Electric wall heater market continues to witness a steady growth. According to a study conducted by Market Research Future (MRFR), the global electric wall heater market is set to exhibit a 5.66% CAGR during the forecast period (2017-2025). The market is expected to reach a valuation in excess of USD 4,500 Mn by the year 2025.
Electric wall heaters are gaining traction owing to the high level of convenience they offer. Advances in technology has led to development of superior heating systems. This has bolstered the market for electric wall heater to a significant extend. The latest variants of electric wall heater have superior functionality. Wall heaters are basically fitted on wall interiors. They are designed to cater heating requirements of wall for maintaining the indoor temperature of both non-residential and residential applications. Emphasis is being placed on making wall heaters safer, space saving, cost-efficient and energy-efficiency.
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Global Electric Wall Heater Market: Segmental Analysis
The segmental analysis of the market has been conducted on the basis of power and application.
Based on power, the market has been segmented into > 2000 Watt, 1600 to 2000 Watt, 1000 to 1600 Watt and <1000 Watt. The 1000 to 1600 Watt segment currently accounts for more than one-third share of the market, surpassing a valuation of USD 1,200 Mn. By the end of the forecast period, the segment is expected to touch a valuation of USD 1,996.5 Mn, reflecting a compound annual growth rate (CAGR) of 7.25%.
Based on application, the market has been segmented into non-residential and residential. The residential segment is projected to retain its leading position over the forecast period. The segment’s growth can be accredited to factors such as rapidly changing lifestyle, and growth urbanization. In addition, the focus on improving home comfort features is driving the growth of the segment. In 2018, the resident segment commanded close to two-third share of the market. The segment is expected to demonstrate 5.04% CAGR during the assessment period. Whereas, the non-residential segment is exhibit relatively higher CAGR of 6.99% during the same period.
Global Electric Wall Heater Market: Regional Analysis
Based on region, the market has been segmented into Europe, North America, Asia Pacific (APAC) and Rest of the World (RoW). North America is expected to remain the frontrunner in the global electric wall heater market during the assessment period. The market in North America is expected to witness a healthy growth during the assessment period. This is mainly owing to the strong demand for home heating equipment in the countries such as Canada and the U.S. Sales of home comfort products have continued to grow in the region. Moreover, the revival of the construction sector and a presence of a large number of market players in the region is influencing the North America electric heater market. Besides, advanced countries in the region have well-regulated home safety standards. For instance, the Occupational Safety and Health Administration (OSHA) has revised various guidelines on heating solution standards in the U.S. The region has witnessed a healthy uptick in residential construction activities in recent years. At the same time, climatic changes and increased occurrence of polar vortex is driving the need for effective heating solutions. The Europe market is also expected to exhibit steady growth during the assessment period.
Global Electric Wall Heater Market: Competition Analysis
MRFR in its report has discussed some of the leading companies operating in the global market for electric wall heater, which include Stiebel Eltron Inc., Trane, WarmlyYours.com, Inc., Indeeco, Radiant Systems, Marley Engineered Products, Broan, Inc., Markel Products Company, Glen Dimplex Group, and King Electric.
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