Press release
Outdoor Heating Market Estimated to Flourish by 2021-2031
Backyards and patios pertain to areas that serve as an extension of the household. During the pandemic and lockdown period, households realized the need for outdoor heating such as heat lamps, patio heaters, and fire pits. The outdoor heating trend has been flourishing for a while, not only during the recent pandemic, according to some of the key players in the outdoor heating market.
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Furthermore, based on historic trends, homeowners worldwide are taking strides in moving their indoor conveniences outdoors with the help of smart technologies. This trend is likely to drive the demand for electric outdoor heaters in the overall outdoor heating market.
The upward trend in outdoor deck and patio construction is anticipated to drive the overall outdoor heating market
The global outdoor heating market was valued at US$ 5.8 Bn in 2020. It is estimated to expand at a CAGR of 7.6% and expected to surpass the value of US$ 12.9 Bn by the end of 2031.
Adoption of Smart Outdoor Heating Technologies Benefitting Companies
Apart from the commercial sector, the residential sector is creating value-grab opportunities for manufacturers in the outdoor heating market. Backyards and patios pertain to areas that serve as an extension of the households in North America and Europe. Hence, companies are increasing the availability of heat lamps and fire pits to cater to the needs of buyers in the residential sector.
It has been found that homeowners worldwide are taking strides in moving their indoor conveniences toward outdoor environments with the help of smart heating technologies. Such trends are contributing to the growth of the global outdoor heating market.
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Leading-edge Designs in Outdoor Heating Systems Key Differentiating Factor
Based on a survey conducted by the National Restaurant Association, approximately 50% of restaurants in the year 2021 planned to extend outdoor spaces with patio heaters. However, the pandemic stalled investments for most restaurateurs. Nevertheless, a sharp decline in infection cases is helping to revive growth of the outdoor heating market.
Patio heaters are being used as home décor, as they are both stylish and cost-effective. The competition in the market is expected to intensify in the upcoming years due to the growth of outdoor patio and deck construction sector. It has been found that potential buyers in North America and Europe are rapidly increasing their outdoor seating spaces in both residential and commercial sectors. Thus, state-of-the-art designs in outdoor heating systems are becoming a key differentiating factor amid the intense competition in North America and European markets.
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Rise in Adoption of Electric Patio Heaters by Restaurants to Drive Global Outdoor Heating Market
As per a survey conducted by the National Restaurant Association, approximately 50% of restaurants in the year 2021 planned to extend outdoors with patio heaters
Patio heaters are low maintenance heat sources that can also be used under a covered patio. Since patio heaters are more affordable and safer than other outdoor heating products, their demand in the coming years is projected to drive the outdoor heating market.
In the near future, demand for electric patio heaters is anticipated to grow due to their ability to remain environment friendly with the help of renewable energy sources to operate these heaters
In addition, usage of propane or gas based patio heaters requires adherence to several guidelines and regulations. Electric patio heaters are less liable to such regulations. These factors are also contributing to the growth of the outdoor heating market.
Consumers are improving their standard of living and home decor to maintain a high social position as a result of the growing trend and move toward a better lifestyle. As a result, patio heaters can be used as home decor because they are both stylish and cost-effective. This will increase the product's demand in the outdoor heating market.
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North America Emerges Major Contributor to Outdoor Heating Market Growth
North America country-level analysis features the U.S., Canada, and Rest of North America. The market for outdoor heating in North America is driven by rapid expansion in residential & commercial construction activities, as well as the desire of high-income consumers to invest in modern & luxury items, thus making North America a potential outdoor heating market.
As customers in North America want to dine out more and explore outdoors, the construction of HoReCa is on the rise, thus fueling growth in the outdoor heating market.
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Outdoor Heating Market: Competition Landscape
Detailed profiles of providers of outdoor heating products manufacturers have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
The outdoor heating market globally is highly consolidated with a few players capturing relatively larger share of the market. Competition in the outdoor heating market is expected to intensify in the coming years due to growth in the outdoor patio and deck construction market.
Key players operating in the global outdoor heating market are: BD Products, LLC, Bond Manufacturing, Bromic Group Pty Ltd., ChillchaserHire Scotland, Infrared Dynamics, Inc., Lava Heat Italia, Schwank GmbH, Spaceray Radiant Heaters, Sunheat International and Tansun Ltd.
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