A new report on the UK smart heating market from MTW Research indicates that sales of 'Internet of Things' (IoT) heating devices have grown by 3,000% since 2010, with volumes set to rise by a massive 40% in 2016.
Led by smart heating controls, the report suggests that sales in the IoT heating market is offering healthy opportunities for manufacturers and distributors in 2016, boosted by product development and growing consumer demand. MTW points to the explosive growth for this sector in recent years, with demand rising for smart boilers, connected TRVs, smart controls and a host of heating related IoT devices and applications.
MTW's director Mark Waddy said: "We are seeing unprecedented growth for smart heating across a range of products in 2016. Every month we are seeing more manufacturers and distributors expanding their range and grabbing the opportunities that smart heating is offering."
Reviewing the size and trends for several smart heating sectors, the 120-page report suggests that the market is set to become characterised by rising sophistication and connectivity as end users demand greater monitoring and control of their heating. Features such as geofencing, remote operation and enhanced efficiencies are identified by MTW as among the key benefits of smart heating that are driving demand growth in 2016.
Mr Waddy added: "Our findings suggest that 50% of consumers are likely to install smart heating products in their homes in the next five years, highlighting a market with massive growth potential in the near term."
The report also reviews the total UK IoT market, pointing to almost 900 million IoT devices in use in the UK in 2016. The findings indicate that growth in connected devices is rising by 13% in 2016, reflecting a market which is outpacing the overall heating market by a factor of four.
MTW believes that the heating market is set to slowly polarise into non-connected products in the lower value spectrum, with smart heating devices boosting growth at the higher value end of the market. The report also reviews the conventional heating market and notes that modest yet tangible growth is forecast for the more traditional heating products market over the next few years.
The full report is available to purchase online at www.marketresearchreports.co.uk.