Air Heating Appliance Market size is projected to reach $16.8 billion by 2027

According to a new report published by Report Ocean, titled, “Air Heating Appliance Market by Type, Fuel Type, and End-User: Opportunity Analysis and Industry Forecast, 2020–2027,” the global air heating appliance market size was valued at $12.5 billion in 2019, and is projected to reach $16.8 billion by 2027, registering a CAGR of 5.1% from 2020 to 2027.

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In 2019, Asia-Pacific region dominated the global air heating appliance market, in terms of revenue, accounting for around 49.4% share of the global air heating appliance industry, followed by Europe and North America. Moreover, owing to increase in cases of COVID-19 in the UK, vehicle manufacturers are also focusing on the adoption of Ultraviolet light for killing pathogens in the heating appliance. For instance, in April 2020, Jaguar Land Rover Automatic Plc, a subsidiary of Jaguar Land Rover Limited, based in the UK, is working on new innovation of ultraviolet (UV-c) light as a part of heating systems.

The increase in urbanization & industrialization in emerging countries such as India, China, the U.S., and others drives the demand for the air heating appliance market. In addition, stringent regulations considering the environmental norms have enforced various commercial organizations and industries to install heating equipment in their operating areas.

Furthermore, surge in demand for remote access control systems, which are easy to operate fosters the growth in investments of the market by the commercial, industrial, and residential end users. This growth in investments of the market has led to the development of advanced heating equipment that has various sensors and that can be operated from remote locations. Development in the infrastructure of residential, commercial, and industrial buildings has also increased the demand for heating equipment in the market.

However, increase in competition among domestic manufacturers and the presence of substitutes and duplicate products are anticipated to hampers the growth of the air heating appliance market. An increase in government initiatives in terms of improving the energy efficiency in various industries such as automotive, power, and mining is projected to provide lucrative opportunities for the growth of the market during the forecast period.

During a lockdown, owing to the coronavirus situation, various manufacturers in the global air heating appliance market to stop their business production due to lockdown implemented in countries such as China, the U.S., India, and others. This break directly impacted the sales of air heating appliance companies. In addition, lack of manpower and raw materials halts the supply of air heating appliances. However, the reopening of production facilities and the introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of air heating appliance companies.

The key players profiled in the air heating appliance market report include Alfa Laval Corporate AB, Daikin Industries, Ltd, Danfoss A/S, Emerson Electric Co., General Electric Company, Ingersoll-Rand Plc, Johnson Controls International Plc, Lennox International Inc, Robert Bosch GmbH, and Vaillant Group.

The major players in the global air heating appliance companies have adopted partnership, acquisition, product launch, and product development as key developmental strategies to improve the footprint of air heating appliance market. For instance, in January 2018, Lennox International Inc launched a new SL280NV Gas Furnace. It is a highly efficient HVAC system. It is used to create better air inside or outside their homes. It is an eco-efficient furnace, with low NOx emission. It possesses features such as ultra-smart control, environment friendly, comfort, and lower emission.

Key Findings Of The Study

The report provides an extensive analysis of the current and emerging air heating appliance market trends and dynamics.
Depending on type, the space heating appliance segment dominated the air heating appliance market, in terms of revenue in 2019 and is projected to grow at a significant CAGR during the forecast period.
By end user, the residential segment registered highest revenue in 2019.
Asia-Pacific is projected to register the highest growth rate in the coming years.
The key players within the air heating appliance market are profiled in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the air heating appliance industry.
The report provides an extensive analysis of the current trends and emerging opportunities of the market.
In-depth air heating appliance market analysis is conducted by constructing estimations for the key segments between 2020 and 2027.

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This release was published on openPR.