Press release
Smart Electric Heater Market is Projected to Increase at a Prolific CAGR of 13.8% from 2024 to 2034
Smart Electric Heater Market
Continuous technological advancements are predicted to lead to the development of advanced electric heaters. These smart electric heaters come with several features, including smart thermostats, voice assistants (Alexa and Google Assistant), and energy usage monitoring.
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Smart electric heaters are equipped with some advanced features, including adaptive heating controls to optimize heating schedules based on consumer preferences. In recent years, the rising popularity of smart homes is forecasted to contribute to the increasing adoption of electric heaters.
More individuals are becoming conscious of environmental sustainability. Therefore, a preference for energy-efficient appliances is predicted to stimulate consumers to install smart electric heaters to minimize their environmental footprints. The convenience and remote accessibility of smart electric heaters allow users to monitor their heating systems through web interfaces or smartphone applications.
Key Takeaway from Market Study
Sales of smart electric heaters are estimated at US$ 1.86 billion in 2024.
Worldwide demand for smart electric heaters is predicted to accelerate at a 13.8% CAGR from 2024 to 2034.
The global smart electric heater market is set to reach US$ 6.77 billion by the end of 2034.
North America is estimated to account for 37.3% share of global market revenue in 2024.
Sales of smart electric heaters in Canada are pegged at US$ 127 million in 2024.
The market in Japan is forecasted to advance at a stellar 14.5% CAGR from 2024 to 2034.
Convection heaters are predicted to account for 41.8% share of market revenue by 2034.
Residential Segment to Account for High Demand for Smart Electric Heaters
Demand for smart electric heaters in the residential segment is predicted to increase at a robust CAGR of 15% and reach US$ 3.94 billion by the end of 2034. Increasing preference of consumers for convenient and energy-efficient heating solutions is predicted to contribute to their increased sales in the residential segment. Remote control capabilities, occupancy sensors, and programmable thermostat features of smart electric heaters are projected to make them attractive options among cost-conscious consumers.
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Key Market Players
Honeywell International Inc., Zehnder Group, V-Guard Industries Ltd., Haier Electronics Group Co., Ltd., A.O. Smith, Mitsubishi Electric Corporation, Seimens AG, Rheen Manufacturing Company, Danfoss, and Glen Dimplex are leading manufacturers of smart electric heaters.
In the broader global context, North America is anticipated to command a 38.1% share of the market by 2034, driven by the growing adoption of energy-efficient and smart home heating solutions. Additionally, the presence of prominent manufacturers in the region contributes to the expansion of the smart electric heater market.
Specifically, the United States is projected to dominate the regional market with a 72.3% share of revenue in 2024. The demand for electric heaters in the U.S. is expected to surge due to their energy efficiency, driven by the rising cost of energy. In response to the increasing awareness of energy consumption, Americans are seeking ways to minimize electricity bills.
The integration of advanced technologies, such as zoning controls and programmable thermostats, optimizes heating efficiency while reducing energy waste. These features make electric heaters increasingly popular among individuals seeking options to minimize their environmental impact.
Segment Analysis
The study divulges essential insights into the market based on product type (convection heaters, radiant heaters, infrared panel heaters, fan heaters) and end use (residential, commercial, industrial), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).
Read More - https://www.globenewswire.com/news-release/2023/11/29/2787747/0/en/Smart-Electric-Heater-Market-to-Rise-at-13-8-CAGR-to-Reach-6-77-Billion-by-2034-Fact-MR-Report.html
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