- How is the current policy landscape affecting the electric process heat market today?
- How will government policy affect revenue growth for electric process heat over the next decade?
- How have new financing models affected the growth of the electric process heat market?
- How will revenue growth differ for electric boilers and heat pumps through 2033?
- What factors are driving and hampering the development of the electric process heat market today?
2Q 2024
Electric Process Heat
Electric Boilers and Heat Pumps for Decarbonizing Low Grade Industrial Process Heat, Global Market Forecasts, 2024-2033
The market for electric process heat—electric boilers and heat pumps in particular—is beginning to find significant growth as world governments turn increased attention toward decarbonization efforts. Process heat for low grade processes (below 200°C) represents a substantial portion of the energy need for many industrial sectors—chiefly food and beverage, chemicals, pharmaceuticals, paper, and wood products. However, structural barriers still exist related to input fuel costs and electricity infrastructure constraints.
The largest driver of the electric process heat market today is government incentives and regulations for industrial decarbonization. Other drivers include insulation from input fuel price volatility in certain regions, better operational safety, and better operational efficiencies. Barriers to adoption vary significantly by region, but the most striking is the cost for comparable amounts of input fuel across sources. In some regions, fueling a boiler with natural gas can be significantly cheaper than with electricity.
This Guidehouse Insights report examines the global market for electric process heat technologies used in industrial and commercial facilities. The report analyzes current market issues, technology trends, drivers, barriers, and the policy landscape. Market forecasts are presented for revenue and unit sales through 2033 and are segmented by technology (electric boilers, heat pumps), value chain position (hardware, services), and region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).
Pages
34
Tables | Charts | Figures
32
Key Questions Addressed
Who Needs This Report
- Boiler manufacturers and installers
- Heat pump manufacturers and installers
- HVAC industry professionals
- Utilities
- Regulators and policymakers
- Investor community
Table Of Contents
1. Executive Summary
1.1 Market Drivers and Barriers
1.2 Market Forecasts
2. Market Issues
2.1 Technologies
2.1.1 Electric Boilers
2.1.2 Heat Pumps
2.2 Industry Sectors
2.2.1 Food and Beverage
2.2.2 Chemicals and Pharmaceuticals
2.2.3 Paper
2.2.4 Wood Products
2.3 Policy Impacts
2.3.1 Decarbonization Goals
2.3.2 Border Carbon Adjustment
2.3.3 Carbon Taxes and Cap and Trade
2.3.4 Value Chain Investment and Incentives
2.4 Drivers
2.4.1 Environmental Impact Reduction
2.4.2 Cost Reduction and Predictability
2.4.3 Operational Safety
2.4.4 Operational Efficiency
2.5 Barriers
2.5.1 Cost Difference between Electricity and Natural Gas
2.5.2 Lack of Case Studies
2.5.3 Long-Lived, Capital-Intensive Equipment Stock
2.5.4 Lack of Electric Capacity
3. Industry Value Chain
3.1 Competitive Landscape
3.1.1 M&A Activities
3.1.2 Business Model Evolution
4. Market Forecasts
4.1 Definitions and Scope
4.2 Methodology
4.3 Global Deployment Forecasts
4.4 Global Revenue Forecasts
4.5 Regional Revenue Forecasts
4.5.1 North America
4.5.2 Europe
4.5.3 Asia Pacific
4.5.4 Latin America
4.5.5 Middle East & Africa
5. Conclusions and Recommendations
5.1 Three Big Takeaways
5.2 Recommendations
5.2.1 Electric Process Heat Vendors
5.2.2 Industrial Plant Managers
5.2.3 Policymakers
6. Acronym and Abbreviation List
7. Table of Contents
8. Table of Charts and Figures
9. Scope of Study, Sources and Methodology, Notes
List of Charts and Figures
- Electric Boiler Deployments by Region, World Markets: 2024-2033
- Heat Pump Deployments by Region, World Markets: 2024-2033
- Electric Process Heat Revenue by Region, World Markets: 2024-2033
- Electric Boiler Revenue by Region, World Markets: 2024-2033
- Heat Pump Revenue by Region, World Markets: 2024-2033
- Electric Process Heat Revenue by Market Segment, North America: 2024-2033
- Electric Process Heat Revenue by Market Segment, Europe: 2024-2033
- Electric Process Heat Revenue by Market Segment, Asia Pacific: 2024-2033
- Electric Process Heat Revenue by Market Segment, Latin America: 2024-2033
- Electric Process Heat Revenue by Market Segment, Middle East & Africa: 2024-2033
- Electric Boiler Hardware Revenue by Region, World Markets: 2024-2033
- Electric Boiler Services Revenue by Region, World Markets: 2024-2033
- Heat Pump Hardware Revenue by Region, World Markets: 2024-2033
- Heat Pump Services Revenue by Region, World Markets: 2024-2033
- Electric Process Heat Value Chain
List of Tables
- Electric Boiler Deployments by Region, World Markets: 2024-2033
- Heat Pump Deployments by Region, World Markets: 2024-2033
- Electric Process Heat Revenue by Region, World Markets: 2024-2033
- Electric Boiler Revenue by Region, World Markets: 2024-2033
- Heat Pump Revenue by Region, World Markets: 2024-2033
- Electric Boiler Hardware Revenue by Region, World Markets: 2024-2033
- Electric Boiler Services Revenue by Region, World Markets: 2024-2033
- Heat Pump Hardware Revenue by Region, World Markets: 2024-2033
- Heat Pump Services Revenue by Region, World Markets: 2024-2033
- Electric Process Heat Revenue by Market Segment, North America: 2024-2033
- Electric Process Heat Revenue by Market Segment, Europe: 2024-2033
- Electric Process Heat Revenue by Market Segment, Asia Pacific: 2024-2033
- Electric Process Heat Revenue by Market Segment, Latin America: 2024-2033
- Electric Process Heat Revenue by Market Segment, Middle East & Africa: 2024-2033
- CEO 360-Degree View
- Share of Total Electric Process Heat Market by Region, World Markets: 2024 and 2033
- Electric Process Heat Market Competitive Structure
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