Overview and Scope
A smart electric heater is a heating device that incorporates advanced technology to provide efficient and convenient heating solutions. These heaters typically connect to home Wi-Fi networks and can be controlled remotely via smartphone apps or voice commands through virtual assistants.
Sizing and Forecast
The smart electric heater market size has grown rapidly in recent years. It will grow from $1.44 billion in 2023 to $1.66 billion in 2024 at a compound annual growth rate (CAGR) of 15.2%. The growth in the historic period can be attributed to rising energy prices, environmental regulations, consumer awareness, home renovation trends, and demographic shifts.
The smart electric heater market size is expected to see rapid growth in the next few years. It will grow to $2.74 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to climate change concerns, urbanization trends, policy initiatives, smart home adoption, and economic factors. Major trends in the forecast period include increasing adoption of energy management systems, growth in demand for eco-friendly heating solutions, development of advanced heating control technologies, emergence of innovative business models such as energy-as-a-service.
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Segmentation & Regional Insights
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
North America was the largest region in the smart electric heater market in 2023. The regions covered in the smart electric heater market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Rising demand for energy-efficient heaters is expected to propel the growth of the smart electric heater market going forward. Energy-efficient heaters are heating devices designed to maximize the amount of heat produced while minimizing energy consumption. Smart electric heaters are energy-efficient because they optimize heating schedules, adjust temperature settings based on occupancy or ambient conditions, and integrate with smart home systems for remote control and energy monitoring, all of which help minimize energy waste and maximize efficiency. Energy-efficient heaters are designed to use less energy to produce the same heat as traditional heaters, which can help reduce greenhouse gas emissions and improve air quality. For instance, in October 2023, according to Eurostat, a Luxembourg-based statistical office of the European Union (EU), during the first half of 2023, average household electricity prices in the EU experienced a rise compared to the corresponding period in 2022, escalating from $26.81 (€25.3) per 100 kWh to $30.6 (€28.9) per 100 kWh, which indicated the need for better utilization of existing resources to attain better efficiency. Therefore, the rising demand for energy-efficient heaters is driving the growth of the smart electric heater market.
Key Industry Players
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
The smart electric heater market report table of contents includes:
1. Executive Summary
2. Smart Electric Heater Market Report Structure
3. Smart Electric Heater Market Trends And Strategies
4. Smart Electric Heater Market – Macro Economic Scenario
5. Smart Electric Heater Market Size And Growth
……
27. Smart Electric Heater Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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