The new report by Expert Market Research titled, ‘Global Heating Equipment Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives in-depth analysis of the global heating equipment market, assessing the market based on its segments like product, application, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028): –
• Historical Market Size (2022): USD 35.1 Billion
• Forecast CAGR (2023-2028): 5.8%
Technological advancements, as well as government attempts to increase energy efficiency across industries, are driving the heating equipment market. In the approaching years, it is also projected that rising construction expenditures will increase product demand. Initiatives like as the United States’ Leadership in Energy and Environmental Design (LEED) are expected to aid the sector’s development.
Due to an increase in industrial sector restoration and remodelling, demand for industrial furnaces is expected to expand in the future years in the United States. The presence of a strong legislative structure pertaining to HVAC systems and building rules is also predicted to accelerate market expansion throughout the forecast period. The worldwide market is fiercely competitive, and large corporations are focusing their efforts on lowering the overall cost of the item by taking advantage of high technological prices and assembly expenses.
Industry Definition and Major Segments
Heating equipment is a device that uses thermal energy to heat houses, offices, or other places of living. It is frequently found as part of the HVAC system (heating, ventilation, air conditioning).
The industry can be divided based on product as:
• Heat Pumps
• Furnaces
• Boilers
• Unitary Heaters
• Others
The industry can be broadly categorised based on application into:
• Residential
• Commercial
• Industrial
Based on region, the market is segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
The market is likely to be driven by government programs to improve energy efficiency across industries, as well as technical advances, increasing the number of energy-efficient heating systems installed. Over the next few years, rising construction spending is expected to contribute to increased product demand. Initiatives in the United States, such as Leadership in Energy and Environmental Design (LEED), are also expected to help the industry flourish.
The demand for industrial furnaces in the United States is likely to rise in the coming years as the industrial sector undergoes more refurbishment and repair. In addition, the country’s strict regulatory environment is likely to propel market expansion over the projection period. The worldwide market is fiercely competitive, and large corporations are focusing on lowering overall product costs by leveraging significant technological costs and high installation costs. As a result, corporations are spending in research and development to develop efficient technologies, remote monitoring devices, and control systems in order to increase their market position.
Government programs that promote the green transition, such as the Climate Action Programme (COP21), are expected to boost the development of energy-efficient products. For air conditioners and heat pumps, manufacturers must adhere to the US Department of Energy’s (DOE) energy-saving guidelines. Increasing disposable income levels in both established and developing nations has resulted in an increase in demand for technologically advanced systems and pleasant housing solutions, which is expected to continue to grow. Furthermore, increasing the number of renovation operations as a result of easy credit or financial assistance is expected to boost the market growth.
Key Market Players
The major players in the market are Danfoss A/S, Carrier [United Technologies Corporation], Ingersoll-Rand plc [NYSE: IR], Lennox International, Inc., Rotex Heating Systems GmbH [Daikin Industries, Ltd.], Robert Bosch GmbH, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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