LONDON--(BUSINESS WIRE)--The global smart room heater market is expected to grow at an impressive CAGR of more than 25% during the forecast period, according to Technavio’s latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global smart room heater market for 2017-2021. The market is further categorized into two product segments, including smart room heaters without connectivity and smart room heaters with connectivity.
“The global smart room heater market is expected to grow consistently during the forecast period due to considerable demand coming from Europe and North America. The use of an energy-efficient smart room heater helps in lowering household heating costs by 10% and reduces the emission of carbon dioxide by 800 pounds,” says Poonam Saini, a lead home, kitchen and large appliances research expert from Technavio.
Technavio’s research analysts segment the global smart room heater market into the following regions:
- Europe
- North America
- APAC
- ROW
Smart room heater market in Europe
The market in Europe will gain traction during the forecast period as residential consumers continue to invest in smart room heaters to complement their centralized heating systems. As centralized heating utilizes a significant amount of energy, consumers are investing in heating appliances that can mitigate their energy expenses.
While gas is the major fuel used for space heating appliances, consumers are increasingly looking for smart room heaters that work on electricity. De'Longhi Group and Honeywell are prominent multinational vendors in the market. UK-based players such as Glen Dimplex Group and Duronic also have a considerable presence in the market. With new product innovations, such as the launch of smart wifi connected space and room heaters, the market will see major growth coming from high-income segments, as these consumers invest in home automation and smart homes.
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Smart room heater market in North America
The market in North America will gain traction during the forecast period with the improving real estate sector and the growing demand for smart homes. With the increasing cost of fuel, consumers have realized that it is essential for them to save on energy costs by switching from centralized heating to zonal heating of rooms with smart portable room heaters. This has propelled the demand for various types of smart room heaters in the residential segment.
Smart room heater market in APAC
The smart room heaters market in the region will grow consistently despite the threat from alternatives such as centralized heating and solar thermal systems. The market will attain growth from developed countries like Australia and New Zealand and emerging nations such as India and China. In recent years, from 2013 to 2015, most parts of Australia have seen mild winters except for places like southeastern New South Wales, Tasmania, and central Victoria.
Smart room heater market in ROW
The smart room heater market in the ROW will be highly affected by income disparities. There is low preference for high-end technological products due to consumers' price sensitiveness. On the other hand, consumers with higher incomes opt for premium range products such as HVAC systems that offer quality, convenience, and durability. As sales of heaters are highly seasonal in nature, the weak winters in many countries of the ROW will be a major threat to the sales of smart room heaters in this region.
The top vendors in the global smart room heater market as highlighted in this market research analysis are:
- Crane USA
- De'Longhi
- Honeywell International
- Jarden Consumer Solutions
- Lasko Products
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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