As per MRFR analysis, the Low Voltage Electric Boiler Market Size was estimated at 14.83 (USD Billion) in 2022. The Low Voltage Electric Boiler Market Industry is expected to grow from 15.31 (USD Billion) in 2023 to 20.3 (USD Billion) by 2032. The Low Voltage Electric Boiler Market CAGR (growth rate) is expected to be around 3.19% during the forecast period (2024 - 2032).
Key Low Voltage Electric Boiler Market Trends Highlighted
Increasing urbanization and industrialization are driving the demand for low-voltage electric boilers. The rising awareness of energy efficiency and environmental sustainability is also propelling market growth. Advancements in technology and the development of more compact and efficient boilers are further boosting the adoption of these systems. Additionally, government incentives and regulations aimed at reducing greenhouse gas emissions are creating favorable market conditions for low-voltage electric boilers.
Key market drivers include the growing demand for electricity in emerging economies, the increasing popularity of distributed energy generation, and the need to reduce carbon emissions. Opportunities to be explored or captured include the development of new technologies and solutions, the expansion into new markets, and the integration with other energy sources. Recent trends in the low-voltage electric boiler market include the growing adoption of smart boilers, the integration of renewable energy sources, and the increasing focus on energy efficiency.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Low Voltage Electric Boiler Market Drivers
Rising Demand for Energy-Efficient Heating Solutions
The growing awareness of energy conservation and the need to reduce carbon emissions have significantly driven the demand for energy-efficient heating solutions. Low-voltage electric boilers offer a highly efficient and environmentally friendly alternative to traditional heating systems. Their ability to precisely control temperature and minimize energy consumption has made them increasingly popular in both residential and commercial buildings. This growing demand for energy-efficient heating solutions is expected to continue fueling the growth of the Low Voltage Electric Boiler Market Industry in the coming years.
Increasing Adoption in Developing Regions
Rapid urbanization and economic growth in developing regions have led to a surge in demand for reliable and affordable heating solutions. Low-voltage electric boilers offer a cost-effective and efficient option for heating homes and businesses in these regions. The growing middle class and the increasing availability of electricity in developing countries are contributing to the widespread adoption of low-voltage electric boilers. This trend is expected to continue as more and more people in developing regions seek comfortable and energy-efficient heating solutions.
Government Incentives and Regulations
Governments worldwide are implementing various incentives and regulations to promote the adoption of energy-efficient technologies. These measures include tax credits, rebates, and building codes that favor the use of low-voltage electric boilers. Additionally, stricter environmental regulations aimed at reducing greenhouse gas emissions are supporting the shift towards cleaner heating solutions. These government initiatives are expected to continue supporting the growth of the Low Voltage Electric Boiler Market Industry.
Low Voltage Electric Boiler Market Segment Insights:
Low Voltage Electric Boiler Market Application Insights
The global low-voltage electric boiler market segmentation by application comprises residential, commercial, and industrial segments. Among these, the residential segment held the largest market share and is expected to maintain its dominance during the forecast period. The growing demand for energy-efficient heating solutions in residential buildings, coupled with government initiatives promoting the adoption of low-carbon technologies, is driving the growth of this segment. The commercial segment is anticipated to witness significant growth, owing to the increasing number of commercial establishments such as offices, retail stores, and hospitals.The rising need for reliable and efficient heating systems in these buildings is fueling the demand for low-voltage electric boilers. The industrial segment is expected to contribute a substantial share of the overall market revenue. Industrial facilities, including manufacturing plants, warehouses, and factories, require efficient and cost-effective heating solutions, making low-voltage electric boilers an attractive option. In 2023, the residential segment accounted for the largest share of the Low Voltage Electric Boiler Market revenue, with a valuation of approximately 6.5 billion USD.The commercial and industrial segments are projected to grow at a CAGR of 3.2% and 3.6%, respectively, during the forecast period from 2024 to 2032.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Low Voltage Electric Boiler Market Power Range Insights
Power Range Segment Insight and Overview Power range is a key segmentation factor in the Low Voltage Electric Boiler Market, influencing market growth and industry dynamics. The market is divided into five sub-segments based on power range: Up to 5 kW, 5-10 kW, 10-20 kW, 20-50 kW, and Above 50 kW. Each sub-segment caters to specific application requirements and offers distinct growth opportunities. In 2023, the "Up to 5 kW" sub-segment held a significant market share due to its wide application in residential and small commercial buildings.The growing demand for energy-efficient heating solutions in these sectors is driving segment growth. The "5-10 kW" and "10-20 kW" sub-segments are also witnessing substantial growth, driven by increasing adoption in medium-sized commercial and industrial applications. The "20-50 kW" and "Above 50 kW" sub-segments represent a growing market opportunity, particularly in large-scale industrial and commercial applications. These sub-segments are expected to experience significant growth in the coming years as industries seek efficient and environmentally friendly heating solutions.Overall, the power range segmentation provides a granular view of the Low Voltage Electric Boiler Market, highlighting the specific requirements and growth potential of each sub-segment. This information is crucial for stakeholders to make informed decisions and capitalize on emerging opportunities in the market.
Low Voltage Electric Boiler Market Type Insights
The Low Voltage Electric Boiler Market is segmented by Type into Direct Electric Boilers, Indirect Electric Boilers, and Water Heaters with Electric Boilers. Among these, the Direct Electric Boilers segment held the largest market share in 2023, accounting for over 55% of the global revenue. The growth of this segment can be attributed to the increasing adoption of direct electric boilers in residential and commercial buildings due to their high efficiency, ease of installation, and low maintenance costs. Indirect Electric Boilers are expected to witness the highest growth rate during the forecast period, owing to their ability to provide hot water for both space heating and domestic use.Low Voltage Electric Boiler Market Regional Insights
The Low Voltage Electric Boiler Market is expected to grow from USD 15.31 billion in 2023 to USD 20.3 billion by 2032, at a CAGR of 3.19%. The growth of the market is attributed to the increasing demand for low-voltage electric boilers in various industries, such as residential, commercial, and industrial. Regional Insights North America is the largest market for low-voltage electric boilers, accounting for 40% of the global market share in 2023. The growth of the market in this region is attributed to the increasing demand for energy-efficient heating solutions and government initiatives to promote the adoption of renewable energy sources.Europe is the second-largest market for low-voltage electric boilers, accounting for 30% of the global market share in 2023. The growth of the market in this region is attributed to the stringent environmental regulations and the increasing demand for low-carbon heating solutions. APAC is the fastest-growing market for low-voltage electric boilers, accounting for 25% of the global market share in 2023. The growth of the market in this region is attributed to the increasing population and urbanization, which is leading to a rise in the demand for energy-efficient heating solutions.South America and MEA are expected to witness moderate growth in the low-voltage electric boiler market. The growth of the market in these regions is attributed to the increasing demand for energy-efficient heating solutions and government initiatives to promote the adoption of renewable energy sources.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Low Voltage Electric Boiler Market Key Players And Competitive Insights:
Major players in Low Voltage Electric Boiler Market industry are constantly striving to gain a competitive edge by adopting various strategies such as product innovation, geographical expansion, and mergers and acquisitions. Leading Low Voltage Electric Boiler Market players are investing heavily in research and development to enhance the efficiency and performance of their products. The Low Voltage Electric Boiler Market development is being driven by the growing demand for energy-efficient and environmentally friendly heating solutions.A.O. Smith is a leading player in the Low Voltage Electric Boiler Market. The company offers a wide range of electric boilers, including models for residential, commercial, and industrial applications. A.O. Smith electric boilers are known for their high efficiency, reliability, and durability. The company has a strong global presence, with operations in North America, Europe, Asia, and the Middle East.Viessmann is another major player in the Low Voltage Electric Boiler Market. The company offers a comprehensive range of electric boilers, including condensing and non-condensing models. Viessmann electric boilers are known for their advanced features, such as intelligent controls and self-diagnostic capabilities. The company has a strong presence in Europe and Asia and is expanding its operations in North America.
Key Companies in the Low Voltage Electric Boiler Market Include:
Mitsubishi Electric
AZO
Watlow
Codel International
Skeleton Technologies
Danfoss
Alfa Laval
Spirax Sarco
Electrothermal
Parker Hannifin
Thermal Care
Siemens
Chromalox
Thermax
Babcock Wilcox
Low Voltage Electric Boiler Industry Developments
The Low Voltage Electric Boiler Market is anticipated to grow significantly in the coming years. The market is expected to witness a CAGR of 3.19% during the forecast period of 2024-2032. This growth can be attributed to the increasing demand for energy-efficient heating solutions and the growing adoption of electric boilers in both residential and commercial applications.Recent news developments in the market include the launch of new products by leading manufacturers and the expansion of production facilities. For instance, in 2023, Bosch Thermotechnology introduced a new range of low-voltage electric boilers with advanced features such as remote control and energy monitoring. Additionally, major companies are investing in research and development to improve the efficiency and performance of their products.The market is expected to be driven by the growing demand for sustainable heating solutions, government regulations promoting energy efficiency, and the increasing adoption of smart home technologies. However, the high upfront cost of electric boilers and the availability of alternative heating options may pose challenges to the market growth.
Low Voltage Electric Boiler Market Segmentation Insights
Low Voltage Electric Boiler Market Application Outlook
Residential
Commercial
Industrial
Low Voltage Electric Boiler Market Power Range Outlook
Up to 5 kW
5-10 kW
10-20 kW
20-50 kW
Above 50 kW
Low Voltage Electric Boiler Market Type Outlook
Direct Electric Boilers
Indirect Electric Boilers
Water Heaters with Electric Boilers
Low Voltage Electric Boiler Market Regional Outlook
North America
Europe
South America
Asia-Pacific
Middle East and Africa
| Report Attribute/Metric | Details |
| Market Size 2022 | 14.83(USD Billion) |
| Market Size 2023 | 15.31(USD Billion) |
| Market Size 2032 | 20.3(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 3.19% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2022 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Mitsubishi Electric, AZO, Watlow, Codel International, Skeleton Technologies, Danfoss, Alfa Laval, Spirax Sarco, Electrothermal, Parker Hannifin, Thermal Care, Siemens, Chromalox, Thermax, Babcock Wilcox |
| Segments Covered | Application, Power Range, Type, Regional |
| Key Market Opportunities | The growing construction sector, rising demand for energy-efficient heating solutions, government initiatives, technological advancements and increasing awareness of environmental concerns. |
| Key Market Dynamics | Rising energy costs, increasing environmental concerns, government regulations, technological advancements, & expanding construction sector |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Low Voltage Electric Boiler Market is projected to reach USD 20.3 billion by 2032, exhibiting a CAGR of 3.19% during the forecast period (2024-2032).
Low Voltage Electric Boilers are primarily used for space heating, domestic hot water, and industrial process heating applications.
Major competitors in the Low Voltage Electric Boiler Market include Viessmann, Bosch, A.O. Smith, Rheem, and Ariston.
The growing demand for energy-efficient heating solutions, government regulations promoting low-carbon technologies, and rising disposable incomes are key factors driving market growth.
High upfront costs, competition from traditional heating systems, and limited availability of skilled labor pose challenges to market growth.
Government incentives, technological advancements, and rising environmental concerns are key factors influencing market growth.
The growing adoption of smart home technologies and the increasing demand for renewable energy sources present potential opportunities for market growth.
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Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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