In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Electric boilers are mainly used for water and space heating purposes by most small commercial buildings, manufacturers, and various industries. These boilers typically convert electrical electric energy into thermal or heat energy. Electric boilers are comparatively high efficient in terms of converting power to heat energy.
Electric boilers are getting popular due to their simple design and ease of installation. Additionally, electric boiler requires high current flow to operate that is why three-phase electricity supply is an ideal selection for electric boilers. These boilers offer a numerous advantages such as safer operation; emit no pollutants, and prevention from gas or oil leaking which may create a blaze or explosion. Further, clean and quiet operation of electric boilers is the major reason which is driving the adoption of electric boilers in North America region.
The North America commercial electric boilers market is expected to expand at a CAGR of 2.8 % to reach at USD 303.1 Million by the end of forecast period i.e. 2017-2024. Additionally, The North America residential electric boilers market is expected to expand at a CAGR of 3.4 % during the forecast period. Factors such as increasing demand for highly efficient electric boiler products in U.S. and Canada are anticipated to drive the growth of residential and commercial electric boiler market during the forecast period.
United States in North America is anticipated to hold the 78.8% market share in terms of revenue by the end of 2024. The region’s dominance is due to the advancement in technology and increasing environmental concerns amongst the population. Further, presence of numerous government regulations to curb carbon emission is also a major factor which is likely to drive the growth of U.S. commercial electric boiler market at Y-O-Y of 4.0% in 2024 as compared to previous years. CLICK TO DOWNLOAD SAMPLE REPORT
In addition to this, residential electric boiler market is segmented on the basis of power. Further, 20-40 Kw North America residential electric boiler market is anticipated to reach USD 59.0 Million by the end of 2024. Further, continuous government efforts to increase the adoption of high efficiency boiler are anticipated to impel the growth of electric boiler during the forecast period in North America region.
Our in-depth analysis of the North America commercial electric boilers market includes the following segments:
In North America, the adoption of high efficient functioning technologies is increasing owing to a number of factors such as increasing awareness amongst the population towards environment. Further, government initiatives to reduce carbon emission and increasing environmental concerns are escalating the growth of North America residential and commercial electric boiler market in North America region.
Electric boilers have efficiency level of up to 99.8% and minimum noise levels. Moreover, these boilers consume less power. These factors are anticipated to increase the penetration of electric boilers in North America residential and commercial boiler market. Moreover, increasing adoption of high efficiency boiler to replace the old and inefficient cast iron boilers in North America is anticipated to augment the growth of North America residential and commercial electric boiler market in the upcoming years.
In recent years, cast iron boilers demand has witnessed substantial decrease. Factors such as low efficiency, almost impossible internal repairs are contributing to the demand for advanced and efficient boilers such as condensing boilers and electric boilers.
However, high cost of advanced residential and commercial electric boiler is anticipated to hamper the growth of North America residential and commercial electric boiler market over the forecast period. Similarly, high repair cost of electric boilers is also anticipated to dampen the growth of the electric boiler market.