Global Smart Immersion Heater Market Size (2023 – 2030)

The Global Smart Immersion Heater Market is estimated to be worth USD 760.08 Million in 2022 and is projected to reach a value of USD 1122.98 Million by 2030, growing at a CAGR of 5% during the forecast period 2023-2030.

Electric heating appliances known as smart immersion heaters can be virtually controlled using smartphone software or another smart device. These heaters have sensors, Wi-Fi connectivity, and other advanced features that let users control temperature settings, plan heating cycles, and monitor energy consumption from any location with an internet link. Smart immersion warmers are more energy-efficient than conventional heating systems thanks to their unique construction. The hot element is changed by the temperature of the water as determined by sensing devices. Two advantages of this are reduced power costs and less energy waste. Additionally, intelligent immersion heaters can be set up to only heat water when it is necessary, saving electricity when not in use.

The worldwide market for smart immersion heaters is predicted to grow significantly during the projection period as a result of the increasing popularity of smart homes and the rising demand for energy-efficient heating choices. Because the market is divided into segments based on type, purpose, and region, market participants who want to acquire a competitive edge are concentrating on product innovation and development. 

Global Smart Immersion Heater Market Drivers:

Rising Demand for Energy-Efficient Heating Solutions is boosting the market demand.

The growing demand for energy-efficient heating options is one of the main factors driving the global market for smart immersion heaters. Consumers are searching for heating options that are more economical and ecologically friendly due to the growing worldwide focus on energy conservation and lowering carbon footprints. Compared to conventional heating equipment, smart immersion warmers are made to be more energy-efficient. They employ sensors to measure the water's temperature and change the heating element appropriately, reducing energy waste and bringing down electricity costs. To save energy, smart immersion heaters can be set to only boil water when it is required. As a result, customers are switching more frequently from conventional heating methods to smart immersion heaters, fuelling the market's expansion.

The increasing Adoption of Smart Homes is fuelling market demand.

The expansion of the global market for smart immersion heaters is significantly influenced by the rising appeal of smart homes. As a result of the quick advancements in technology, consumers are increasingly integrating smart devices into their homes to enhance comfort, convenience, and security. Smart immersion heaters, which let users practically control the heating of their water using their cell phones or other smart devices, are a necessary component of the ecosystem of the smart home. This remote control function will be particularly useful for individuals who want to ensure that they have hot water available when they get home or who want to conserve energy by essentially turning off the heater when they are away. As a consequence, the adoption of smart homes is growing, which is fuelling demand for smart immersion heaters and expanding the market.

Global Smart Immersion Heater Market Challenges:

One of the most significant issues the global market for smart immersion heaters is currently facing is the lack of broad adoption and consumer awareness. Many homeowners are still ignorant of the benefits and abilities of smart immersion heaters, despite the rising popularity of smart home technology. With numerous producers offering a variety of products with different features and compatibility standards, the market is also extremely fragmented. Customers may find it difficult to evaluate their choices and select the one that best meets their needs as a result. A professional installation is required for smart immersion heater installation, and it may be necessary to update or modify pre-existing electrical and plumbing systems. Smart immersion heater integration can also be challenging and costly.

Global Smart Immersion Heater Market Opportunities:

The increasing use of renewable energy sources offers a sizable business opportunity for the global market for smart immersion heaters. Smart immersion heaters can be used in conjunction with renewable energy sources like solar or wind energy as more consumers turn to them for energy-efficient heating options. To reduce dependence on non-renewable energy sources and promote a more sustainable future, smart immersion heaters can be programmed to use renewable energy sources during times of maximum sunlight or breeze. Manufacturers of smart immersion heaters now have a great chance to develop products that use renewable energy sources as the demand for eco-friendly heating solutions is growing. 

COVID-19 Impact on Global Smart Immersion Heater Market:

The worldwide market for smart immersion heaters was negatively impacted by the COVID-19 outbreak. The outbreak caused delays in the manufacturing and dissemination of smart immersion heaters by upsetting the global supply chain. Additionally, as people focused their spending on necessities, the epidemic reduced consumer spending, which had an impact on the market for smart immersion heaters. The market for smart immersion heaters has also benefited from the epidemic, on the other hand. More people are staying at home for extended periods as a result of the rise in remote work and education, which increases the demand for hot water. Consumers will find smart immersion heaters to be a desirable choice during the pandemic because they offer energy-efficient solutions that can help lower electricity bills. Additionally, the pandemic has increased the focus on energy efficiency and lowering carbon footprints, which has increased the demand for Eco-friendly heating options like smart immersion warmers.

Global Smart Immersion Heater Market Recent Developments:

• In January 2023, NIBE Industrier AB acquired 65% of the shares in Canadian stove company Miles Industries Ltd. Founded in 1977 by Garry and Barbara Miles, the company is now owned by their sons, Martin and Paul Miles. Miles Industries, which sells its products under the Valor brand, has a strong network of retailers in Canada and the USA and sales of CAD 75 million with an operating margin exceeding 10%.
• In February 2020, NIBE Industrier AB acquired 51% of shares in Dutch company Nathan Holding B.V. which specialises in sustainable heating & cooling solutions. This acquisition will further strengthen NIBE's market position in the European heat pump market, particularly in the fast-growing Dutch market. It will also create interesting future synergies and growth opportunities together with other companies in the Group.

SMART IMMERSION HEATER MARKET REPORT COVERAGE:

Global Smart Immersion Heater Market Segmentation:

Global Smart Immersion Heater Market Segmentation: By Product Type

• Over-the-Side Immersion Heater
• Flanged Immersion Heater
• Screw Plug Immersion Heater
• Circulation Immersion Heater

The over-the-side immersion heater, flanged immersion heater, screw plug immersion heater, and circulation immersion heater product types can be used to segment the worldwide market for smart immersion heaters. Due to its numerous uses in sectors like chemical processing, oil and gas, and food and beverage, the flanged immersion heater segment is anticipated to hold the largest market share. However, due to its compact design and high heating efficiency, the screw plug immersion heater sector is anticipated to expand at the highest CAGR during the forecast period. Due to its adaptability and simplicity of installation, the over-the-side immersion heater market is also anticipated to experience significant development. Due to its limited use in sectors like HVAC and refrigeration, the circulation immersion heater market is anticipated to expand moderately. Over the coming few years, it is anticipated that the global market for smart immersion heaters will expand considerably due to arising smart home adoption and rising demand for energy-efficient heating options.

Global Smart Immersion Heater Market Segmentation: By End-User

• Gas & Oil Industry
• Chemical Industry
• Automotive Industry
• Others

End users in the gas and oil industry, chemical industry, automotive industry, and other industries can be used to segment the worldwide market for smart immersion heaters. The widespread use of smart immersion heaters in chemical processing applications, such as the heating of chemicals, liquids, and gases, is anticipated to result in the chemical industry sector holding the biggest market share. Due to the demand for energy-efficient heating options in oil and gas processing facilities, it is also expected that the gas and oil industry segment will experience significant growth. The use of smart immersion heaters during the production of cars is anticipated to lead to modest growth in the automotive industry sector, especially during processes like paint drying and preheating of metal components. Food and beverage, pharmaceuticals, and HVAC are examples of other business segments. These industries are anticipated to continue escalating gradually as a result of the arising acceptance of smart homes and the demand for environmentally friendly heating options.  

Global Smart Immersion Heater Market Segmentation: By Region

• North America
• Europe
• Asia Pacific
• Middle East
• Latin America

The majority of the worldwide market for intelligent immersion warmers is distributed across the North American, European, Asian Pacific, Middle Eastern, and South American continents. Because developing nations like China and India are present, undergoing rapid industrial development, and arising use of smart homes, the Asia Pacific area is predicted to hold the largest market share. As a result of the increased emphasis on energy efficiency and the rise in demand for ecologically friendly heating options, significant growth is also likely in the North American region. Due to stringent government restrictions on carbon emissions and energy efficiency, Europe is predicted to grow moderately. Because of the presence of the oil and gas industries and the growing uptake of smart homes, the Middle East and Latin America are predicted to experience steady development. Overall, the market for smart immersion heaters is anticipated to expand significantly during the projection period as a result of an arising demand for heating systems that use less energy and the rising adoption of smart homes in developing nations.

Global Smart Immersion Heater Market Key Players:

1. NIBE
2. CIRCOR International, Inc.
3. Chromalox INC
4. Headway Electric Heat Components CO. Ltd
5. Warren Electric Industrial Electric Heaters
6. Thermal Transfer Systems Inc.
7. Holroyd Components Ltd
8. Thermal Corporation
9. Winkler GmbH
10. Industrial Heater Corporation
11. Delta MFG