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The Space Heaters Market size is forecast to increase by USD 3.37 billion, at a CAGR of 7.06% between 2023 and 2028.
The rapid expansion of the market can be attributed to several key factors. Firstly, there is a rising demand for domestic heating appliances that are not only highly efficient but also energy-saving and safe. This trend reflects a growing emphasis on sustainable living and energy conservation. Secondly, the retail landscape is undergoing significant expansion, leading to increased adoption of space heaters in various residential and commercial settings. Finally, the benefits offered by space heaters, such as targeted heating, cost-effectiveness, and ease of use, are further driving their popularity among consumers. Together, these factors are fueling the accelerated growth of the space heater market, creating new opportunities and challenges for manufacturers and retailers alike. The report provides market size, historical data spanning from 2018 - 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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The market is driven by various factors such as consumer focus on energy conservation and cost savings, the rising demand for smart technology and home automation features, and the growing trend towards multi-functionality and portability in space heater designs. However, challenges like ensuring compliance with safety and energy efficiency standards, addressing environmental concerns, and meeting the diverse needs of both residential and commercial applications remain significant for industry players. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing demand for highly efficient, energy-saving, and safe domestic heating appliances is notably driving the market. The demand for safe domestic heating appliances is rising due to the highly efficient energy efficiency as well as safety features of these products. In addition, this demand is high in the urban market, especially in tier-1 cities, as compared to rural areas and low-tier cities. Furthermore, the desire for comfort and luxurious life among individuals is one of the factors that lead to increased investment in domestic appliances, including heating appliances. Such factors have led to advanced features and smart technology like smart home systems, programmable settings, and compact and space-saving systems.
Moreover, the adoption of radiant heating and cooling systems enables the growth of the domestic heating market all over the world. Increasing investments in R&D on various domestic heating appliances, including radiant heating and cooling systems, further propel market growth. Furthermore, product advancement, particularly in technologies like radiant heating and cooling systems, is also one of the key factors for the healthy growth of the domestic heating appliances market. In addition, APAC is one of the important markets for the growth of domestic heating appliances, including radiant heating and cooling systems. Hence, such factors are driving the market growth during the forecast period, as these systems offer efficient and comfortable heating and cooling solutions, appealing to consumers looking for energy-efficient and effective climate control options in their homes.
Incorporating advanced safety features in space heaters is an emerging trend in the market. In the global market, the trend of incorporating advanced safety features has become increasingly prevalent as manufacturers focus on consumer safety and compliance with regulatory standards. In addition, advanced safety features are being integrated into space heaters to mitigate risks of fire hazards, burns, and accidents, enhancing overall user confidence and satisfaction.
Moreover, major players in the global space heaters market, such as Honeywell and Lasko, have introduced space heaters equipped with innovative safety functionalities. In addition, Honeywell's heaters frequently incorporate overheat protection mechanisms, automatically shutting off the unit if temperatures surpass safe levels. Furthermore, this proactive safety feature mitigates the risk of fire hazards, ensuring user safety and peace of mind during operation. Additionally, advancements in technologies like geothermal heat pumps contribute to the market growth during the forecast period. These systems utilize renewable energy from the earth to provide efficient heating and cooling solutions, offering environmentally friendly options that appeal to consumers seeking sustainable home heating solutions. As demand rises for energy-efficient and safe heating alternatives, the integration of such advanced technologies by key players drives innovation and market expansion in the space heaters segment.
Compliance with government regulations on emissions and energy efficiency is a major challenge hindering the market. Energy-efficient space heaters and water heaters in households adhere to the EU energy labeling and eco-design requirements. In addition, Stanford Environmental Health and Safety has set certain specifications regarding emissions and energy efficiency.
For example, the heater must be electrically powered and designated as approved with a nationally recognized testing laboratory mark. In addition, the sale of liquid-fuel space heaters is prohibited. Space heaters must have a thermostat for heat regulation. Furthermore, space heaters listed in accordance with UL1278 must comply with Section 605.10 of the California Fire Code. Hence, such factors are hindering the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Bromic Group Pty Ltd: The company offers space heaters such as Eclipse smart heat portable, and Tungsten smart heat portable.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The residential segment is estimated to witness significant growth during the forecast period. A key factor driving the residential segment is energy efficiency. In addition, many consumers consider space heaters as a cost-effective solution for supplemental heating in specific rooms, especially during colder months such as December and January. Furthermore, space heaters allow users to heat only the areas they need, avoiding the energy wastage associated with central heating systems.
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The residential segment was the largest segment and was valued at USD 2.89 billion in 2018. Moreover, energy-efficient models help reduce heating costs and environmental impact, making them attractive to budget-conscious and environmentally-conscious consumers. In addition, residential space heaters are designed to be portable and easy to use. Furthermore, their compact size and lightweight nature make them convenient for moving from room to room, offering flexibility in heating options. In addition, this portability allows users to target heating in spaces where it is needed most, adding to their appeal as convenient home heating solutions. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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Europe is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in Europe is fuelled by residential consumers who will invest in space heaters to complement their centralized heating systems. In addition, since space heating utilizes a major amount of energy, consumers are investing in heating appliances that can mitigate their energy expenses. Moreover, while gas has been the major fuel used for space heating appliances, consumers are increasingly looking into electric heating options as well. In addition, fan and convection heaters are the most popular space heater types in Europe. Furthermore, the rising demand for energy-efficient products is further propelling the demand for space heaters, which are known to consume much less energy than their conventional counterparts. Hence, such factors are driving the market growth in Europe during the forecast period.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market is experiencing a surge in growth driven by several key factors. Environmental concerns have prompted a shift towards energy-efficient and sustainable heating solutions, aligning with consumer focus on eco-friendly products. Cost savings are another driver, especially in regions with a high population index where efficient heating is essential. Smart technology integration has revolutionized the industry, offering localized heating solutions, advanced features like remote control and programmable settings, and compatibility with smart home systems and automation. Smart room heaters, including electric, gas, and oil-filled variants, have seen increased product penetration, especially with safety features like tip-over protection and cool-touch exteriors. The adoption of smart technology, such as Wi-Fi connectivity and smartphone controls, has made these heaters compact, space-saving, and efficient, catering to residential and commercial applications.
Moreover, the market's growth potential is evident in the real estate sector, particularly with the rise of work-from-home concepts and IoT-based heating units. However, challenges like compliance with safety and energy efficiency standards, operational costs, and competition from substitutes like district heating systems remain factors to navigate. Despite these restraints, technological advancements, research and development activities, and niche innovations like ceramic fan-forced, radiant, infrared, and combination heaters continue to drive the market forward with a variety of highly-efficient options available to consumers and businesses alike.
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Market Scope |
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Report Coverage |
Details |
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Page number |
174 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.06% |
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Market Growth 2024-2028 |
USD 3.37 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.03 |
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Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
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Performing market contribution |
Europe at 34% |
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Key countries |
US, Canada, China, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Bromic Group Pty Ltd., Crane USA, Daikin Industries Ltd., De Longhi S.p.A, Dr. Infrared Heater, Duraflame Inc., Dyson Group Co., Energy Wise Solutions, Honeywell International Inc., Lasko Products LLC, Midea Group Co. Ltd., Mill International AS, Newegg Commerce Inc., Newell Brands Inc., Rinnai Corp., Solar Panels Plus LLC, Stadler Form Aktiengesellschaft, SUNHEAT International, Sunpentown International Inc., and Vornado Air LLC |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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