Information is from a report issued by Globe Newswire.
The steady rise in the adoption of energy-efficient heating systems is expected to propel the demand for electric boilers. In the recent past, electric boilers have come to prominence as they are rapidly replacing conventional boiler technologies for eliminating the carbon footprint. Multiple governments worldwide are implementing strict policies and norms to retrofit infrastructures with cleaner boiler systems, encouraging users to abandon gas and oil-powered boilers. Moreover, the surging costs of fossil fuels are driving consumer preference for energy-efficient and economical heating solutions, thereby positively influencing the electric boiler industry.
Low-cost installation of low-voltage electric boilers to outline business growth
Electric boiler market from the low voltage segment is projected to expand at more than 11.8% CAGR from 2023 to 2032. The soaring demand for low-voltage electric boilers can be accredited to their compact size, lower maintenance requirements, and cost-effectiveness. Unlike conventional boilers, these systems ensure lower emissions and residues, hence gain significant momentum across a multitude commercial and industrial applications. Since low-voltage boilers are relatively inexpensive, they are experiencing surging adoption across residential heating, further spurring the industry growth.
Rising investments in commercial green buildings to foster demand for electric boilers
Commercial applications held over 12% of the electric boiler market share in 2022 owing to the growing government-led efforts towards clean energy transition. Several countries are focusing on the upgradation of commercial settings and ramping up green infrastructure projects to achieve net zero emission targets. For instance, in May 2022, the World Green Building Council (WorldGBC), unveiled a new policy framework for the EU to boost the decarbonization by constructing climate-neutral and green buildings. Similar initiatives and policies worldwide emphasizing the need for sustainable boiler systems will add a positive edge to the market dynamics.
Clean energy transition to push industry expansion across North America
North America electric boiler industry size is slated to register nearly USD 1.5 billion by 2032 due to the presence of stringent decarbonization goals and emission reduction targets. The U.S. and Canada have introduced ambitious net-zero emission targets for the coming decade, encouraging residential, industrial, and commercial settings to upgrade their infrastructure from fossil fuels to electric systems. For instance, in September 2022, the California Air Resources Board (CARB), approved a new proposal to ban the sale of gas-powered space heaters and water-heating technologies by 2030.