Space heater: Key market research findings
- Product innovations and technological advancements
- Compliance with government regulations on emissions and energy efficiency
Technavio has released a new market research report on the global space heaters market, which is expected to grow at a CAGR of around 5% between 2016 and 2020. Space heaters are electric equipment that are used to heat a small area. They are used as a complementary heat source in addition to the central heating system to facilitate zonal heating and minimize energy costs. Vendors are incorporating features such as digital control panels, wall-mounted models, built-in energy-saving modes, adjustable thermostats, and innovative designs to add aesthetic appeal; they have also incorporated UV lights in some models. Europe dominates the space heater market, owing to the growing popularity of space heaters among residential consumers to complement their centralized heating systems.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Vendors are focusing to increase the aesthetic appeal of their products and are incorporating several features to gain a competitive edge. Manufacturers are including models that are cool to touch and have motion sensors that will shut down the units in case of overheating. Moreover, growing need for high-end, better capacity, and energy-efficient appliances, has prompted the installation of smart heaters in homes. For instance, De’ Longhi Group’s compact ceramic electric heater has a smart eco-energy function, which claims to reduce energy usage by 40%,” says Jhansi Mary, Lead Analyst, Education, Technavio Research
One of the key factors driving the demand for space heaters is the compliance with government regulations on emissions and energy efficiency. Consumers are switch from energy-consuming centralized heating systems to electric space heaters that are energy-efficient. Moreover, energy-efficient space heaters and water heaters in households are subject to EU energy labeling and Ecodesign requirements. As consumers become informed about energy-efficient space heating options, the market for technologically advanced and efficient space heaters is gaining traction.
The leading vendors in the global space heaters market are De’ Longhi Group, Honeywell International, Jarden Corp., and Lasko. This market is characterized by the few key players in the home appliance industry dominating the market. The key players have a competitive edge over local players owing to innovation in technology and products. The market is expected to witness increased consolidation during the forecast period. Also, the vendors in the market can capitalize on the expanding smart appliance market by introducing smart space heaters.
A more detailed analysis is available in the Technavio report, Global Space Heaters Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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