Selbyville, Delaware, Nov. 30, 2022 (GLOBE NEWSWIRE) --
The commercial electric boiler market is expected to record a valuation of USD 5 billion by 2032, according to a new research report by Global Market Insights Inc.
The industry growth is credited to the rising demand for efficient energy and space heating units. Furthermore, the booming healthcare sector is another key factor elevating product penetration. The escalating healthcare spending in line with government efforts to upgrade and promote healthcare services is impelling the demand for electric boilers. Moreover, the ongoing efforts of private players to introduce energy-efficient boilers are also positively influencing the business dynamics.
The medium voltage commercial electric boiler market is estimated to attain nearly 15.5% growth rate through 2032. This growth is attributed to the surging applicability of these boilers across educational institutions, hotels, and retail outlets. In addition, promising benefits of these boilers, such as zero exhaust gas, low noise emissions, high reliability & durability, and rapid startup are expected to fuel the product demand.
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The > 50 – 100 MMBtu/hr capacity segment is poised to record more than USD 1.5 billion by 2032. The growing demand for retail centers in keeping with the increasing disposable income and changing consumer preferences are predicted to complement product penetration.
Commercial electric boiler market from the hot water product segment is predicted to observe 15% gains between 2023 and 2032. The burgeoning adoption of efficient and cost-effective systems to address water heating & storage needs across commercial facilities is boosting the industry progression. Additionally, easy installation and a growing focus on the integration of advanced digital technology units are positively sway segment growth.
In terms of application, the educational institutions segment is anticipated to reach around USD 1 billion by 2032. The deployment of electric boilers to fulfill the heating requirements of educational institutions is primed to remain high during the forecast years. Positive efforts by the government to expand and upgrade college and school infrastructure are foreseen to promote product adoption. The segment growth is expected to further be driven by space heating facilities and training centers provided by private institutions and government agencies.
North America commercial electric boiler market size accounted for more than USD 200 million in 2022. The region may emerge as a major hub for this industry owing to the strong presence of industry participants in developed countries. These companies and state governments are actively participating in the development and expansion of commercial facilities, which is estimated to accelerate the regional industry expansion.
Leading participants operating in the commercial electric boiler market are Vattenfall AB, Flexiheat UK Ltd., LAARS Heating Systems Co., Cleaver-Brooks, Inc., Lochinvar, and Electro Industries, Inc., among others. The competitive landscape of the industry is slated to witness a series of strategic collaborations, mergers, and acquisitions by industry participants.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Commercial Electric Boiler Market Insights
3.1 Industry ecosystem analysis
3.2 Price trend analysis
3.3 Regulatory landscape
3.4 COVID- 19 impact on the industry outlook
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 Surging measures toward the decarbonization of commercial sector
3.5.1.2 Positive outlook toward healthcare sector
3.5.1.3 Increasing requirements of space heating across commercial establishments
3.5.1.4 Surging demand for the deployment of energy efficient boilers
3.5.1.5 Stringent government norms to limit carbon emissions
3.5.2 Industry pitfalls & challenges
3.5.2.1 High electricity cost
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.
