Residential Electric Boiler Market Size - By Voltage Rating (Low Voltage, Medium Voltage), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2024 – 2032

Residential Electric Boiler Market Size - By Voltage Rating (Low Voltage, Medium Voltage), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2024 – 2032

Residential Electric Boiler Market Size

Residential Electric Boiler Market was valued at USD 8.7 billion in 2023 and is anticipated to expand at 11% CAGR from 2024 to 2032. The implementation of stringent government regulations pertaining to limiting carbon emissions across several economies will drive the industry growth.

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There has been a commendable shift in consumer focus toward installing sustainable equipment. Besides, several governments and regulatory authorities globally have been emphasizing adopting sustainable, low-emission alternatives to ease the environmental impact. For instance, the European Union has enacted several policies to curb energy consumption and GHG emissions. Residential electric boiler technology features low NOx emission, better DHW performance, and improved monitoring & controlling. In addition, it provides contractors and homeowners with easy serviceability, which will favor its espousal by 2032.

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However, the consistent rise in global population and accelerating rate of urbanization has paved the way for several infrastructural investments focused on developing sustainable building infrastructure. These investments, in line with the increasing deployment of energy-efficient heating systems across residential and commercial spaces, will carve a healthy growth trajectory for the residential electric boiler market.

The availability of several alternative technologies may limit product uptake in the coming years. Moreover, several factors, such as rising disposable incomes, improving living standards, and increasing government investments in advanced heating technologies, will propel product sales during 2023-2032.

Residential Electric Boiler Market Analysis

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The low-voltage residential electric boiler market is likely to garner over USD 15 billion by 2032. Low-voltage boiler systems are compact and require significantly less maintenance, reducing the overall expense of the boiler. Rising investments in the real estate sector, in tandem with the ongoing replacement of conventional with energy-efficient boilers, will drive business growth. Additionally, strict regulations to reduce the dependency on fossil fuels and the introduction of government tax incentives to promote the adoption of clean technologies will foster product necessity by end of 2032.

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Europe residential electric boiler industry is estimated to amass USD 14 billion by 2032. The flourishing real estate sector, coupled with the shifting consumer awareness toward the installation of efficient and reliable heating units, will add to the industry revenues. The formulation of effective regulations by the European Union toward carbon emissions will accelerate the replacement of conventional heating systems in the region. For example, shifting trends toward conjugal families and the growing requirement of energy-efficient water heating systems will strengthen the regional business landscape. The market size of North America & Europe electric boiler is likely to cross USD 20.7 billion by 2032.

Residential Electric Boiler Market Share

The key manufacturers operating in the industry’s competitive landscape include

• ACV
• Bosch Industriekessel GmbH
• Chromalox
• Thermon
• VIESSMANN
• Cochrane Engineering
• Acme Engineering Products
• Atlantic Boilers
• Bradford White Corporation
• Cleaver-Brooks
• Danstoker
• Electro Industries
• FERROLI
• Flexiheat
• Klöpper-Therm GmbH
• Kospel spó?ka
• LAARS Heating Systems
• P.M. Lattner Manufacturing S.A.S Lacaze Energies
• Slant/Fin Corporation
• The Fulton Companies
• Thermona,
• Värmebaronen.
   
• In February 2023, Thermon launched the Genesis Network Software Version 1.6, offering a new alarm dashboard, added support for Accutron series TS366, TS202, and TS101 controllers, improved UI responsiveness, and relocated network management link. This launch enhanced the company’s market presence.
   
• In September 2022, FERROLI launched the bluehelix hi-tech RRT residential boilers, with power ranging from 24kW to 34kW. The new series includes patented stainless steel. The thermobalance heat exchanger is shaped to ensure increased water flow and improve efficiency. It also offers quiet operations, a touchscreen display, and easy installation.
   

This market research report on residential electric boiler includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD” from 2019 to 2032 for the following segments

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Market, By Voltage Rating

• Low Voltage
• Medium Voltage

The above information has been provided for the following regions and countries

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Poland
  • Italy
  • Spain
  • Austria
  • Germany
  • Sweden
  • Russia
• Asia Pacific
  • China
  • India
  • Philippines
  • Japan
  • South Korea
  • Australia
  • Indonesia
• Middle East & Africa
  • Saudi Arabia
  • Iran
  • UAE
  • Nigeria
  • South Africa
• Latin America
  • Brazil
  • Argentina
  • Chile

Frequently Asked Questions (FAQ)

How big is the residential electric boiler market?

The market size of residential electric boiler crossed USD 8.7 billion in 2023 and is estimated to grow at 11% CAGR during 2024 to 2032, attributed to the stringent regulatory framework regarding CO2 emissions across several economies.

Why is demand for low-voltage boiler systems gaining momentum?

The low-voltage residential electric boiler industry is anticipated to be worth USD 15 billion by 2032, given the high energy efficiency and low maintenance requirements of the products.

What is driving the demand for residential electric boilers across Europe?

Europe residential electric boiler industry is slated to amass USD 14 billion in revenue by 2032, credited to the positive outlook of the regional real estate sector and growing consumer inclination toward sustainable heating systems.

Which are the major companies constituting the competitive landscape of the residential electric boiler industry?

Notable players in the residential electric boiler business scenario are ACV, Bosch Industriekessel GmbH, Chromalox, Thermon, VIESSMANN, Cochrane Engineering, Acme Engineering Products, Atlantic Boilers, Bradford White Corporation, Cleaver-Brooks, Danstoker, Electro Industries, FERROLI, Flexiheat, and others.