Commercial Electric Boiler Market - By Voltage Rating (Low Voltage, Medium Voltage), By Capacity, By Product (Hot Water, Steam), By Application (Offices, Healthcare Facilities, Educational Institutions, Lodgings, Retail Stores) & Forecast, 2024 - 2032

Commercial Electric Boiler Market - By Voltage Rating (Low Voltage, Medium Voltage), By Capacity, By Product (Hot Water, Steam), By Application (Offices, Healthcare Facilities, Educational Institutions, Lodgings, Retail Stores) & Forecast, 2024 - 2032

Commercial Electric Boiler Market Size

Commercial Electric Boiler Market size valued at USD 1.5 billion in 2023 and is projected to grow at more than 15.5% CAGR from 2024 to 2032. This growth is driven by favorable incentives to encourage the use of environment-friendly products.

The rapidly growing healthcare sector is set to bolster the industry revenue over the next 10 years. The high demand for space heating across commercial establishments is also promoting the use of commercial electric boilers. Moreover, rising investments by key private and public players for the development of commercial establishments in developing nations owing to the abundant availability of raw materials, massive human resources, and macroeconomic indicators are likely to further drive market dynamics.

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The prominent role of government and authoritative agencies in the decarbonization of the commercial sector is providing rewarding chances for commercial electric boiler market expansion. Stringent regulations and environmental concerns, together with increasing government policies and schemes toward the deployment of energy-efficient boilers are bolstering product adoption. For instance, in February 2022, the U.S. government announced new measures toward establishing a cleaner industrial sector to reduce carbon emissions, such as the clean hydrogen initiative, and carbon-based trade policies, among others.

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Burgeoning electricity costs may restrain industry progression

The skyrocketing electricity costs are majorly restraining the market growth. The mounting prices of electricity due to rising inflation and energy consumption around the world are hampering the uptake of commercial electric boilers in households and energy companies. Nevertheless, several supportive government rules implemented for clean energy utilization are likely to aid industry players in combating this setback and extending their customer base.

Commercial Electric Boiler Market Analysis

In terms of voltage rating, the low voltage segment held over 70% of the commercial electric boiler market share in 2022 as a result of supportive legislative directives to minimize greenhouse gas emissions and increased adoption of low-emission heating systems. Similarly, substantial energy efficient codes and standards to promote energy efficiency are further influencing technological adoption.

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Commercial electric boiler market size from ≤ 0.3 - 2.5 MMBtu/hr capacity segment accounted for around USD 150 million in 2022. Notable government efforts to control carbon emissions across varied sectors are elevating the demand for these boilers. Furthermore, supportive measures to achieve energy optimization, coupled with several beneficial attributes of these boilers viz., energy-effective, increased comfort, and low operational costs, are stimulating the uptake of these units.

Based on product, the steam segment is expected to surpass USD 2 billion by 2032. This growth is attributed to the advantageous features of steam electric boilers, such as low emissions, quick start-up & shutdown, and silent operation. The increasing compliance requirements for emissions to limit the carbon footprint, along with encouraging government schemes & investments toward the adoption of clean technologies.

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In terms of application, the commercial electric boiler market from offices segment is slated to record nearly 15% growth rate between 2023 and 2032. The growing urbanization rate, coupled with the implementation of stringent emission norms, is providing lucrative opportunities for the market in offices. Moreover, publicly traded firms and private players are investing sizably in enhancing working spaces, which is significantly fueling product deployment.

Europe commercial electric boiler market hold more than 50% of the revenue share in 2022. The positive consumer inclination, along with favorable environmental efforts to promote the installation of efficient & reliable heating units is pushing the demand for commercial electric boilers. Additionally, booming urbanization and robust investments across the commercial sector are foreseen to positively influence the business dynamics in the region.

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Commercial Electric Boiler Market Share

Top participants operating in the commercial electric boiler industry are

• Acme Engineering Products Ltd.
• S.A.S Lacaze Energies
• Lochinvar
• Cleaver-Brooks, Inc.
• Flexiheat UK Ltd.
• Vattenfall AB
• LAARS Heating Systems Co.
• Electro Industries, Inc.
• Precision Boilers
• Klöpper-Therm GmbH & Co. KG
• Hi-Therm Boilers Pvt. Ltd.
• Värmebaronen
• The Fulton Companies
• Cochrane Engineering
• Thermon
• Danstoker A/S
• Thermona
• spol. s.r.o.
• Ecotherm Austria GmbH
• Slant/Fin Corporation
• ACV
• Kospel spó?ka z o.o.
• Bosch Industriekessel GmbH
• Chromalox

These leaders majorly engage in strategic acquisitions & partnerships and improving their output to strengthen their market standing in the coming years. For instance, in June 2021, Vattenfall, a Swedish power company, announced the construction of 150 MW power to heat electric boilers at its heat & power plant in Diemen, Amsterdam, according to the SDE+ scheme. In addition, the company also works on various sustainable heat resources, including geothermal, biomass, aqua thermal heat, and data center heating.

Impact of COVID-19 Pandemic

The significant decline in energy consumption in commercial buildings on account of stringent lockdowns and business trends resulted in a decrease in the use of commercial electric boilers during the COVID-19 pandemic. The absence of workers and utilization of in-house services hindered product adoption, thereby restraining commercial electric boiler market progression. However, ongoing government initiatives to curb carbon emissions and control greenhouse gas impact on the environment and health of citizens are slated to promote the use of commercial electric boilers in the future.

This market research report on commercial 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 Insights, By Voltage Rating

• Low Voltage
• Medium Voltage

Market Insights, By Capacity

• ≤ 0.3 - 2.5 MMBtu/hr
• > 2.5 - 10 MMBtu/hr
• > 10 - 50 MMBtu/hr
• > 50 - 100 MMBtu/hr
• > 100 - 250 MMBtu/hr

Market Insights, By Product

• Hot Water
• Steam

Market Insights, By Application

• Offices
• Healthcare Facilities
• Educational Institutions
• Lodgings
• Retail Stores

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

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

Frequently Asked Questions (FAQ)

How big is the commercial electric boiler market?

The market size of commercial electric boiler crossed USD 1.5 billion in 2023 and is set to progress at more than 15.5% CAGR through 2032 due to changing climatic conditions, high demand for space heating across commercial establishments, and favorable incentives to encourage the use of environment-friendly products.

Why is the commercial electric boiler industry share growing from offices applications?

The offices application segment is primed to grow at over 15% growth rate between 2023 and 2032 owing to the growing urbanization rate, coupled with the implementation of stringent emission norms.

How big is the steam commercial electric boiler market?

The steam segment is projected to surpass USD 2 billion in revenue by end of 2032 as a result of the beneficial features of steam boilers viz., low emissions, fast start-up & shut down, and silent operation.

Which factors are aiding the progression of the Europe commercial electric boiler segment?

The Europe held more than 50% of the market revenue share in 2022 on account of rapid urbanization and robust investments across the commercial sector in the region.