Smart electric heaters are the latest entrants into the market and are quickly gaining popularity among users due to their convenience, energy efficiency, and cost savings. As a result, the global smart electric heaters market is projected to register a CAGR of 15.6% during the forecast period (2023-2033). Government initiatives to promote energy conservation and efficiency, growing awareness of the benefits of smart home technology, and the increasing number of service providers are key factors driving market growth.
Honeywell International Inc., V-Guard Industries Ltd., Zehnder Group, Haier Electronics Group Co., Ltd., Mitsubishi Electric Corporation, A.O. Smith, Siemens AG, Danfoss, Rheen Manufacturing Company, and Glen dimplex are some of the key players operating in the market.
The type segment of the smart electric heaters market consists of portable heaters, wall-mounted heaters, and ceiling-mounted heaters. Portable heaters are the most popular type of smart electric heater and are favored by homeowners for their convenience and portability. The application segment of the smart electric heaters market includes residential, commercial, and industrial applications. Residential applications are the largest segment of the market, driven by the increasing demand for energy-efficient and convenient heating solutions. The connectivity segment of the smart electric heaters market includes Wi-Fi, Bluetooth, and cellular connectivity options. Wi-Fi-enabled smart electric heaters are the most popular due to the ability to control them remotely through a smartphone app.
North America is the largest market for smart electric heaters, driven by the increasing adoption of smart homes and energy-efficient heating solutions. Europe is the another major market for the smart electric heaters, driven by the focus on energy efficiency and the desire for smart homes.
Honeywell International Inc. is one of the largest producers of smart electric heaters. Headquartered in the United States, the company has a wide range of products, including indoor air quality products, voice control systems, temperature control systems, and energy efficient heating solutions. V-Guard Industries Ltd., headquartered in India, offers technologically advanced cooling and heating solutions. The company produces various types of heaters, including electric, gas, and oil heaters. Zehnder Group is a leading manufacturer of ventilation and heating systems, with products designed for both residential and commercial applications. The company produces wall-mounted and ceiling-mounted electric heaters. Other leading players in the smart electric heaters market include Haier Electronics Group Co., Ltd., Mitsubishi Electric Corporation, A.O. Smith, Siemens AG, Danfoss, Rheen Manufacturing Company, and Glen Dimplex.
The Smart Electric Heaters Market is expected to remain highly competitive in the upcoming years, primarily due to the presence of many large technology corporations. These companies are actively investing in research and development to produce innovative products and gain competitive advantage. Companies are also focusing on expanding their product portfolios and foraying into new markets. Additionally, mergers, acquisitions, and collaborations are other strategies adopted by players in the market.
