An electric heater is an electrical appliance which changes over electric current to heat. With the rise of smart technologies, it has made everyday jobs speedier, less difficult and highly handy. Use of smart technology has risen, beginning from cell phones to smart heaters. The growing demand for effective smart home gadgets, producers of smart heaters has begun creating a proficient smart heater which provides quality heating applications and energy savings. Smart heaters can be managed and monitored utilizing cell phones or even smart assistants, for example, thermostats. The majority of smart electric heaters are environment-friendly integrated with low power utilization measures.
The worldwide market for electric heaters is anticipated to increase at a double-digit 15.3% value CAGR all through the assessment period 2018-2026. The worldwide market was estimated at around US$ 554 Million by 2017 end and is projected to account for an evaluation of approximately US$ 2 Billion towards the end of the year 2026.
Based on the function, the global market is broadly categorized into smart water heaters and smart climate control. The smart water heaters category is gaining maximum traction, moreover, the category is likely to increase at a comparatively faster rate over the calculated period. Nevertheless, the smart climate control category is projected to dominate the worldwide market.
Based on the end user, the global market is segmented into commercial and residential. The residential end segment is considered to be reflecting a high preference for implementation of smart electric heaters. The sale of smart electric heaters in this segment is likely to exceed a billion dollar in the approaching years, this, in turn, make it largely lucrative segment.
Based on the component, the global market includes services and solutions. The solutions category has foreseen high market estimation over recent years and is anticipated to go on with this trend in approaching years. The services category is expected to reflect high demand over the calculated period.
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Based on the region, the global market is studied across SEA and Other APAC, Latin America, Europe, Middle East and Africa (MEA), North America, China and Japan. The trend of smart water heating is likely to foresee an increase in North America regional market and is likely to account for a noteworthy evaluation of around US$ 703 Million towards the end of the calculated period.
Key Market Players : Some of the prominent market players functional in the worldwide market include Zehnder Group,Honeywell International Inc.,Haier Electronics Group Co., Ltd.,V-Guard Industries Ltd.,O. Smith,Mitsubishi Electric Corporation,Danfoss,Seimens AG,Glen dimplex,Rheen Manufacturing Company Others