Electric Boiler Market: Introduction
- An electric boiler is one that uses electricity instead of combustible fossil fuels such as gas or oil to heat water. An electric boiler is very simple and easy to install, with a lower overall cost of installation than other boilers. They also do not take up a lot of space and can be installed virtually anywhere in a home. Furthermore, they are available in a variety of shapes and sizes. During the forecast period, demand for electric boilers is expected to increase significantly.
Key Drivers and Opportunities of the Global Electric Boiler Market
- The use of high-efficiency-functioning technology is rising as a result of a variety of factors, including increased public awareness about environmental issues. Furthermore, throughout the projected period, government attempts to reduce carbon emissions and rising environmental concerns are likely to drive the expansion of the electric boiler market.
- Electric boilers have efficiency levels of up to approximately 98% and minimum noise levels. Moreover, these boilers consume less power. These factors are anticipated to increase the penetration of electric boilers during the forecast period.
- Furthermore, manufacturers have an opportunity to invest in research and development and come up with products which are environment friendly i.e. energy efficient, as consumers are now changing their taste and preference toward products which reduce emission. Advancement in technologies and upgrade of electric boilers are driving the demand for the product in the global market.
- However, high cost of advanced electric boilers and high maintenance and repairing cost is anticipated to hamper the growth of the electric boiler market during the forecast period.
Asia Pacific to Hold Major Share of the Global Electric Boiler Market
- In terms of region, the electric boiler market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- During the forecast period, Asia Pacific is predicted to hold the largest share of the worldwide electric boiler market. Electric boiler demand is also projected to increase in developing countries of Asia Pacific, owing to improving economies and rising disposable income of the people who live there. Moreover, the market for electric boilers is expected to be driven by the ongoing growth of industrialization and commercialization, as well as the easy availability of these boilers in the region.
Key Players Operating in the Global Electric Boiler Market
- August Brötje GmbH
- BDR Thermea Group
- NIBE Energy Systems Limited
- P.M. Lattner Manufacturing Co.
- Precision Boilers, LLC.
- Reimers Electra Steam, Inc.
- Thermo 2000 Inc.
- Tonon Evolution S.R.L.
- Värmebaronen AB
- VirtualExpo Group
Global Electric Boiler Market: Research Scope
Global Electric Boiler Market, by Product Type
- Hot Water Boilers
- Steam Water Boilers
Global Electric Boiler Market, by Category
- Traditional Electric Boilers
- Smart Electric Boilers
Global Electric Boiler Market, by Storage
- Storage Electric Boilers
- Non-storage Electric Boilers
Global Electric Boiler Market, by Size
Global Electric Boiler Market, by End-use
Global Electric Boiler Market, by Price
Global Electric Boiler Market, by Distribution Channel
- E-commerce Websites
- Company Owned Websites
- Hypermarkets and Supermarkets
- Specialty Stores
- Independent Retailers
- Retail Stores
Global Electric Boiler Market, by Region
- North America
- Rest of North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa