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.
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
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
- Natural Gas
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
Global Smart Water Heaters Market, by Price
Global Smart Water Heaters Market, by Distribution Channel
- E-Commerce Websites
- Company-owned Websites
- Supermarkets/ Hypermarkets
- Specialty Stores
- Other Retail Stores
Global Smart Water Heaters Market, by Region
- North America
- Rest of North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- 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
- 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.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.