Low Voltage Electric Boiler Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Low Voltage Electric Boiler Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

The Global Low Voltage Electric Boiler Market was valued at USD 8.1 billion in 2023. Projections indicate a growth at a CAGR of 11.6% from 2024 to 2032. Heightened concerns regarding greenhouse gas emissions from space heating have prompted governments to enforce stringent regulations, aiming to curtail carbon footprints and champion cleaner technologies.

As demand surges for space and water heating solutions, their applicability expands across diverse venues, including schools, airports, and government institutions, bolstering the boiler market. Regulatory pressures to curb carbon emissions, combined with the widespread adoption of these systems as alternatives to traditional fossil-fuel-based ones, amplify business potential. Furthermore, strides in smart grid technology and the rising trend of electrification across various applications are set to further accelerate business growth.

The global low voltage electric boiler industry is classified based on capacity, application and region.

The ≤ 10 MMBtu/hr low voltage electric boilers segment is projected to exceed USD 15 billion by 2032. These boilers are favored for their compact size, straightforward installation, and consistent heating capabilities without extensive piping or fuel storage. Their compact design, minimal maintenance needs, and dual functionality for hot water and space heating bolster market prospects. Moreover, government regulations promoting the expansion of commercial and industrial centers are poised to further fuel industry growth.

Forecasts indicate the residential low voltage electric boiler market will see a CAGR exceeding 10% through 2032. The surging demand for hot water, coupled with new building codes mandating star-rated products, has spurred the adoption of these units. The trend of upgrading older heating systems to energy-efficient models, in line with regulatory standards, further enriches the industry landscape. Additionally, a heightened focus on reducing carbon emissions has amplified the demand for energy-efficient electric boilers.

Europe low voltage electric boiler market is projected to exceed USD 12 billion by 2032. The rapid embrace of net-zero carbon emission goals, alongside a push for energy self-sufficiency, is set to shape the business landscape. Europe's extreme climatic conditions, paired with a rising demand for water and space heating, will sustain the deployment of these boilers. Stringent carbon emission regulations have accelerated the shift from traditional heating systems. Moreover, the trend towards nuclear families and increasing disposable incomes bolster the adoption of these products, especially in residential settings.