Industrial Electric Boiler Market Size By Voltage Rating (Low Voltage, Medium Voltage), By Capacity (>250 MMBtu/hr, 100-250 MMBtu/hr, 50-100 MMBtu/hr, 10-50 MMBtu/hr, < 10 MMBtu/hr), By Application (Food & Beverage, Paper, Chemical, Refinery), COVID-19 Im

Industrial Electric Boiler Market Size By Voltage Rating (Low Voltage, Medium Voltage), By Capacity (>250 MMBtu/hr, 100-250 MMBtu/hr, 50-100 MMBtu/hr, 10-50 MMBtu/hr, < 10 MMBtu/hr), By Application (Food & Beverage, Paper, Chemical, Refinery), COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2022 - 2030

The global industrial electric boiler market is poised to grow at a substantial pace over 2022-2030 owing to the high emphasis on the replacement and upgradation of existing boilers.

Fuel costs continue to rise, contributing to over 85% of the overall operating expenditure of typical boilers. This factor has supported the trend of replacing mature boilers worldwide.

Multiple private and public players are boosting their investments to support industrial advancement, especially in developing economies. The availability of surplus resources and raw materials has also attracted foreign investment in greenfield projects across industry verticals, promoting industrial electric boiler installation.

According to the Department of Climate Change, Energy, the Environment, and Water of the Australian Government, energy use accounts for over 15% of the operational costs in the food and beverage business, making energy efficiency highly critical. This growing awareness of energy efficiency is set to contribute to the popularity of electric boilers for industrial use.

The industrial electric boiler industry has been bifurcated in terms of voltage rating, capacity, application, and region.

Based on voltage rating, the market has been divided into low voltage and medium voltage. Of these, the medium voltage electric boiler segment is anticipated to depict a growth rate of more than 14% through 2030.

With respect to capacity, the market is classified into >250 MMBtu/hr, 100-250 MMBtu/hr, 50-100 MMBtu/hr, 10-50 MMBtu/hr, and< 10 MMBtu/hr segments. A remarkable demand for industrial electric boilers with 100-250 MMBtu/hr capacity has been witnessed. This popularity can be credited to their widespread usage in steel mills, large-scale food processing plants, and petrochemical facilities.

Furthermore, the ongoing development of refineries and the surging adoption of primary metals will strengthen market outlook.

Based on application, the industrial electric boiler market is bifurcated into paper, refinery, chemical, and food & beverage. Among these, the paper segment is set to register significant growth, owing to high demand for energy from industrial electric steam boilers in the pulping process.

Regionally, the industrial electric boiler market is segmented into Asia Pacific, Middle East & Africa, North America, Europe, and Latin America. Of these, North America was valued at USD 30 million in 2021. This is credited to the rising emphasis of the federal and state governments and private players on the expansion and development of industrial facilities.

The Middle East & Africa region is also estimated to account for a substantial share of the industrial electric boiler industry over the forthcoming years. This growth is attributable to the escalating replacement of traditional heating systems.

Strict regulatory norms to reduce carbon emissions and conserve energy are also being introduced, which could position MEA as a lucrative revenue pocket for the industrial electric boiler market.