Wall Hung Electric Boilers Market Size, Share, Growth, And Industry Analysis, By Type (Below 10kw, 10-20kw, Above 20kw), By Application (Commercial Use and Residential Use), Regional Insights, and Forecast 2024 To 2031

Updated On: 22 April 2024

Wall Hung Electric Boilers Market Report Overview

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The global wall hung electric boilers market size was USD 325.4 million in 2022 and is expected to reach USD 618.92 million by 2031, exhibiting a CAGR of 7.4% during the forecast period.

A wall hung electric boiler is a type of boiler that is mounted on a wall. It uses electricity to heat water, which is then circulated through a central heating system or used for domestic hot water. They are typically smaller and more compact than traditional boilers, making them a good option for smaller homes or apartments.

They are very efficient, meaning that they use less energy to heat water than traditional boilers. This can save you money on your energy bills. They are smaller and more compact than traditional boilers, making them a good option for smaller homes or apartments.

COVID-19 Impact: Pandemic Increased the Market Demand

The global COVID-19 pandemic has been unprecedented and staggering, with the wall hung electric boilers market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 pandemic has had a significant impact on the wall hung electric boilers market share. The pandemic has led to a decline in demand for these boilers as people have been staying at home more and using less energy. The economic downturn caused by the pandemic has led to a decrease in disposable incomes. This has made people less likely to invest in expensive products such as wall hung electric boilers. The pandemic has also led to an increase in remote working. This means that people are spending less time at home, and they are therefore using less energy for heating. The pandemic has also led to a decrease in the number of people traveling. This means that there is less demand for them in hotels and other commercial buildings. However, it is important to note that the decline in demand for them is likely to be temporary. As the economy recovers, and people start to spend more time at home, the demand for these boilers is expected to increase.

Latest Trends

"The growing popularity of condensing boilers is expected to fuel the growth in the market"

Condensing boilers are becoming increasingly popular due to their high efficiency and environmental benefits. Condensing boilers capture the heat from the water vapor in the exhaust gases, which can increase their efficiency by up to 10%. This means that condensing boilers can save homeowners money on their heating bills, while also reducing their carbon emissions. In addition to their efficiency, condensing boilers are also very quiet and have a long lifespan. This makes them a good choice for both homeowners and businesses. As a result of these factors, the demand for condensing boilers is expected to continue to grow in the coming years.

Wall Hung Electric Boilers Market Segmentation

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• By Type Analysis

According to type, the market can be segmented Below 10kW, 10-20kW, Above 20kW.

• By Application Analysis

Based on application, the market can be divided into commercial use and residential use.

Driving Factors

"Increasing demand for energy-efficient heating solutions to foster the market growth"

The global energy demand is growing rapidly, and this is putting a strain on the environment. There is a growing awareness about the need to conserve energy, and this is driving the demand for more energy-efficient heating solutions. They are a more energy-efficient alternative to traditional gas boilers, and this is one of the factors driving the demand for these boilers. Electric boilers are more efficient because they do not have to generate the heat from combustion. Instead, they use electricity to heat the water directly. This means that they are more efficient in converting energy into heat, and they also produce fewer emissions. As the demand for energy-efficient heating solutions continues to grow, they are expected to become even more popular.

"Growing urbanization to result in the expansion of the market"

The global population is urbanizing at a rapid pace, and this is leading to an increase in demand for them. Urban areas tend to have colder winters, and wall hung electric boilers are a more efficient way to heat homes in these areas. They are also a good choice for homes in urban areas because they are relatively small and easy to install. This makes them a good option for apartments and other small homes. As the world becomes more urbanized, the demand for wall hung electric boilers is expected to continue to grow.

Restraining Factors

"Limited availability to hamper the market growth"

Wall hung electric boilers are not as widely available as traditional gas boilers. This is because they are a relatively new product, and they are not as popular in some countries. The limited availability can be a barrier to adoption, especially for homeowners who are looking for a specific brand or model. They are not available in all countries. In some countries, gas is the dominant fuel source, and there is therefore less demand for wall hung electric boilers.

Wall Hung Electric Boilers Market Regional Insights

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"Asia Pacific to lead the market owing to the growth of the middle class in the region. "

The Asia Pacific region has shown the highest wall hung electric boilers market growth. The Asia-Pacific region is becoming increasingly urbanized, and this is leading to an increase in demand for wall hung electric boilers. Urban areas tend to have colder winters, and wall hung electric boilers are a more efficient way to heat homes in these areas. The disposable incomes of people in the Asia-Pacific region are rising, and this is leading to an increase in demand for premium products.

Key Industry Players

"Key players are employing advanced technologies in order to stimulate further growth of the market"

All the major players are motivated to offer superior and more advanced services in order to gain a competitive edge in the market. To increase their market presence, vendors are using a variety of techniques, including product launches, regional growth, strategic alliances, partnerships, mergers, and acquisitions.

List of Market Players Profiled

• Vaillant: Remscheid, Germany
• Viessmann: Allendorf (Eder), Germany
• Ferroli: San Bonifacio, Italy
• Thermona: Zvolen, Slovakia
• Jnod Electrical Appliance: Shenzhen, China
• Haier: Qingdao, China

Report Coverage

This report examines an understanding of the wall hung electric boilers market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.