Wilmington, Delaware, United States, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global electric boiler market is estimated to flourish at a CAGR of 9.7% from 2023 to 2031. Transparency Market Research projects that the overall sales revenue for electric boiler is estimated to reach US$ 17.4 billion by the end of 2031.
A significant factor lies in material innovations. Advancements in material science are enhancing the efficiency and durability of electric boilers. The utilization of novel materials and coatings minimizes heat loss, improves conductivity, and extends the lifespan of these systems, augmenting their appeal in the market.
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Electric Boiler Market: Competitive Landscape
The electric boiler market thrives within a competitive landscape shaped by key players such as Bosch, A.O. Smith Corporation, and Thermona. Bosch, renowned for its innovative technology, dominates with energy-efficient and smart electric boilers.
A.O. Smith Corporation's diverse product portfolio emphasizes reliability and sustainability, captivating a broad market share. Thermona distinguishes itself by offering tailored solutions for residential and commercial segments.
Emerging contenders like Elnur, Heatrae Sadia, and Stiebel Eltron are disrupting with compact, eco-friendly models. Intense competition fosters continuous innovation, focusing on energy efficiency, advanced controls, and eco-conscious designs, driving the electric boiler market forward
Some prominent manufacturers are as follows:
- August Brotje GmbH
- Sussman Electric Boilers
- BDR Thermea Group
- NIBE Energy Systems Limited
- P.M. Lattner Manufacturing Co.
- Precision Boilers, LLC.
- Reimers Electra Steam Inc.
- Thermo 2000 Inc.
- Tonon Evolution S.R.L.
- Varmebaronen AB
- Bosch Thermotechnology
- Seimens AG
Shifting lifestyles and urbanization patterns drive the demand for compact, space-saving electric boilers. Urban dwellings, characterized by limited space, prompt the development of smaller, more versatile electric boilers tailored to meet these spatial constraints without compromising efficiency.
Emerging market trends indicate a heightened focus on multifunctional boilers. Integration of additional functionalities like hot water supply, air conditioning support, or energy storage capabilities within electric boiler systems caters to diverse consumer needs, enhancing their value proposition.
Key Findings of the Market Report
- Hot water boilers lead the electric boiler market, offering versatile heating solutions catering to residential, commercial, and industrial applications efficiently.
- Smart electric boilers lead the electric boiler market, revolutionizing heating systems with advanced technology, efficiency, and remote control capabilities.
- Non-storage electric boilers lead the electric boiler market due to their on-demand heating capabilities and efficient energy consumption.
- The residential segment leads the electric boiler market, driven by increased adoption of energy-efficient heating solutions for homes.
- The medium price segment holds dominance in the electric boiler market, offering a balanced mix of affordability and advanced features.
Electric Boiler Market Growth Drivers & Trends
- Surge in demand for eco-friendly heating solutions amidst climate concerns.
- Advancements in smart technology integration for efficient and remotely controlled electric boilers.
- Government incentives favoring energy-efficient heating systems.
- Increasing adoption of renewable energy sources for powering electric boilers.
- Growing consumer awareness driving the shift towards sustainable heating options.
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Global Electric Boiler Market: Regional Profile
- North America, led by the United States and Canada, witnesses robust market growth due to increasing adoption of sustainable heating solutions and stringent regulations promoting energy-efficient technologies.
- Europe exhibits a mature market with a strong emphasis on environmental sustainability. Countries like Germany and the United Kingdom drive innovation, focusing on renewable energy integration and government initiatives favoring electric heating systems. The region’s growing inclination toward green technologies amplifies the demand for electric boilers.
- Asia Pacific emerges as a significant market propelled by rapid industrialization and urbanization. Nations like China, India, and Japan are experiencing a surge in infrastructural developments, prompting a higher uptake of electric boilers to address heating needs efficiently.
Product Portfolio
- Precision Boilers LLC excels in manufacturing efficient and versatile boilers, offering customizable solutions for various industries. Their cutting-edge products prioritize reliability, energy efficiency, and superior performance, ensuring optimal heating solutions tailored to clients' specific needs, setting the industry benchmark.
- Reimers Electra Steam, Inc. stands as a premier manufacturer of electric steam boilers and generators. With a focus on innovation and quality, their products provide reliable steam solutions for diverse applications. Renowned for efficiency and durability, Reimers Electra Steam, Inc. ensures unmatched performance in steam generation.
- Thermo 2000 Inc. specializes in manufacturing high-quality boilers and thermal systems. Their innovative and eco-friendly solutions cater to residential, commercial, and industrial sectors. With a commitment to sustainability and cutting-edge technology, Thermo 2000 Inc. delivers efficient heating solutions, ensuring comfort and reliability in every application.
Electric Boiler Market: Key Segments
By Product Type
- Hot Water Boilers
- Steam Water Boilers
By Category
- Traditional Electric Boilers
- Smart Electric Boilers
By Storage
- Storage Electric Boilers
- Non-storage Electric Boilers
By End Use
- Residential
- Commercial
By Price
- Low
- Medium
- High
By Distribution Channel
- Online
- E-commerce Websites
- Company-owned Websites
- Offline
- Hypermarkets and Supermarkets
- Specialty Stores
- Independent Retailers
- Retail Stores
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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