Global Grid-interactive Water Heater Market 2017-2021
About Grid-interactive Water Heater
Electric water heaters having two-way control capabilities with the grid are known as grid interactive water heaters (GIWHs). Energy storage in a GIWH proves to be economical, as its function is similar to a battery energy storage system, but at a much lesser cost. Typically, water usage in the residential sector, which holds the maximum share in the global GIWH market, is higher during mornings and evenings. As GIWH allows water to be heated as and when surplus power is available from the grid, it provides flexibility to the electric supply system and ensures cost savings. In addition, these heaters are a cost-efficient option even at the consumer end, as they pay for the surplus load rate, which is generally cheaper than the normal price. The global GIWH market is segmented based on end-user and geography. The key end-users identified in the report are residential and non-residential segments. The following exhibit represents the current market scenario and future projections of GIWH in each end-user segment.
Technavio’s analysts forecast the global grid-interactive water heater market to grow at a CAGR of 12.35% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global grid-interactive water heater market for 2017-2021. To calculate the market size, the report considers the new installations/ sales/value and excludes retrofit/replacement/spares/aftermarket/services market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Grid-interactive Water Heater Market 2017-2021
Technavio recognizes the following companies as the key players in the global grid-interactive water heater market: Steffes, and Vaughn Thermal.
Other Prominent Vendors in the market are: Dakota Electric Association, Great River Energy, and HTP (Everlast).
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing demand for smart homes and development of smart cities. The smart home concept is gaining rapid popularity as consumers look to improve domestic convenience through electronic devices. This is an evolutionary development in the residential real-estate sector, with the primary aim to make living more comfortable, convenient, secure, entertaining, and sustainable. Today, smart home technologies using advanced sensors are affordable and can be used by an average household to connect appliances, such as heating modules, lighting systems, air conditioning units, computers, television sets, entertainment systems, security devices, and camera systems. The homeowner can control these devices using their smartphones and tablets. Moreover, home appliances use artificial intelligence to accurately predict consumer preferences based on historical data.”
According to the report, one of the major drivers for this market is Growing adoption of smart technologies. Growing focus toward achieving energy-efficiency has resulted in the development and deployment of smart equipment, such as smart grids. Globally, utilities are adopting smart grid technologies as a measure to improve the reliability of the grid, and for achieving energy efficiency. Technologies, such as RTUs, intelligent electronic device (IED), and other SCADA-based systems, are being adopted in T&D infrastructure, while smart meters are being installed at consumer homes.
Further, the report states that one of the major factors hindering the growth of this market is Lack of awareness. The global GIWH market is a niche market. As GIWHs are still in their development phase and a significant capital is being spent in their research, they have low popularity among buyers. Advantages of GIWHs are still unknown to many transmission companies and end-users, which is a key challenge that the market faces today. The lack of awareness among customers about the potential benefits of this equipment becomes a key challenge for vendors. Therefore, it is of crucial importance for vendors and manufacturers to spread awareness about the advantages of GIWH among customers.
Steffes, Vaughn Thermal, Dakota Electric Association, Great River Energy, and HTP (Everlast).