How U.S. Residential Furnace Market Growing Rapidly…? Top Key Players Carrier, Lennox, Bryant, Rheem, Daikin, Luxaire, Rudd
The logic that global warming will add an impetus to the U.S. Residential Furnace Market may sound paradoxical but that is exactly what is happening at present. Research shows that the jet stream is being altered by a warming Arctic and pushing down of the polar air on latitudes in the northern hemisphere that are unaccustomed to such coldness.
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Northeast and Midwestern U.S. experienced the resultant deep freeze and therefore the homes in these areas are expected to be better prepared for such extremities in the future. Such factors will not only push the sale of residential furnaces but will also lead to the upgrading of older furnaces to be more suitable for the modern demands of energy and cost efficiency, which will ultimately lead to the growth of the U.S. residential furnace market.
Another factor that will add a considerable impetus to the U.S. residential furnace market would be the availability of cheap natural gas. Though Midwest and Northeast U.S. were overcome by the massive cold front and demand for natural gas, the price of natural gas has not registered a similar spike. One reason for the cost remaining stable in spite of the 40% rise in demand for natural gas in residential and commercial heating was the forecast that the bone-chilling weather will be short lived.
U.S. Residential Furnace Market by Product:
1. Gas furnace
2. Oil furnace
3. Electric furnace
4. Wood furnace
5. Hybrid furnace
Important pointers encompassed pertaining to the product spectrum:
1. Major details about the product spectrum are provided in the report.
2. The study elaborates on the remuneration forecast of each of the product categories by the end of the anticipated duration.
3. The market share which each of the product segments account are mentioned in the study.
4. Also, the most proliferating trends that the product spectrum is characterized by are also entailed.
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The U.S. Residential Furnace Market has recorded steady growth over the last half a decade, due to indoor heating having become more a necessity than a luxury in most U.S. homes. For instance, in January 2019, the country fell into the clutches of a devastating cold front or a polar vortex that caused extreme low temperatures, wind and precipitation. While temperatures reached record low in most states, people were advised to remain indoors to avoid the effects of hypothermia and frostbite.
Oil-based U.S. residential furnace market size is anticipated to register a CAGR of 4% over 2019-2025, perhaps because a mid-efficiency oil furnace alone can have AFUE of up to 87%. Besides incorporating more efficient heat exchangers and having greater precision in combustion air and venting control, mid-efficiency oil furnaces are also equipped with high-static burners that extract more heat from the fuel.
U.S. residential furnace market share is moderately fragmented among player including:
10. Boyer Town Furnace
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High-end furnaces are likely to carve out their own niche in the expansive U.S. residential furnace market. As consumers continue to battle worsening weather conditions while demanding comfort, high-efficiency, quiet operation, reliability and quality in their furnace systems, the U.S. residential furnace industry is likely to accumulate substantial proceeds by 2025.
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