The North America & Europe electric boilers market is set to garner a considerable valuation by 2028 due to the booming commercial and industrial sectors.
Widespread enforcement of stringent regulations focused on reducing carbon emissions has fueled product adoption in recent years. Moving in a similar direction, the UK government has planned to gradually eliminate gas boilers and substitute them with low-carbon technology such as heat pumps and electric boilers to achieve net-zero CO2 levels by 2050. This widespread adoption of energy-efficient heating technologies has augmented industry growth.
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To cater to the rising demand for energy-efficient boilers, industry participants have been launching innovative products iterations, favorably impacting the overall business outlook. For instance, in September 2020, Weil-McLain, a key US based manufacturer of boilers, announced the launch of its new residential boiler, dubbed the ECO® Tec high efficiency boiler. The new ECO Tec is a high-quality boiler that is easy to install, maintain, and use. It can be used in various household applications, including multi-zone and combi boilers.
The North America & Europe electric boilers market has been segmented on the basis of application, voltage rating, capacity, and region.
In terms of voltage rating, the market has further been divided into low voltage (< 1 kV), medium voltage (1 kV to 69 kV), and high voltage (> 69 kV). The high voltage (>69 kV) sub-segment is speculated to grow at a sturdy pace through the analysis period owing to its increasing applicability across large-scale industries, electricity grid control, and management of peak demands.
From the viewpoint of capacity, the North America & Europe electric boilers market has been categorized into < 10 MMBtu/hr, 10 - 50 MMBtu/hr, 50 - 100 MMBtu/hr, 100 - 250 MMBtu/hr, and > 250 MMBtu/hr.
The 50 - 100 MMBtu/hr sub-segment is expected to witness substantial expansion over the forecast timeframe due to the escalating demand for space heating and hot water across the commercial sector. The > 250 MMBtu/hr sub-segment is projected to reach a notable valuation of more than USD 62 million by the end of 2028.
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With respect to application, the market has been bifurcated into chemical, residential, food & beverage, healthcare, warehouse & storage, offices, and institutions. The North America & Europe electric boilers market from the institutions sub-segment is anticipated to progress at a significant CAGR through the analysis period. This growth is attributed to the rising government spending towards refurbishing the existing educational facilities.
The warehouse & storage sub-segment is poised to exhibit a solid growth trajectory over the study timeline on account of growing favorable schemes and rebates to promote the adoption of clean technologies.
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From a regional standpoint, Europe is slated to perform considerably well. The ongoing infrastructure expansion related activities in the region, coupled with the increasing demand for space heating will augment the industry outlook.
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