions, the requirement for a backup heating system becomes more obvious, increasing the overall cost. Electric boilers may not be the best option for radiant heating systems, which use hot water or steam to flow via pipes installed in floors or walls. These systems are often more efficient than standard boilers that may produce hotter water. In some areas, the cost-effectiveness of electric boilers may be influenced by government incentives or subsidies. Electric boilers' financial sustainability may suffer if such assistance is not provided. Electric boilers may take longer to warm up than gas or oil boilers, resulting in a delay in reaching the appropriate interior temperature.

Electric boilers represent a potential frontier in the domain of future technology, giving an array of options across a wide range of industries. Electric boilers have the potential to become the cornerstone of green heating solutions in the residential sector. Electric boilers provide a tempting alternative to traditional gas or oil-based systems as homeowners and builders prioritize energy-efficient and eco-friendly solutions. Furthermore, the use of electric boilers has the potential to considerably assist the commercial and industrial sectors. These industries often use a lot of energy for space heating, hot water generation, and other industrial activities. With its flexibility and agility, electric boilers can provide a solution that corresponds with the sustainability aims of many enterprises. Their ability to effortlessly integrate into current systems, paired with innovative control technologies, assures maximum performance and energy savings. Commercial and industrial companies may significantly reduce greenhouse gas emissions, save operational costs, and improve their corporate social responsibility by converting to electric boilers.

The key players profiled in this report include Viessmann, A. O. Smith, BDR Thermea Group, ELNUR S.A, SAV Systems Ltd, Värmebaronen, Vapor Power International, P.M. Lattner Manufacturing Co., Reimers Electra Steam, Inc., ECOTHERM Austria GmbH. After-Sales Services and cost competitiveness are common strategies followed by major market players. For instance,

The electric boiler market is segmented on the basis of product type, category, end-use, distribution channel and region. By product type, the market is bifurcated into hot water boilers and steam water boilers. By category, the market is classified into traditional electric boilers and smart electric boilers. By end-use, the market is classified into residential and commercial. The commercial sub-segment is further classified into food processing, chemical industries, refineries & distilleries, healthcare & pharmaceuticals, paper & textiles, and others. By distribution channel, the market is classified into online and offline. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The electric boiler market is segmented into Product Type, Category, Distribution Channel and End-use.

Electric Boiler Market by Product Type

By product type, the hot water boilers sub-segment dominated the global electric boiler market share in 2022. The efficiency with which hot water boilers transform energy into heat is one of their primary advantages. Boilers, unlike certain older heating techniques, have a high thermal efficiency, which means they can extract more useable heat from the fuel they use. Therefore, energy waste is decreased, and operational expenses are lowered over time.

Modern technologies, such as condensing boilers, which catch and use extra heat from combustion gases, boost efficiency even more. Another major advantage of hot water boilers is their adaptability. These systems may be customized to meet a wide range of heating needs, from modest residential units to big industrial complexes. They can heat water efficiently for space heating, home hot water, and even industrial applications. Furthermore, hot water boilers help to improve interior air quality. Unlike forced-air systems, which may spread dust and allergies, hot water systems do not use air movement to deliver heat.

Electric Boiler Market by Category

By category, the traditional electric boilers sub-segment dominated the global electric boiler market value in 2022. Traditional electric boilers excel in energy efficiency, which is critical in today's ecologically concerned society. These boilers have excellent energy efficiency ratings because they transform a large part of the power they consume into heat. This efficiency not only reduces energy use but also lowers utility expenses for end customers. Traditional electric boilers also have the advantage of being compatible with renewable energy sources. Traditional electric boilers are an appealing alternative for individuals trying to lower their environmental impact as the globe swings towards sustainable energy options.

Homeowners and companies equipped with solar panels or wind turbines may use renewable energy to power their traditional electric boilers. Maintenance is essential for any heating system, and traditional electric boilers provide a low-maintenance alternative. Traditional Electric boilers require less regular service and repairs since they have fewer components that are prone to wear and tear. This feature not only reduces maintenance expenses but also contributes to the system's overall durability. Furthermore, the controllability of classic electric boilers leads to increased user comfort and convenience. Individuals may adjust their heating systems to their preferences and schedules due to precise temperature control and programmable options.

Electric Boiler Market by Distribution Channel

By distribution channel, the offline sub-segment dominated the global electric boiler market demand in 2022. One of the key benefits of offline distribution channels is their capacity to reach a wide and large audience, regardless of technical restrictions. Offline channels provide inclusion, unlike online ones, which may exclude persons with poor internet access or technological skill. Physical storefronts, traditional retail outlets, and brick-and-mortar companies provide customers with a physical area in which to engage with products and services, promoting a sense of familiarity and comfort. This inclusion is especially important in locations with variable degrees of digital infrastructure, ensuring that a broader demography can access and benefit from a business's offers.

Furthermore, physical distribution channels play an important role in increasing brand trust and credibility. In a world when internet frauds and fraudulent activities are on the rise, many buyers still appreciate the ability to see, touch, and feel a thing before purchasing it. Physical storefronts provide a brand a physical presence, allowing customers to interact with the product in person, seek advice from experienced personnel, and make informed decisions. This tactile sensation not only instills trust in the product's quality, but also creates a personal connection between the brand and the consumer.

Electric Boiler Market by End-use

By end use, the residential sub-segment dominated the global electric boiler market opportunities in 2022. Residential electric boilers are known for their energy efficiency. These systems have excellent energy efficiency ratings because they turn a large part of the electricity they consume into heat. Electric boilers save energy by heating water only when it is needed, because of modern technology and precise temperature control. This not only helps to reduce energy expenditures, but it also fits in with the increased emphasis on ecologically responsible practices. Electric boilers have a lower ecological impact than traditional oil or gas heating systems, which is appealing to homeowners. Aside from efficiency, electric boilers provide accurate temperature control, offering maximum comfort in the house. Modern versions have programmable thermostats and smart controls that allow users to set and modify temperatures based on their schedules.

Electric boilers for homes are well-known for their dependability and longevity. These boilers require less maintenance than typical heating systems because they have fewer moving components, lowering the possibility of unexpected malfunctions. The absence of combustion processes also contributes to the equipment's longer lifespan. Homeowners can rest easy knowing that their electric boilers are designed to survive the demands of daily usage, delivering consistent and dependable heating during the colder months.

Electric Boiler Market by Region

By region, Europe dominated the global electric boiler market in 2022. The environmental friendliness of electric boilers is one of its primary advantages in Europe. Unlike typical fossil-fuel-based heating systems, electric boilers emit no direct emissions on-site, helping to drastically reduce greenhouse gas emissions. This is perfectly in line with Europe's commitment to combating climate change and meeting ambitious objectives established in programs such as the European Green Deal. Electric boilers play a critical role in developing a cleaner and more sustainable energy environment by depending on electricity, which is increasingly produced from renewable resources.

Furthermore, electric boilers excel in accuracy and reactivity, providing quick heating as well as exact temperature control. This feature not only improves user comfort but also corresponds to the rising need for smart and efficient heating solutions. Users may optimize their heating patterns with modern control systems and communication capabilities, contributing to less energy waste. This flexibility to customer preferences not only enhances the appeal of electric boilers, but also positions them as a critical component in the development of intelligent and energy-efficient homes and buildings throughout Europe.

Impact of COVID-19 on the Global Electric Boiler Industry

  • As people stayed indoors more to minimize virus transmission, there was a higher demand for dependable, efficient, and clean heating options like electric boilers.
  • Because of the emphasis on reducing indoor air pollution and ensuring good ventilation, electric boilers were an enticing solution because they release no direct emissions, therefore aiding in the improvement of interior settings.
  • Furthermore, the remote working trend prompted consumers to invest in home improvements such as heating system upgrades, which raised demand for electric boilers.
  • he outbreak also increased the use of digital technologies and smart home solutions. With people spending more time at home, the convenience and energy-saving features of smart electric boilers have become increasingly important.

Key Benefits For Stakeholders

  • The report provides exclusive and comprehensive analysis of the global electric boiler market trends along with the electric boiler market forecast.
  • The report elucidates the electric boiler market opportunity along with key drivers, and restraints of the market. It is a compilation of detailed information, inputs from industry participants and industry experts across the value chain, and quantitative and qualitative assessment by industry analysts.
  • Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the market for strategy building.
  • The report entailing the electric boiler market analysis maps the qualitative sway of various industry factors on market segments as well as geographies.
  • The data in this report aims on market dynamics, trends, and developments affecting the electric boiler market growth.

Electric Boiler Market Report Highlights

Aspects Details
Market Size By 2032
Market Size By 2032

USD 24.1 billion

Growth Rate
Growth Rate

CAGR of 10.2%

Forecast period
Forecast period

2022 - 2032

Report Pages
Report Pages

300

Electric Boiler Market By Product Type
By Product Type
  • Hot Water Boilers
  • Steam Water Boilers
Electric Boiler Market By Category
By Category
  • Traditional Electric Boilers
  • Smart Electric Boilers
Electric Boiler Market By Distribution Channel
By Distribution Channel
  • Online
  • Offline
Electric Boiler Market By End-use
By End-use
  • Residential
  • Commercial
    • Commercial
      • Food Processing
      • Chemical Industries
      • Refineries and Distilleries
      • Healthcare and Pharmaceuticals
      • Paper and Textiles
      • Others
Electric Boiler Market By Region
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, UK, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, UAE, Saudi Arabia, South Africa, Rest of LAMEA)
Key Market Players
Key Market Players

SAV Systems Ltd, ECOTHERM Austria GmbH, Värmebaronen, Reimers Electra Steam, Inc., BDR Thermea Group, A. O. Smith, ELNUR S.A, P.M. Lattner Manufacturing Co., Vapor Power International, viessmann

Author Name(s) : Supriya Bhosale | Surya Sanka
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Frequently Asked Questions?

The electric boiler market size is expected to grow due to an increase in demand for growth in electric automobiles globally. In addition, the market is driven by growth in smart and connected systems in electric boiler.

The major growth strategies adopted by the electric boiler market players are partnership, business expansion, and product launch.

Asia-Pacific will provide more business opportunities for the global electric boiler market in the future.

Viessmann, A. O. Smith, BDR Thermea Group, ELNUR S.A, SAV Systems Ltd, Värmebaronen, Vapor Power International, P.M. Lattner Manufacturing Co., Reimers Electra Steam, Inc., and ECOTHERM Austria GmbH. are the major players in the electric boiler market.

The hot water boilers sub-segment of the product type segment acquired the maximum share of the global electric boiler market in 2022.

Residential users are the major customers in the global electric boiler market.

The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global electric boiler market from 2022 to 2032 to determine the prevailing opportunities.

Electric automobiles are expected to experience a growth in adoption, as a heat source (as a substitute for engine waste heat).

An increase in use of adoption of smart and connected technologies, promoting of government policies and incentives about the benefits of electric boiler industry drive the global electric boiler market.

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Electric Boiler Market

Global Opportunity Analysis and Industry Forecast, 2023-2032