Global Electric Boiler Market Forecast, Trend Analysis & Competition Tracking - Global Industry insights 2015 to 2031

Demand for Electric Boiler from 2015 to 2020 Vs Future Market Projections for 2021-2031

From 2015 to 2020, sales of the electric boiler were significantly high, expanding at under 5.4% CAGR.

Electric boilers can either heat water or generate steam from it, depending upon the application. Hot water can be used for cooking, bathing, sterilization of medical equipment in hospitals, etc. However, on the other hand, steam has applications such as sanitization, central heating systems, power generation, and several other industrial purposes. In household applications, primarily hot water electric boilers use a low voltage for their operations and require only a single-phase unit for their operations. For industrial and commercial applications, electric steam boilers are usually used, and such boilers require higher voltages and a three-phase unit to be operated.

Electric boilers offer several advantages over conventional fuel-based boilers. It requires smaller space to install and operate. These boilers do not need any ducts or chimneys as they do not produce any fumes, and there is no need for a storage facility for fuel, as they have a higher efficiency of about 98%, they do not pollute - air, sound, and are easier to maintain. There are certain disadvantages of electric boilers as well; they require a continuous power supply for operations, the overall cost of operation is higher when compared to fuel-based boilers. These boilers have lower heating capacities for applications that require large areas for heating. Certain features of electric boilers are beneficial for various applications, such as automatic operation capabilities, temperature/overheat control, steam pressure, temperature control, etc.

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Global Electric Boiler Market Revenue Outlook

The global electric boiler market was valued at US$ 3,473 Bn in 2018 and is projected to register а САGR of 4.2% by 2031.

Compact sizing, low power consumption, higher efficiency, temperature & steam control are favorable advantages of electric boilers expected to augment adoption rates further, thereby surging anticipated profit margins for this global market over the forecast period. Additionally, the rapid expansion of residential and commercial sectors and the increase in industrial investments are also factors expected to further boost the anticipated financial trajectory of this given industry in the years to come.

Ongoing research and Strategic decisions by Key Players

Ongoing research activities to develop electric boilers with higher capacities and made from better or more optimal materials are noticeable trends that are expected to continue to make positive headway. This, in turn, is expected to further amplify the projected profit margins of this global industry over the next decade. Additionally, Strategic decisions are being undertaken by several prominent industry players, such as strategic mergers & acquisitions, to broadening their respective product portfolios by expanding their given global presence. Factors such as this are expected to further fuel the revenue growth of this given market in the years to come.

COVID-19 impact on the Electric Boiler Market

The COVID-19 pandemic has resulted in the slowdown of critical trade activities across several countries. The primary factor behind this slowdown is various countermeasures adopted by respective governments to curb the trajectory of this virus. As significant economies enforce precautionary lockdowns, a considerable gap between market supply and demand is being created, resulting in increased difficulties for both manufacturers and distributors to manage their respective operations effectively. This is a primary factor that is anticipated to influence prospects for revenue growth. However, as these lockdowns are gradually lifted and economies begin to recover, this market is expected to regress to its pre-COVID state.

However, post the effective management of this pandemic. As markets start making up for lost time and capital to regain stability, companies are beginning to consider new strategies to regress their respective business’ market standing at the earliest. Strategies such as partnerships, collaborations, agreements, acquisitions, and increased R&D activities by weighing strengths are expected to aid the global electric boiler market greatly.

Opportunities for Residential based Electric Boilers

The coronavirus pandemic has resulted in several organizations opting for a work-from-home operational structure. This has resulted in employees spending most of their time at home, requiring more hot water and central heating during the winter. This factor is expected to create lucrative opportunities for financial growth. Moreover, an increase in sanitization processes for various goods and other surroundings, such as car seats, outer areas of buildings, etc., as a protective measure against the coronavirus is a factor that is expected to create opportunities that will bolster profit margins for the global electric boiler market in the years to come.

Factors hindering the Electric Boiler Market

The low capacity of electric boilers to generate steam for large areas, coupled with their ongoing requirement for power to operate, are primary factors that are expected to hamper the revenue growth of this target market. The above factors are anticipated to hinder the market growth globally.

Competitive Landscape

The electric boiler market landscape appears highly consolidated, with a significant chunk of it being dominated by US players.

• The Viessmann Group (Kospel)
• O. Smith Corp.
• BDR Thermea Group BV
• Elnur S.A.
• Slant/Fin Corporation
• Varmebaronen
• AB Vapor Power International LLC
• Lattner Boiler Manufacturing Co.
• Reimers Electra Steam, Inc.
• ECOTHERM Austria GmbH
• Burnham Holdings, Inc.
• Spirax-Sarco Engineering PLC
• Cleaver-Brooks, Inc.
• Other Players

Some notable developments in the market include:

• Acquisitions/Mergers/Takeovers; In April 2019, AO Smith acquired Water-Right, Inc., a Wisconsin-based water treatment company, for US$107 million.
• Acquisitions/Mergers/Takeovers; In April 2019, AO Smith acquired Water-Right, Inc., a water treatment company.
• Viessmann Group expands business to Australia and participates in Value Added Engineering Group (UAE). The company has acquired a 34.3 percent stake in the Value Added Engineering Group (VAE).

Report Scope

• Forecast Period: 2022-2031
• Actual Year: 2021
• Historical Data Available for: 2015-2020

Key Regions Covered

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Key Segments Covered

Electric Boiler Market, By Product Type

• Hot Water Boiler
• Steam Boiler

Electric Boiler Market, By Voltage Type

• Low Voltage
• High Voltage

Electric Boiler Market, By End-Use

• Industrial
• Commercial
• Residential

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