Commercial Electric Boiler Market Size By Voltage Rating (Low Voltage, Medium Voltage), By Capacity (≤ 0.3 - 2.5 MMBtu/hr, > 2.5 - 10 MMBtu/hr, > 10 - 50 MMBtu/hr, > 50 - 100 MMBtu/hr, > 100 - 250 MMBtu/hr), By Product (Hot Water, Steam), By Applica

Commercial Electric Boiler Market Size By Voltage Rating (Low Voltage, Medium Voltage), By Capacity (≤ 0.3 - 2.5 MMBtu/hr, > 2.5 - 10 MMBtu/hr, > 10 - 50 MMBtu/hr, > 50 - 100 MMBtu/hr, > 100 - 250 MMBtu/hr), By Product (Hot Water, Steam), By Application (Offices, Healthcare Facilities, Educational Institutions, Lodgings, Retail Stores), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 - 2032

The global commercial electric boiler market is expected to gain significant growth through 2032 owing to the rising initiatives toward the decarbonization of the commercial sector.

The escalating need for efficient heating systems combined with the high prevalence of heat-generating sources is transforming the boiler industry's established structure. The business environment is anticipated to be improved by strict government restrictions and pollution standards as well as increased government attention to the deployment of energy-efficient boilers.

Additionally, the leading commercial electric boilers market players are vying for new product launches and the establishment of favorable legislation and funding plans which will in turn have a positive impact on industrial growth.

For instance, in June 2022, Lochinvar introduced the FTX 1.0 series of fire-tube boilers that come with a higher input of 999,000 Btu/hr. and limited spaces in mechanical rooms. For improved contractor connectivity with the systems, the series incorporates both SmartTouch operating control systems and CON-X-US Remote Connectivity.

The commercial electric boiler market has been categorized in terms of voltage rating, capacity, product, application, and region.

Based on voltage rating, the medium voltage segment is slated to grow substantially through the forecast period due to the increasing use in hotels, restaurants, and retail establishments. Medium voltage commercial electric boilers also boast superior features including high reliability and durability, rapid startup, low noise emissions, and zero exhaust gas, complementing their adoption over conventional units.

With respect to capacity, the > 10 - 50 MMBtu/hr segment is anticipated to expand robustly by the end of 2032 credited to the widespread use of the product in medium-scale applications for steam generation, along with helpful regulatory frameworks.

In terms of product, the hot water segment is projected to grow considerably through the forthcoming years. The increasing use of economical and effective technologies to meet commercial establishments' needs for water heating and storage will have a beneficial impact on product penetration. Ease of installation and a greater emphasis on the implementation of advanced digital technology devices is expected to further improve the industry outlook.

Considering the application, the healthcare facilities segment is set to witness an exponential surge over the research timeframe attributed to the strong growth of diagnosis centers along with expanding development & facility upgrades in the healthcare industry.

From the regional front, the Asia Pacific commercial electric boiler industry is estimated to grow at more than 14.5% CAGR from 2023 to 2032. The Asia Pacific market is expected to expand significantly because of the soaring foreign direct investment in the advancement of commercial facilities, predominantly in developing countries. Increasing consumer awareness around clean energy resources, in tandem with the growing rate of urbanization, will contribute to the industry growth.