Residential Electric Boiler Market Size By Voltage Rating (Low Voltage, Medium Voltage), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032

Residential Electric Boiler Market Size By Voltage Rating (Low Voltage, Medium Voltage), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032

Global Residential Electric Boiler Market is set to record robust growth throughout 2023-2032. An increased emphasis on limiting carbon emissions and the accelerating transition toward energy-efficient space and water heating technologies will boost product demand over the next ten years. The shift towards sustainable technologies, driven by the escalating environmental concerns and establishment of zero-emission buildings, has resulted in the upgradation and replacement of existing water heating systems across residential complexes. Multiple boilers are typically installed in high-rise buildings to increase dependability, which in turn promotes industry expansion.

Furthermore, the increasing penetration of new units, backed by the consistent population growth and the construction of new residential facilities, is driving up demand for efficient heating equipment, such as boilers. That being said, the rising migrant populations in metropolitan areas and a noticeable rise in single-family households will boost product demand. The increasing need for energy-efficient heating systems, along with the widespread use of water-heating sources, is altering the conventional structure of the electric boiler business. The major manufacturers in the residential electric boiler market are constantly working to keep up with the changing customer requirements by investing in R&D projects to introduce novel products.

To cite an instance, in July 2022, Flexiheat UK Ltd., a leading heating equipment supplier, developed a 15-kW electric boiler that is recognized for its use in hot water systems and central heating. To minimize carbon footprint, this boiler replaces gas and oil boilers. It comprises a pump, a vessel, and a pressure release valve that eliminates the need for additional pipes and plumbing networks while providing 100% efficiency to the end user.

The residential electric boiler market is segmented based on voltage rating and region.

With respect to voltage rating, the residential electric boiler industry is divided into low and medium-voltage segments, of which the medium-voltage segment is foreseen to depict an appreciable CAGR from 2023 to 2032. Medium voltage home electric boilers have extended operational life and excellent safety features, which may add to their popularity over the coming years. Furthermore, electric boilers are easier to install and more compact in size, making them ideal for use in residential spaces thus, driving the market growth.

As per the regional landscape, North America electric boiler market was worth more than USD 700 million in 2022 and is projected to amass a decent market share by 2032. The regional industry growth can be credited to a growing emphasis on reducing GHG emissions and increasing investments focused on developing green building infrastructure. Furthermore, the harsh weather conditions, in line with rising infrastructure investments in the residential sector, will accelerate business growth.