Industrial Electric Boiler Market Growth6

Industrial Electric Boiler Market Growth Outlook With Industry Review
And Forecasts 2022-2030

The global industrial
electric boiler market is poised to grow at a substantial pace over
2022-2030 owing to the high emphasis on the replacement and upgradation of
existing boilers.

Fuel costs continue to rise,
contributing to over 85% of the overall operating expenditure of typical
boilers. This factor has supported the trend of replacing mature boilers
worldwide.

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Multiple private and public
players are boosting their investments to support industrial advancement,
especially in developing economies. The availability of surplus resources and
raw materials has also attracted foreign investment in greenfield projects
across industry verticals, promoting industrial electric boiler installation.

According to the Department of
Climate Change, Energy, the Environment, and Water of the Australian
Government, energy use accounts for over 15% of the operational costs in the
food and beverage business, making energy efficiency highly critical. This
growing awareness of energy efficiency is set to contribute to the popularity
of electric boilers for industrial use.

The industrial electric boiler
industry has been bifurcated in terms of voltage rating, capacity, application,
and region.

Based on voltage rating, the
market has been divided into low voltage and medium voltage. Of these, the
medium voltage electric boiler segment is anticipated to depict a growth rate
of more than 14% through 2030.

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With respect to capacity, the
market is classified into >250 MMBtu/hr, 100-250 MMBtu/hr, 50-100 MMBtu/hr,
10-50 MMBtu/hr, and < 10 MMBtu/hr segments. A remarkable demand for
industrial electric boilers with 100-250 MMBtu/hr capacity has been witnessed.
This popularity can be credited to their widespread usage in steel mills,
large-scale food processing plants, and petrochemical facilities.

Furthermore, the ongoing
development of refineries and the surging adoption of primary metals will strengthen
market outlook.

Based on application, the
industrial electric boiler market is bifurcated into paper, refinery, chemical,
and food & beverage. Among these, the paper segment is set to register
significant growth, owing to high demand for energy from industrial electric
steam boilers in the pulping process.

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Regionally, the industrial
electric boiler market is segmented into Asia Pacific, Middle East &
Africa, North America, Europe, and Latin America. Of these, North America was
valued at USD 30 million in 2021. This is credited to the rising emphasis of the
federal and state governments and private players on the expansion and
development of industrial facilities.

The Middle East & Africa
region is also estimated to account for a substantial share of the industrial
electric boiler industry over the forthcoming years. This growth is
attributable to the escalating replacement of traditional heating systems.

Strict regulatory norms to reduce
carbon emissions and conserve energy are also being introduced, which could
position MEA as a lucrative revenue pocket for the industrial electric boiler
market.

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