Electric Boiler Market by Product Type (Hot Water Boilers and Steam Water Boilers), Category (Traditional Electric Boilers and Smart Electric Boilers), End Use (Residential and Commercial (Food Processing, Chemical Industries, Refineries & Distilleries, Healthcare & Pharmaceuticals, Paper & Textiles, and Others), Distribution Channel (Online and Offline), and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2023-2032

Electric Boiler Overview

Electric boilers work on a simple principle; they utilize electrical resistance to heat water or create steam for various heating needs. Unlike traditional gas or oil boilers, which rely on the burning of fossil fuels, electric boilers are 100% efficient because they turn all of the power they use into heat. Because of their efficiency, they are an ecologically responsible alternative, especially when combined with a clean energy source like renewable power. Electric boilers come in various types: electric resistance boilers, electric heat storage boilers, electric combi boilers, and electric steam boilers. Electric boilers are often used to provide central heating and hot water in houses and apartment complexes. They are frequently used as backup heating sources or in regions where natural gas is not accessible. Electric boilers are used for space and process heating in many enterprises and industrial sites. These applications might include factories, warehouses, and office buildings, among others. Electric boilers are used in agriculture and greenhouse businesses to maintain appropriate temperatures for plant development and the comfort of livestock. Electric boilers are used in several sectors, such as pharmaceuticals and electronics production, since they emit no pollutants and are suited for applications requiring high purity.

Global Electric Boiler Market Analysis

The global electric boiler market size was $9,158.9 million in 2022 and is predicted to grow with a CAGR of 10.2%, by generating a revenue of $24,048.7 million by 2032.

Source: Research Dive Analysis

COVID-19 Impact on Global Electric Boiler Market

The pandemic has brought to light the significance of indoor air quality and heating systems. As individuals spent more time indoors to avoid virus transmission, there was a greater demand for dependable, efficient, and clean heating alternatives such as electric boilers. Because of the emphasis on minimizing indoor air pollution and maintaining proper ventilation, electric boilers were an appealing alternative because they emit no direct emissions, helping to better indoor environments. Furthermore, the remote working trend encouraged people to invest in home renovations, such as improving their heating systems, which increased demand for electric boilers. The pandemic also boosted the use of digital technology and smart home solutions.

With individuals spending more time at home, the convenience and energy-saving features of smart electric boilers have grown in popularity. Remote control and monitoring capabilities, as well as the possibility to incorporate electric boilers into larger home automation systems, were major selling factors. This tendency not only increased the attraction toward electric boilers, but also promoted industrial innovation. The pandemic, on the other hand, hampered normal maintenance and service of electric boilers. Lockdowns and social distancing made it difficult for personnel to access and maintain heating systems on schedule. The relevance of remote diagnostics and self-maintenance capabilities in current electric boiler systems was underlined in this issue.

Growth in Electric Automobiles to Drive Electric Boiler Market

The increase in demand for electric boilers is closely related to the exponential growth of electric automobiles. As the world struggles with the effects of climate change and works to cut carbon emissions, governments and consumers alike are shifting their attention to greener transportation choices. Electric cars have emerged as a possible answer to the environmental difficulties brought by internal combustion engine automobiles. With a growing consensus on the need of decreasing greenhouse gas emissions, the automobile sector is undergoing a paradigm change. Governments are promoting EV adoption through a variety of means, including subsidies, tax reductions, and tight emissions laws. This has prompted an increasing number of automakers to spend extensively on electric car research and production.

The benefits of electric boilers in the context of electric cars are numerous. One of the most important advantages is their environmental effect. Electric boilers are naturally clean and create no direct emissions, making them an important component in reaching the larger objective of lowering greenhouse gas emissions. They contribute to the sustainability and environmental friendliness of electric cars, perfectly corresponding with the global push for greener transportation solutions. Furthermore, electric boilers are quite efficient. They can convert a significant portion of electrical energy into mechanical energy, resulting in excellent acceleration and overall vehicle performance. In conclusion, the surge in demand for electric boilers is intrinsically linked to the growing popularity of electric vehicles.

Dependency on Grid to Restrain the Market Growth

Electric boilers are vulnerable to power interruptions, which is one of their main downsides. Homeowners and businesses in areas with an unstable electrical supply may encounter problems in their heating systems. This is especially troublesome during harsh cold, when a lack of warmth might endanger one's health and safety. Because electric boilers are grid-dependent, any problems with the electrical infrastructure can have a direct influence on their operation. The source of power has a significant influence on the environmental impact of electric boilers.

Electric heating may have a bigger ecological impact than predicted if the power is generated using fossil fuels. Because users rely on the grid, they have little influence over the environmental sustainability of their heating systems, which may be a big disadvantage for individuals attempting to decrease their carbon footprint. Dependence on the grid creates problems regarding resource allocation and energy fairness. Access to a steady electrical grid is not common in some areas, putting communities at a disadvantage when it comes to employing electric boilers for heating. This imbalance can increase gaps in heating alternatives and energy access. In conclusion, while the dependency on the grid is a notable restraint and disadvantage of electric boilers, these issues can be addressed through various strategies and solutions.

Smart and Connected Systems to Drive Excellent Opportunities

With the introduction of smart technology, electric boilers may be operated and monitored remotely via smartphone applications or online interfaces. This allows homeowners to alter their heating settings from nearly anywhere, increasing convenience and assuring efficient energy consumption. Furthermore, real-time monitoring provides insights into energy use, enabling customers to make educated decisions that can result in significant cost savings. Modern electric boilers are outfitted with adaptive heating algorithms that optimize performance based on external parameters such as weather and occupancy trends.

These algorithms enable the system to adjust in real-time, ensuring a pleasant interior atmosphere while minimizing energy use. As a result, electric boilers have grown more efficient and environmentally friendly, lowering their environmental impact. The use of modern sensors and machine learning algorithms in electric boilers enables self-diagnosis and predictive maintenance. These technologies can detect possible problems before they become serious, lowering the chance of breakdowns and ensuring the boiler's lifespan. Such features not only improve dependability but also lower maintenance expenses.

Global Electric Boiler Market Share, by Product Type, 2022

Source: Research Dive Analysis

The hot water boilers sub-segment accounted for the highest market share in 2022. Continuous advancements in material, design, and control systems have increased the efficiency and performance of hot water electric boilers, making them more appealing to both consumers and companies. Hot water boilers are well-known for their toughness and lifespan. When properly maintained, these systems may provide a consistent source of hot water and heating for many years.

The strong design of boilers, which are frequently composed of materials such as cast iron or stainless steel, increases their resistance to corrosion and wear. Because they require fewer replacements and repairs over time, these products have a greater return on investment for individuals and businesses. The dependability of hot water boilers is a crucial benefit, particularly in colder locations where a steady heat supply is required. Boilers are less prone to malfunctions than other types of heating systems, giving households and businesses peace of mind. The simple design of hot water boilers contributes to their popularity. Aside from these benefits, hot water boilers provide accurate temperature control. Maintaining a stable and desirable water temperature is critical for applications such as radiant floor heating, where precise control is required for best comfort.

Global Electric Boiler Market Share, by Category, 2022

Source: Research Dive Analysis

The traditional electric boilers sub-segment accounted for the highest market share in 2022. One of the primary benefits of traditional electric boilers is their ease of installation. Traditional electric boilers may frequently be simply incorporated into the existing heating system, unlike some alternative heating systems that need elaborate setups and major alterations to existing infrastructure. Because of this, they are an appealing alternative for upgrading older buildings or modernizing heating systems without requiring major overhauls.

Furthermore, traditional electric boilers provide accurate temperature control, allowing consumers to adapt heating output to their exact requirements. This degree of control not only improves comfort but also guarantees that energy is only utilized when and where it is required. The flexibility to fine-tune the temperature settings improves overall system efficiency and minimizes waste. Traditional electric boilers also have excellent safety measures. Many versions have smart controls and sensors that monitor system performance and ensure safe and dependable operation. Furthermore, because there are no open flames or flammable fuels, there is no possibility of carbon monoxide leakage, making conventional electric boilers a safer alternative for interior heating.

Global Electric Boiler Market Share, by End Use, 2022

Source: Research Dive Analysis

The residential sub-segment accounted for the highest market share in 2022. Electric boilers are environmentally friendly and silent since they do not require combustion processes or the related noise and pollutants. This makes them an excellent alternative for those that value a peaceful and clean-living environment. Furthermore, the absence of combustion means that no hazardous gases are emitted, leading to enhanced indoor air quality. Electric boilers ensure a comfortable interior environment by providing continuous and accurate heating.

The heating components react fast to variations in demand, providing a consistent supply of warmth with no temperature swings. This dependability helps inhabitants have a more pleasant living environment. Temperature controls, pressure relief valves, and automatic shut-off mechanisms are all standard features on modern electric boilers. These characteristics assure safe and dependable functioning, giving homeowners peace of mind about the safety of their heating system. Many domestic electric boilers are smart home compatible, allowing homeowners to remotely manage and monitor their heating systems. Users can alter settings, monitor energy use, and optimize heating schedules from the comfort of their smartphones or other smart devices thanks to this connection.

Global Electric Boiler Market Share, by Distribution Channel, 2022

Source: Research Dive Analysis

The offline sub-segment accounted for the highest market share in 2022. Offline distribution methods are extremely important in giving consumers with quick fulfilment. Unlike online purchases, which can require waiting for shipment and delivery, brick-and-mortar retailers provide immediate access to merchandise. This immediacy might be a deciding factor for customers who value convenience and want to get their hands on a product right away. Furthermore, the option to try on apparel, test electronic equipment, or physically check a product before to purchase improves the whole consumer experience, lowering the chance of returns and assuring customer happiness. Aside from the obvious advantages, offline distribution methods generate a feeling of community and social contact. Customers may connect with one another in physical stores, ask assistance from store workers, and participate in events or promotions. This social component of offline purchasing helps to favorable brand impression and develops consumer loyalty.

Global Electric Boiler Market Size & Forecast, by Region, 2022-2032 ($Million)

Source: Research Dive Analysis

The Europe electric boiler market generated the highest revenue in 2022. The advantages of electric boilers in Europe go beyond environmental concerns. Their inherent design flexibility enables simple integration into existing heating systems or the development of new, bespoke solutions. This versatility is especially helpful in places with varying weather conditions, where heating requirements change dramatically. Electric boilers can be installed in private houses, commercial buildings, and industrial sites, offering a dependable and constant heat source for a variety of purposes.

The European Union's emphasis on improving air quality and decreasing pollutants matches with the benefits of electric boilers. Electric boilers, unlike combustion-based heating systems, emit no on-site emissions, leading to cleaner air and a healthier environment. This trait is especially important in metropolitan settings where air quality is a major problem. Electric boilers assist in reducing the impact of indoor air pollution by removing the burning of fossil fuels within the premises.

Competitive Scenario in the Global Electric Boiler Market

Product launch, partnership, and business expansion are common strategies followed by major market players. For instance, in November 2023, Vicinity Energy, the U.S.-based energy infrastructure company, announced the launch of its 42MW industrial-scale electric boiler, set to be installed at its Kendall Square facility in Cambridge, Massachusetts. This electric boiler will be fully operational by Spring 2024.

Source: Research Dive Analysis

Some of the leading electric boiler market players are 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.