Smart Water Heaters: Introduction
- Smart water heaters are used for heating water and they are equipped with advanced inbuilt technologies such as WIFI connectivity, Bluetooth, and water temperature measurements.
- The primary function of smart water heaters is to ensure the supply of hot water in taps whenever hot water is demanded. Smart water heaters are energy efficient as they are automatically scheduled as per the time and function based on pre-recorded level of volume and temperature directed by the user. Hence, the market for smart water heaters is expected to see huge growth during the forecast period.
Key Drivers and Opportunities of the Global Smart Water Heaters Market
- Smart water heaters are expected to witness huge growth rate during the forecast period because of their unique features compared to traditional water heaters. Smart water heaters are likely to lead to consumer convenience, which in turn will drive their demand during the forecast period.
- Technological advancement in terms of upgrading the smart water heaters, by making the heaters energy efficient, will be viewed as an environment friendly option by consumers and is likely to be affordable in the long run. Consumers are expected to make the shift from traditional water heaters to smart water heaters.
- Awareness about the benefits of smart water heaters among consumers is expected to increase the demand. Thus, manufacturers have an opportunity to cater to the rising demand for smart water heaters expected during the forecast period.
- The rising per capita income in developing countries is expected to increase consumer spending on appliances which are convenient and pocket friendly in the long run. This is expected to drive the demand for smart water heaters during the forecast period.
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Europe to Hold Major Share of the Global Smart Water Heaters Market
- In terms of geography, the smart water heater market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- Smart water heaters are an appliance found in most residential homes of Europe because of the cold weather. European countries have strict rules and regulations in terms of the environment. Smart water heaters are energy efficient; thus they are perceived to be environment friendly. Consumers of European countries prefer appliances which are environmental friendly, which is expected to be a reason for the region holding a prominent share of the global smart water heaters market.
- Asia Pacific is home to more than 4 billion people. The rise in per-capita income and consumer spending have made the region the leading market for manufacturers. Awareness among consumers about the pros and cons of smart water heaters vis-a-vis traditional water heaters is projected to fuel the demand for smart water heaters during the forecast years.
Key Players Operating in the Global Smart Water Heaters Market
- A. O. Smith Corporation
- Ariston Thermo Group Corporation
- CG Power and Industrial Solutions Limited
- Eemax, Inc.
- General Electric Company
- Havells India Limited
- Marey International, LLC
- Rheem Manufacturing Company
- Rinnai Corporation
- Whirlpool Corporation
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Global Smart Water Heaters Market: Research Scope
Global Smart Water Heaters Market, by Type
- With Storage Tank
- Without Storage Tank
Global Smart Water Heaters Market, by Heat Source
- Electric
- Natural Gas
- Solar
Global Smart Water Heaters Market, by Volume Capacity
- Below 50 liter
- 50 to 100 liter
- 100 to 150 liter
- 150 to 200 liter
- Above 200 liter
Global Smart Water Heaters Market, by Application
- Commercial
- Industrial
- Residential
Global Smart Water Heaters Market, by Price
- Low
- Medium
- High
Global Smart Water Heaters Market, by Distribution Channel
- Online
- E-Commerce Websites
- Company-owned Websites
- Offline
- Supermarkets/ Hypermarkets
- Specialty Stores
- Other Retail Stores
Global Smart Water Heaters Market, by Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- ASEAN
- Rest of Asia Pacific
- South America
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
