Selbyville, Delaware, May 10, 2023 (GLOBE NEWSWIRE) --
Residential Electric Boiler Market size is anticipated to exceed USD 22.5 billion by 2032, according to the latest research report published by Global Market Insights Inc.
Clean and energy-efficient technologies have garnered significant popularity over recent years, owing to the accelerating consumer transition from fossil fuels and an increased emphasis on limiting carbon emissions. This has fueled the deployment of residential electric boilers across apartments, multi-story buildings, and duplexes, complementing product demand by 2032. Another factor contributing to the industry expansion is the escalating policy support by regulatory authorities worldwide.
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Governments across several economies have been pouring in significant investments and rolling out initiatives to favor the integration of sustainable systems in residential and commercial spaces to reduce greenhouse gas & carbon emissions. These include regulations pertaining to the construction, design and operation of the building in accordance with the specifications & mandates for energy-efficient appliances. This, in tandem with the consistent technological innovations in electrical appliances, will boost the residential electric boiler market demand by 2032.
Increased emphasis on energy efficiency to boost the demand for medium-voltage boiler systems
The medium voltage residential electric boiler market is anticipated to expand at 11.5% CAGR between 2023 and 2032. Middle-voltage boiler systems offer several advantages, including high-pressure handling capacity, long operating life, and more safety, thereby spurring the product acceptance rate. Additionally, the introduction of energy-efficient codes & standards to promote energy efficiency, coupled with legislative mandates toward minimizing greenhouse gas emissions, will augment segment gains by 2032.
Strict regulatory framework to drive product demand across Asia Pacific
The APAC residential electric boiler industry captured 20% market share in 2022 and is poised to showcase remarkable growth during 2023-2032. A positive outlook toward the development of green buildings, together with the introduction of emission norms by governments of several regional economies, has stimulated the demand for these units in the region. Besides, stringent regulations pertaining to emission control supported by national targets to reduce the carbon footprint will further enhance product penetration.
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Key residential electric boiler market players
Prominent enterprises in this business space 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 spółka, LAARS Heating Systems, P.M. Lattner Manufacturing, S.A.S Lacaze Energies, Slant/Fin Corporation, The Fulton Companies, Thermona, and Värmebaronen.
▪ In January 2022, VIESSMANN acquired PHS, an installation & maintenance specialist for HVAC solutions based in the UK and employing approximately 240 people. With the acquisition of PHS, VIESSMANN strengthened its services & sales activities across the UK.
▪In July 2022, Bosch Industriekessel launched the new ELSB electric boiler series for residential & commercial applications. The ELSB boiler is operated exclusively with electricity in accordance with the power-to-heat principle, and there is no need for flue gas components, chimneys, or fuel supply infrastructure.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Residential electric boiler industry 3600 synopsis, 2019 - 2032
2.1.1 Business trends
2.1.2 Voltage rating trends
2.1.3 Regional trends
Chapter 3 Residential Electric Boiler Industry Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 COVID- 19 impact on the industry outlook
3.4 Price trend analysis
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 Stringent government regulations to limit carbon emissions
3.5.1.2 Paradigm shift toward decarbonization
3.5.1.3 Increasing population coupled with surging urbanization rate
3.5.1.4 Ongoing technological advancements along with favorable government norms
3.5.1.5 Increasing demand for efficient space & water heating system
3.5.1.6 Upgradation & replacement of existing water heating technologies
3.5.2 Industry pitfall & challenges
3.5.2.1 High availability of other alternatives
3.6 Growth potential analysis
3.7 Porter’s Analysis
3.8 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
