Due to its ability to conserve energy, many vendors focus on the thermal energy systems which bolster the demand for grid interactive water heater market.
According to MarketIntelReports' “Global Grid-interactive Water Heater Market 2017-2021”:
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The electric storage water heater which has two way control capabilities with the grid is called as grid interactive water heater. The function of this heater is similar to a battery energy storage system.
The residential sector makes use of this type of thermal storage system. The system allows water to be heated, when sufficient power is present in the grid.
The heaters are cost efficient and are less than the normal price. The increasing consumption of energy enhances the growth of the Grid Interactive Water Heater Market in the coming years.
The smart grid is the latest trend in the market.
Scope & Regional Forecast of the Grid Interactive Water Heater Market
Increasing population and economic growth favor the Grid Interactive Water Heater Market during the forecast period. Asia Pacific region and Gulf region are expected to have a major share in the thermal energy storage tank.
The residential segment dominated the market in 2016. This is attributed to the usage of grid interactive water heater in bathing, cooking, and cleaning.
Growth of the middle class population and increasing disposable incomes of people drive the demand for the thermal energy systems. Due to requirement for high energy, more renewable power comes online, which increases the load of the grid.
The thermal energy systems provide flexibility which in turn stabilizes the grid.
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America will also be a huge revenue contributor for the heat storage systems. Growing investments in the residential sector is an asset for the industry.
The demand for the product in Latin countries is also high. Many vendors will focus on the battery powered water tank heater due to its ability to conserve energy.
This factor has a positive impact on the thermal energy technology.
Segmentations & Key Players Involved in the Grid Interactive Water Heater Market
The Grid Interactive Water Heater Market can be broken down into various segments as follows:
- Region-Americas, APAC, and EMEA.
Some of the key players involved in the Grid Interactive Water Heater Market are as follows:
- Vaughn Thermal
Other prominent vendors
- Dakota Electric Association
- Great River Energy
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