LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global smart connected residential water heater market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global smart connected residential water heater is expected to grow at a CAGR of around 10% during the forecast period. The adoption of smart homes is increasing among residential customers across the world, which, in turn, is leading to a rise in demand for smart connected appliances such as water heaters for domestic use. The demand for such products is higher in developed countries of the Americas and Europe, such as the US, Canada, Germany, and France.
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The top three emerging market trends driving the global smart connected residential water heater market according to Technavio research analysts are:
- Growing online retail of smart connected residential water heaters
- Increasing emergence of hybrid water heaters
- Increasing integration with IoT
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Growing online retail of smart connected residential water heaters
Due to the hectic lifestyle and busy schedules, most of the household customers in the Americas and Europe do not find sufficient time to get into the market and shop for their desired products. Therefore, due to the convenience offered by online shopping, consumers prefer buying online rather than going to the brick-and-mortar shops. The growing Internet penetration and rising adoption of digital and electronic gadgets have propelled the online sales of smart connected residential water heaters globally.
According to Tamal Saha, a lead analyst at Technavio for home, kitchen and large appliances research, “With rising brand consciousness among end-consumers across the globe, the importance of renowned international retailers offering branded smart connected residential water heater has proportionally increased. The entry of the global vendors in the online retail market is expected to raise sales of smart connected residential water heaters through the sales portals of pure-play e-retailers and manufacturers.”
Increasing emergence of hybrid water heaters
The prominent vendors are developing and launching different hybrid water heaters. It is a combination of the conventional water heater and solar water heater. These water heaters are designed to overcome some of the functional drawbacks of solar water heaters. During the forecast period, hybrid water heaters with smart features, such as Wi-Fi and NFC, are expected to be launched. The addition of smart features in hybrid water heaters will raise their demand among the target population and will propel the sales volume.
“Hybrid water heaters are more effective and energy efficient in comparison to conventional water heaters. Owing to these advantages, the demand for hybrid water heaters is increasing at a rapid rate. This will have a positive impact on the growth of the global smart connected residential water heater market during the forecast period and in the next decade,” says Tamal.
Increasing integration with IoT
In the current scenario, smart connected residential water heaters are governed with the help of smartphones. With the continuous innovation in digital and information technologies, more Internet-enabled devices will be compatible to interface with smart connected residential water heaters. Internet-enabled IoTs, such as smartwatch and Internet-enabled wristband, will emerge as interfacing devices for smart connected residential water heaters.
The integration of more IoTs will expand the scope of connectivity for smart connected residential water heaters. These will be compatible with multiple devices, and thus will favor the adoption of smart connected residential water heaters among end-users.
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