Residential Electric Boiler Market Overview:
As per MRFR analysis, the Residential Electric Boiler Market Size was estimated at 2.04 (USD Billion) in 2022.The Residential Electric Boiler Market Industry is expected to grow from 2.18 (USD Billion) in 2023 to 3.9 (USD Billion) by 2032. The Residential Electric Boiler Market CAGR (growth rate) is expected to be around 6.69% during the forecast period (2024 - 2032).
Key Residential Electric Boiler Market Trends Highlighted
The residential electric boiler market is experiencing steady growth attributed to increasing demand for energy-efficient heating solutions and government incentives for renewable energy adoption. The rising awareness of environmental sustainability is fueling the demand for electric boilers as they offer a cleaner alternative to traditional fossil fuel-based heating systems. Technological advancements in electric boiler design have improved their efficiency and reduced operating costs, making them a more attractive option for homeowners. Moreover, the integration of smart features, such as remote control and energy monitoring, is enhancing the convenience and user experience of electric boilers. Ongoing research and development efforts are expected to further enhance the efficiency and functionality of residential electric boilers, driving market growth in the coming years.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Residential Electric Boiler Market Drivers
Rising demand for energy-efficient heating solutions
The rising demand for energy-efficient heating solutions is a major driver of the growth of the Global Residential Electric Boiler Market Industry. As consumers become more aware of the environmental impact of traditional heating systems, they are increasingly turning to electric boilers as a more sustainable and cost-effective alternative. Electric boilers are also more efficient than traditional fossil fuel-powered boilers, which can result in significant savings on energy bills. In addition, government regulations and incentives are also driving the demand for electric boilers.Many governments have implemented policies that promote the use of renewable energy sources, such as electricity. These policies include tax breaks, rebates, and other financial incentives that make electric boilers more affordable for consumers. The rising demand for energy-efficient heating solutions is expected to continue to drive the growth of the Global Residential Electric Boiler Market Industry in the coming years. As more consumers become aware of the benefits of electric boilers, the market is expected to experience continued growth.
Increasing urbanization and population growth
The increasing urbanization and population growth is another major driver of the growth of the Global Residential Electric Boiler Market Industry. As more people move to urban areas, the demand for housing increases. This, in turn, leads to an increased demand for heating solutions, including electric boilers. In addition, the growing population is also putting a strain on the world's energy resources. This is leading to an increase in the cost of fossil fuels, which is making electric boilers a more attractive option for consumers. The increasing urbanization and population growth are expected to continue to drive the growth of the Global Residential Electric Boiler Market Industry in the coming years.As more people move to urban areas and the population continues to grow, the demand for heating solutions, including electric boilers, is expected to increase.
Technological advancements
Technological advancements are also driving the growth of the Global Residential Electric Boiler Market Industry. In recent years, there have been a number of technological advancements that have made electric boilers more efficient, reliable, and affordable. For example, the development of new materials has led to the creation of electric boilers that are more durable and resistant to corrosion. In addition, the development of new control systems has made electric boilers more user-friendly and easier to operate. Technological advancements are expected to continue to drive the growth of the Global Residential Electric Boiler Market Industry in the coming years.As electric boilers become more efficient, reliable, and affordable, they are expected to become an increasingly popular choice for consumers.
Residential Electric Boiler Market Segment Insights:
Residential Electric Boiler Market Type Insights
The Global Residential Electric Boiler Market is segmented by type into tankless, combi, and immersion. Among these, the tankless segment held the largest market share in 2023, accounting for over 40% of the global market. The growth of this segment can be attributed to the increasing adoption of tankless electric boilers in residential applications due to their energy efficiency and space-saving design. The combi segment is expected to witness significant growth over the forecast period, owing to its ability to provide both heating and hot water from a single unit.This segment is projected to grow at a CAGR of 7.2% during the forecast period, reaching a market valuation of USD 1.2 billion by 2032. The immersion segment, on the other hand, is expected to grow at a slower pace, with a CAGR of 5.5% over the forecast period. In terms of market share, the tankless segment is expected to maintain its dominance throughout the forecast period, accounting for over 35% of the global market by 2032. This growth can be attributed to the increasing demand for energy-efficient and eco-friendly heating solutions in residential applications.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Residential Electric Boiler Market Output Insights
The Global Residential Electric Boiler Market is segmented by Output into Low ( 15 kW), Medium (15-24 kW), and High (> 24 kW). Among these segments, the Low ( 15 kW) segment is estimated to hold the largest share of the market in 2023, accounting for around 55% of the Global Residential Electric Boiler Market revenue. This dominance is attributed to the growing demand for energy-efficient and cost-effective heating solutions in residential applications. The Medium (15-24 kW) segment is projected to witness significant growth during the forecast period, owing to the increasing adoption of electric boilers for space heating in larger homes.The High (> 24 kW) segment is expected to gain traction in the coming years, driven by the rising popularity of electric boilers for industrial and commercial applications.
Residential Electric Boiler Market Features Insights
The 'Features' segment in the Global Residential Electric Boiler Market is experiencing significant growth, driven by increasing demand for energy-efficient and sustainable heating solutions. Modulating boilers, which adjust their output to match varying heating demands, accounted for a substantial share of the market in 2023 and are expected to maintain their dominance in the coming years. Their ability to optimize energy consumption and reduce operating costs is a major growth driver. Variable speed boilers, which offer precise temperature control and improved efficiency, are also gaining traction.Their ability to adjust the pump speed to match the heating demand results in significant energy savings. Smart controls, which enable remote monitoring and control of boilers, are another key growth area. These controls allow users to adjust settings, monitor energy consumption, and troubleshoot issues remotely, enhancing convenience and energy efficiency.
Residential Electric Boiler Market Water Heating Capacity Insights
The Global Residential Electric Boiler Market is segmented into various segments based on Water Heating Capacity. The key segments include ' 5 GPM', '5-10 GPM', and '> 10 GPM'. The ' 5 GPM' segment dominates the market in terms of both revenue and volume due to the increasing demand for smaller capacity electric boilers for residential applications. However, the '> 10 GPM' segment is expected to grow at the highest CAGR during the forecast period, owing to the growing need for high-capacity electric boilers for large residences and commercial buildings.The '5-10 GPM' segment is also expected to grow steadily, driven by the increasing adoption of electric boilers in mid-sized residential properties. Overall, the Global Residential Electric Boiler Market is expected to witness significant growth in the coming years, driven by the rising demand for energy-efficient and sustainable heating solutions.
Residential Electric Boiler Market Connected Home Integration Insights
The Connected Home Integration segment of the Global Residential Electric Boiler Market is projected to grow significantly in the coming years, driven by increasing demand for smart home devices and the growing adoption of the Internet of Things (IoT). The segment includes features such as Built-In Wi-Fi, Smart Thermostat Compatibility, and Mobile App Control, which allow users to remotely monitor and control their electric boilers from anywhere. Built-In Wi-Fi enables users to connect their boilers to their home Wi-Fi network, allowing them to control the boiler using a smartphone or tablet.Smart Thermostat Compatibility allows users to connect their boilers to smart thermostats, enabling them to automate temperature control and optimize energy efficiency. Mobile App Control allows users to control their boilers using a mobile app, providing them with remote access and control over their heating system. The growing popularity of smart home devices and the increasing adoption of IoT are driving the demand for Connected Home Integration features in residential electric boilers.
Residential Electric Boiler Market Regional Insights
The Global Residential Electric Boiler Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America is expected to hold the largest market share in 2023, owing to the increasing adoption of energy-efficient technologies and government initiatives promoting the use of renewable energy sources. Europe is expected to follow North America in terms of market share, driven by stringent environmental regulations and a growing focus on reducing carbon emissions. The APAC region is expected to witness significant growth over the forecast period due to rising disposable income levels and increasing urbanization.South America and MEA are expected to have a smaller market share but are expected to grow steadily over the forecast period. Specific insights and data for each region can be further elaborated upon request, providing a more comprehensive overview of the Global Residential Electric Boiler Market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Residential Electric Boiler Market Key Players And Competitive Insights:
Major players in the Residential Electric Boiler Market industry are constantly striving to develop innovative products and solutions to meet the evolving needs of customers. The Residential Electric Boiler Market industry is characterized by intense competition, with leading Residential Electric Boiler Market players investing heavily in research and development to gain a competitive edge. To stay ahead in the market, companies are focusing on expanding their product portfolio, improving product quality, and enhancing customer service. The Residential Electric Boiler Market landscape is expected to witness further consolidation in the coming years as companies seek to increase their market share and strengthen their position in the industry. Leading Residential Electric Boiler Market players are also exploring strategic partnerships and collaborations to expand their geographical reach and gain access to new technologies.Daikin Industries, Ltd. is a leading player in the Residential Electric Boiler Market industry, renowned for its innovative and energy-efficient products. The company offers a comprehensive range of residential electric boilers, including wall-mounted, floor-standing, and condensing models. Daikin's commitment to sustainability is reflected in its focus on developing environmentally friendly products that minimize energy consumption and reduce carbon emissions. The company's strong distribution network and after-sales support ensure that customers have access to reliable and high-quality products. Daikin's commitment to innovation and customer satisfaction has made it a preferred choice for consumers worldwide.Viessmann Group is another prominent player in the Residential Electric Boiler Market. The company specializes in the production of high-efficiency heating and cooling systems, including electric boilers. Viessmann's electric boilers are known for their advanced technology, durability, and reliability. The company's focus on research and development has led to the development of innovative products that meet the evolving needs of customers. Viessmann's commitment to sustainability is evident in its efforts to reduce the environmental impact of its products and operations. The company's comprehensive product portfolio, combined with its strong brand reputation, has made it a formidable competitor in the Residential Electric Boiler Market.
Key Companies in the Residential Electric Boiler Market Include:
- AO Smith Corporation
- LG
- Erie Electric
- ECR International
- CHINT Electric
- COPELAND
- Stiebel Eltron
- Navien
- Rheem Manufacturing Company
- Viessman
- Midea Group
- Electrolux
- FUJITSU GENERAL AMERICA, INC.
- Haier
- Bradford White Corporation
- Bosch Thermotechnology
Residential Electric Boiler Market Industry Developments
The global residential electric boiler market is anticipated to reach a valuation of USD 3.9 billion by 2032, exhibiting a CAGR of 6.69% from 2024 to 2032. Increasing adoption of sustainable heating solutions, government initiatives to promote energy efficiency, and rising concerns over carbon emissions are key factors driving market growth. Technological advancements, such as the development of high-efficiency boilers and smart controls, are further contributing to the market's expansion. Asia-Pacific is expected to hold a dominant market share due to growing urbanization and increasing disposable income in countries like China and India. Key industry players are focusing on product innovation, strategic partnerships, and geographical expansion to strengthen their market positions. Recent developments include the launch of ultra-low NOx boilers by major manufacturers and the growing popularity of hybrid electric boilers that combine electric and gas heating technologies.
Residential Electric Boiler Market Segmentation Insights
- Residential Electric Boiler Market Type Outlook
- Tankless
- Combi
- Immersion
- Residential Electric Boiler Market Output Outlook
- Low ( 15 kW)
- Medium (15-24 kW)
- High (> 24 kW)
- Residential Electric Boiler Market Features Outlook
- Modulating
- Variable Speed
- Smart Controls
- Residential Electric Boiler Market Water Heating Capacity Outlook
- 5 GPM
- 5-10 GPM
- > 10 GPM
- Residential Electric Boiler Market Connected Home Integration Outlook
- Built-In Wi-Fi
- Smart Thermostat Compatibility
- Mobile App Control
- Residential Electric Boiler Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
2.04 (USD Billion) |
| Market Size 2023 |
2.18 (USD Billion) |
| Market Size 2032 |
3.9 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
6.69% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
AO Smith Corporation, LG, Erie Electric, ECR International, CHINT Electric, COPELAND, Stiebel Eltron, Navien, Rheem Manufacturing Company, Viessman, Midea Group, Electrolux, FUJITSU GENERAL AMERICA, INC., Haier, Bradford White Corporation, Bosch Thermotechnology |
| Segments Covered |
Type, Output, Features, Water Heating Capacity, Connected Home Integration, Regional |
| Key Market Opportunities |
Smart home integration Energy efficiency advancements Integration of renewable energy sources Growing demand for space heating |
| Key Market Dynamics |
Rising energy costs increasing environmental concerns, government incentives, technological advancements, growing demand for space heating |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Global Residential Electric Boiler Market is estimated to be worth 2.18 billion USD in 2023.
The Global Residential Electric Boiler Market is expected to grow at a CAGR of 6.69% from 2024 to 2032.
The Global Residential Electric Boiler Market is projected to reach a valuation of 3.9 billion USD by 2032.
The Asia-Pacific region is expected to dominate the Global Residential Electric Boiler Market during the forecast period.
The space heating segment is anticipated to grow at the fastest rate in the Global Residential Electric Boiler Market.
Some of the prominent players in the Global Residential Electric Boiler Market include Ariston Thermo, Bosch Thermotechnology, and Vaillant Group.
The growing demand for energy-efficient heating solutions, increasing disposable income, and favorable government policies are key factors driving market growth.
High upfront investment costs and competition from traditional heating systems are major challenges faced by the market.
