PUBLISHER: Allied Market Research | PRODUCT CODE: 1414842
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414842
According to a new report published by Allied Market Research, titled, "Electric Boiler Market," The electric boiler market was valued at $9.2 billion in 2022, and is estimated to reach $24.1 billion by 2032, growing at a CAGR of 10.2% from 2023 to 2032. An electric boiler is a multipurpose heating equipment that produces hot water or steam for a variety of uses. Electric boilers, unlike typical gas or oil boilers, use electricity as their major source of power to heat water or produce steam. They have gained popularity because of their clean and environmentally friendly operation, making them an appealing alternative for residential, commercial, and industrial heating systems. Many businesses and industrial locations utilize electric boilers for space and process heating.
One of the primary advantages of electric boilers is their great efficiency. Electric boilers convert electrical energy into heat with high efficiency, reducing energy waste and providing a more sustainable way of propulsion. This efficiency translates to a longer driving range on a single charge, saving drivers time and money on refueling. Electric boilers are at the forefront of ecologically efficient transportation. Unlike internal combustion engines, which generate hazardous pollutants and greenhouse gases, electric boilers emit no tailpipe emissions. This not only improves air quality but also contributes to the global effort to avert climate change. Electric boilers provide high torque, enabling swift acceleration from a standstill.
Electric boilers are completely reliant on a steady power source. This dependency might be a significant disadvantage in areas with frequent power outages or defective electrical infrastructure. Backup generators can assist in mitigate this issue, but they add to the system's cost and complexity. Electric boilers may struggle to deliver enough heat to maintain acceptable interior temperatures in especially cold places. In these conditions, the need for a backup heating system becomes clearer, raising the overall cost. Electric boilers may not be the greatest choice for radiant heating systems, which use hot water or steam to circulate via pipes installed in floors or walls.
Electric boilers offer a possible frontier in future technology, providing a variety of alternatives across a wide range of sectors. Electric boilers have the potential to become the cornerstone of household green heating systems. Electric boilers are a viable alternative to traditional gas or oil-fired systems as homeowners and builders seek energy-efficient and environmentally friendly options. Additionally, the usage of electric boilers has the potential to significantly benefit the commercial and industrial sectors. These businesses frequently need a significant amount of energy for space heating, hot water generating, and other industrial processes. Electric boilers, with their flexibility and agility, can provide a solution that aligns with the environmental goals of many businesses.
The significance of indoor air quality and heating systems was highlighted as a result of the epidemic. As people stayed indoors more to avoid virus transmission, there was a greater need for dependable, efficient, and environmentally friendly heating choices such as electric boilers. Because of the emphasis on minimizing indoor air pollution and maintaining proper ventilation, electric boilers were an appealing alternative because they emit no direct emissions, therefore assisting in the improvement of interior settings. Furthermore, the trend of remote working led customers to invest in home modifications such as heating system upgrades, which increased demand for electric boilers.
The key players profiled in this report include: Viessmann, A. O. Smith, BDR Thermea Group, ELNUR S.A, SAV Systems Ltd, Varmebaronen, Vapor Power International, P.M. Lattner Manufacturing Co., Reimers Electra Steam, Inc., and ECOTHERM Austria GmbH. The market players are continuously striving to achieve a dominant position in this competitive market using strategies such as after-sales services and cost competitiveness.
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