What Has Been the Growth of the Smart Electric Heater Market So Far?
The smart electric heater market has seen considerable growth due to a variety of factors.
• In recent times, the market size for smart electric heaters has experienced a rapid expansion. It is projected to increase from $1.66 billion in 2024 to $1.91 billion in 2025, signaling a compound annual growth rate (CAGR) of 15.0%.
Factors contributing to this historical growth include surging energy costs, environmental rules, public awareness, trends in home renovation, and changes in population demographics.
How Will the Smart Electric Heater Market?
The smart electric heater market is expected to maintain its strong growth trajectory in upcoming years.
• It is anticipated that the smart electric heater market will experience a significant expansion in the coming years, with estimations predicting an increase to $3.08 billion in 2029, at a compound annual growth rate (CAGR) of 12.7%.
This prospective growth during the forecast phase can be ascribed to factors such as rising concerns about climate change, expanding urbanization, policy strategies, uptake of smart homes, and economic elements. In that anticipated period, key trends to be noted include a rise in the incorporation of energy management systems, an increase in demand for environmentally friendly heating solutions, the evolution of advanced heating control technologies, and the emergence of novel business models like energy-as-a-service.
Which Factors Are Boosting Growth In The Smart Electric Heater Market?
The smart electric heater market is projected to experience growth on account of increasing demands for energy-efficient heaters. Such heaters are intended to produce maximum heat while consuming minimal energy. The energy efficiency of smart electric heaters stems from their ability to optimize heating schedules, adjust temperature based on occupancy or ambient environment, and synchronize with smart home systems for distant control and energy management. These features help to curtail energy wastage and enhance efficiency. Unlike traditional heaters, energy-efficient heaters are engineered to utilize less energy to emit the same level of heat, aiding in the reduction of greenhouse gas emissions and betterment of air quality. For instance, as reported by Eurostat, the Luxembourg-based statistical office of the European Union (EU), in October 2023, the average electricity prices for households in the EU edged up compared to the corresponding period in 2022, going from $26.81 (€25.3) per 100 kWh to $30.6 (€28.9) per 100 kWh. This highlighted the necessity for more effective use of current resources to achieve greater efficiency. Consequently, this increasing need for energy-efficient heaters is spurring the development of the smart electric heater market.
What Key Areas Define The Segmentation Of The Global Smart Electric Heater Market?
The smart electric heater market covered in this report is segmented –
1) By Product Type: Convection Heaters, Radiant Heaters, Infrared Panel Heaters, Fan Heaters
2) By Function: Smart Climate Control, Smart Water Heaters
3) By End Use: Residential, Commercial, Industrial
Subsegments:
1) By Convection Heaters: Wall-Mounted Convection Heaters, Portable Convection Heaters
2) By Radiant Heaters: Quartz Radiant Heaters, Oil-Filled Radiant Heaters
3) By Infrared Panel Heaters: Ceiling-Mounted Infrared Heaters, Wall-Mounted Infrared Heaters
4) By Fan Heaters: Ceramic Fan Heaters, Compact Fan Heaters
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What Trends Are Shaping The Smart Electric Heater Market?
Leading enterprises in the smart electric heater market are striving to create novel products, for example, smart LED heaters, in order to establish a competitive advantage. LED heaters are a type of heating equipment that includes light-emitting diodes (LEDs) in their design. These unique heaters usually combine LED illumination elements with their heating capabilities. To illustrate, in January 2024, AENO, an offshoot of ASBISC Enterprises PLC - an electronics firm headquartered in Cyprus, unveiled the AENO premium eco-smart LED heater. This stylish and extremely slim heater incorporates advanced attributes such as an LED digital display, SMART mode for effectual heating, and adjustable LED screen brightness. The AENO premium eco-smart LED heater can maintain a cozy environment without dehydrating the air and comes with safety measures like child-lock and overheat protection, thereby offering warmth while curtailing energy expenses.
Who Are the Key Players In The Smart Electric Heater Market?
Major companies operating in the smart electric heater market are:
• Panasonic Corporation
• LG Corporation
• Mitsubishi Electric Corporation
• Honeywell International Inc.
• Haier Electronics Group Co. Ltd.
• Carrier Global Corporation
• Electrolux AB
• Dyson Ltd.
• Danfoss Group
• A.O. Smith Corporation
• De'Longhi S.p.A.
• Rinnai Corporation
• Rheem Manufacturing Company
• Broan-NuTone LLC
• Zehnder Group
• V-Guard Industries Ltd.
• Dimplex North America Limited
• Stiebel Eltron GmbH & Co. KG
• Warmup plc
• Stadler Form AG
• Smith's Environmental Products Ltd.
• Haverland S.L.
• Glen Dimplex Group
• EcoSmart Green Energy Products Inc.
• Siemens AG
What Is The Most Dominant Region In The Smart Electric Heater Market?
North America was the largest region in the smart electric heater market in 2024. The regions covered in the smart electric heater market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
