The commercial electric boiler market is growing at a rapid pace, driven by factors such as rising demand for energy-efficient heating solutions, government initiatives for reducing carbon emissions, and increasing adoption of electric boilers in various industries. According to a report by MarketsandMarkets, the global commercial electric boiler market size is projected to reach USD 2.6 billion by 2026, growing at a CAGR of 7.5% from 2021 to 2026.
Insights:
The commercial electric boiler market can be segmented into type, capacity, end-use, and region. Based on type, the market can be categorized into water tube boilers and fire tube boilers. Water tube boilers are expected to dominate the market during the forecast period due to their high efficiency and ability to handle high-pressure steam applications.
Based on capacity, the market can be divided into below 10 MW, 10-50 MW, and above 50 MW. The below 10 MW segment is expected to hold the largest share of the market during the forecast period, owing to the increasing adoption of small-sized electric boilers in various industries.
Based on end-use, the market can be segmented into food and beverage, chemical, oil and gas, healthcare, and others. The food and beverage segment is expected to hold the largest share of the market during the forecast period, owing to the increasing demand for processed and packaged food products and the need for high-temperature steam for cooking and sterilization purposes.
Trends:
One of the key trends in the commercial electric boiler market is the increasing adoption of smart electric boilers. Smart electric boilers are equipped with sensors and control systems that enable remote monitoring and control of the boiler’s performance. This helps in reducing energy consumption, optimizing boiler efficiency, and minimizing downtime. Moreover, smart electric boilers can also be integrated with building automation systems, which further enhances their performance and efficiency.
Another trend in the market is the rising popularity of modular electric boilers. Modular electric boilers are designed to be compact and can be easily installed in small spaces. They are also highly efficient, as each module can operate independently, thereby reducing energy wastage. Moreover, modular electric boilers can be easily expanded by adding more modules, making them ideal for industries with fluctuating steam demands.
Forecast:
The Asia Pacific region is expected to hold the largest share of the commercial electric boiler market during the forecast period, owing to the increasing demand for energy-efficient heating solutions in various industries, coupled with supportive government initiatives for reducing carbon emissions. Moreover, the region is home to some of the fastest-growing economies, such as China and India, which are witnessing rapid industrialization and urbanization, thereby driving the demand for electric boilers.
North America and Europe are also expected to witness significant growth in the market, owing to the increasing adoption of electric boilers in the healthcare, food and beverage, and chemical industries. Moreover, the stringent government regulations for reducing greenhouse gas emissions are also driving the demand for energy-efficient heating solutions, thereby boosting the growth of the commercial electric boiler market in these regions.
In conclusion, the commercial electric boiler market is expected to witness significant growth during the forecast period, driven by factors such as rising demand for energy-efficient heating solutions, increasing adoption of smart and modular electric boilers, and supportive government initiatives for reducing carbon emissions. Moreover, the market is highly competitive, with key players focusing on product innovation and strategic partnerships to expand their market presence.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Knox Market Research journalist was involved in the writing and production of this article.
