North America commercial and residential electric boilers market is segmented by building type into office building, warehouse, retail, education, lodging, health, and others. Further, education segment is expected to grow on the back of growing adoption of electric boilers in educational institutions in the region. The education segment is projected to reach at USD 50.6 Million by the end of predicted period. Noiseless operation and low maintenance and repair cost are key factors which are expected to drive the growth of this segment at Y-o-Y growth rate of 2.8% in 2024 as compared to previous year.
North America commercial and residential electric boilers market is envisioned to reach at a valuation of USD 608.3 Million by the end of 2024. Moreover, increasing demand for highly efficient electric boiler products in U.S. and Canada is anticipated to drive the growth of residential and commercial electric boiler market during the forecast period. Additionally, the market in U.S. is likely to grab 78.8% market share of overall North America commercial and residential electric boilers market by the end of forecast period.
The more than 40 Kw segment by power segment is likely to showcase an incremental $ opportunity of USD 1.9 Million between 2017 and 2024. Growing adoption of high power and high efficiency boiler in North America region is expected to enhance the growth of this segment over the forecast period. Additionally, this segment is expected to witness a growth rate of 1.07x between 2017 and 2024.
Rising Environmental Concerns
Rising environmental concerns and increasing inclination towards environmental friendly products is anticipated to intensify the growth of residential and commercial electric boiler market during the forecast period.
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Government Regulations
Federal regulations such as 40 CFR Part 63 Subpart JJJJJJ and 40 CFR Part 63 Subpart DDDDD to control the air pollution and NOX emission from natural gas, oil and other fuel based boilers is likely to positively impact the growth of North America residential and commercial electric boiler market.
However, availability of alternatives such as natural gas, coal, oil and other fueled boilers is also restricting the growth of the North America residential and commercial electric boiler market. Apart from this, rise in electricity price in North America region is also expected to limit the growth of market in future.
The report titled “North America Commercial and Residential Electric Boilers Market: Future Outlook (2016-2024) Demand Analysis & Opportunity Evaluation” delivers detailed overview of the global North America commercial and residential electric boilers market in terms of market segmentation by power, by building type and by country.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the North America commercial and residential electric boilers market which includes company profiling of A. O. Smith Corporation, Slant/Fin Corporation, Hubbell Electric Heater Company, Bosch Thermotechnology Ltd., Sussman Electric Boilers, Chromalox Inc., LAARS Heating Systems Co., Heat Innovations Inc., Fulton Companies, and P.M. Lattner Manufacturing Co. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global North America commercial and residential electric boilers market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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