Global Smart Connected Residential Water Heater Market 2017-2021

Overview of the global smart connected residential water heater market

Research analysis on the global smart connected residential water heater market identifies that the rising adoption of smart homes will be one of the major factors that will have a positive impact on the growth of the market. Technavio’s market research analysts predict that this market will grow at a CAGR of about 10% by 2021. The adoption of smart homes is growing at a rapid rate among the upper-middle class and premium class customers in developed countries such as the US, Canada, Germany, and France. Expansion of the upper middle-class customer segment, the rising urbanization, the growth in real estate industry, and the development of the housing industry are the key factors inducing consumers to focus on home improvements. This will subsequently increase the need for smart connected appliances such as smart connected residential water heaters, fueling market growth.

In term of geographical regions, North America will be the major revenue contributor to the smart connected residential water heater market throughout the forecast period. Increased internet penetration, growth in the adoption of smartphones, and rising interests among consumers for smart home and Internet-connected appliances, are the major reasons for the market’s growth in North America.

Competitive landscape and key vendors  

The smart connected residential water heater market consists of a few number of established global players. The market is growing gradually with the rising penetration of the Internet and smartphones and the growth in customer awareness. Vendors in this market compete based on the factors such as product differentiation, pricing, product portfolios, and increased product offerings. The market competition is highly dependent on cost, product performance and reliability, ease of installation, and energy savings of the smart water heaters.

The leading vendors in the market are –

• A.O.Smith
• Rheem Manufacturing
• Robert Bosch   

The other prominent vendors in the market are Haier, Midea Group, Rinnai, and Whirlpool.

Segmentation by technology and analysis of the smart connected residential water heater market

• Wi-Fi
• Others

During 2016, the Wi-Fi segment accounted for the major shares of the smart connected residential water heater market. Factors such as the increasing adoption of Wi-Fi enabled smart water heaters in developed countries and the rise in usage of smartphones, will contribute to the growth of this industry segment in the coming years.

Segmentation by distribution channel and analysis of the smart connected residential water heater market

• Offline
• Online

According to this market research report, the offline segment will hold the maximum shares of the smart connected residential water heater market until 2021. The high preference of customers for physical stores in emerging economies such as India and China owing to the provision to view and feel the products, will drive the growth of the market in this segment.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global smart connected residential water heater market?
• What are the key market trends impacting the growth of the global smart connected residential water heater market?
• What are the challenges to market growth?
• Who are the key vendors in the global smart connected residential water heater market?
• What are the market opportunities and threats faced by the vendors in the global smart connected residential water heater market?
• Trending factors influencing the market shares of APAC, Europe, North America, and ROW.
• What are the key outcomes of the five forces analysis of the global smart connected residential water heater market?

Technavio also offers customization on reports based on specific client requirement.