Heating Equipment Market To Reach US$ 53.1 Billion by 2028 | By IMARC GROUP

According to the latest report by IMARC Group, titled "Heating Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global heating equipment market size reached US$ 40.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 53.1 Billion by 2028, exhibiting a growth rate (CAGR) of 4.3% during 2023-2028.Heating equipment refers to a device or system that is designed to generate heat and distribute it throughout space in order to provide warmth and comfort. It is commonly used in regions with extremely cold climates to raise ambient temperatures while having minimal impact on the environment. This equipment is centralized for air, heat, and ventilation displacement and consists of a heat pump that disseminates hot water, steam, or air through the ducts. Some commonly available heating equipment options include furnaces, boilers, heat pumps, radiant floor systems, and space heaters. These devices aid in conserving energy and maximizing comfort for the users. As a result, it is widely adopted across various industries, such as automotive, construction, steel fabrication, food processing, and healthcare.

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Global Heating Equipment Market Growth:

Significant growth in the construction industry is driving the global market. Furthermore, the increasing demand for energy-efficient heating systems is catalyzing the market as consumers are becoming more aware of the environmental impact of their heating systems and are looking for ways to reduce their energy bills. Moreover, the rising regulations and initiatives by the governments to reduce carbon emissions and promote energy efficiency are acting as another growth-inducing factor. Besides, continuous technological advancements in heating equipment, such as the development of smart thermostats and the integration of renewable energy sources, are also contributing to the market. Other factors, including rapid industrialization, escalating adoption of smart building technologies, increasing awareness of indoor air quality, and growing focus on energy security, are projected to propel the market further.

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Competitive Landscape With Key Players:

• Daikin Industries Ltd.
• Emerson Electric Co.
• Honeywell International Inc.
• Johnson Controls
• Lennox International Inc
• Mitsubishi Electric Corporation
• Panasonic Corporation
• Robert Bosch GmbH
• Schneider Electric SE
• Siemens AG
• The Danfoss Group

Breakup by Product:

• Heat Pumps
• Furnaces
• Boilers
• Unitary Heaters
• Others

Breakup by Application:

• Residential
• Commercial
• Industrial

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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Key Highlights of the Report:

• Market Performance
• Market Outlook
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: We are in the process of updating our reports. If you want to receive the latest research data covering the time period from 2023 to 2028, along with industry trends, market size, and competitive analysis, click on the request sample report. The team would be able to deliver the latest version of the report in a quick turnaround time.

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