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Heating Equipment Market Analysis, Trends, Growth, Research And Forecast 2033
Heating Equipment Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the heating equipment industry. This report on heating equipment market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The heating equipment market size has grown strongly in recent years. It will grow from $38.83 billion in 2023 to $41.69 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to growth in residential and commercial construction activities, replacement and upgrading of aging heating systems, rise in energy costs and focus on energy efficiency, increased adoption of renewable and clean energy sources, demand for comfort and indoor air quality in buildings.
The heating equipment market size is expected to see strong growth in the next few years. It will grow to $53.8 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to emphasis on smart and connected heating solutions, integration of heat pumps and geothermal heating systems, focus on hybrid heating systems for optimal efficiency, adoption of district heating and combined heat and power (CHP) systems, customization of heating solutions for unique building needs. Major trends in the forecast period include high-efficiency condensing boilers, integration of smart thermostats and controls, heat pumps for heating and cooling, hydronic heating systems with radiant heating, biofuels and biomass heating solutions.
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Key Market Players:
Danfoss A/S, United Technologies Corporation, Trane Technologies PLC, Lennox International Inc., Robert Bosch GmbH, Johnson Controls, Emerson Electric Co., Honeywell International Inc., Siemens AG, Daikin Industries Ltd., Uponor Corporation, Mitsubishi Electric Corporation, Nortek Inc., Pentair PLC, Nexans S.A., Carrier Global Corporation, Lucky Gold star Electronics Inc., Panasonic Holdings Corporation, Samsung Electronics Co. Ltd., Whirlpool Corporation, Rheem Manufacturing Company, A.O. Smith Corporation, Bradford White Corporation, Navien Inc., Rinnai Corporation, Viessmann Werke GmbH & Co. KG, Fujitsu General Ltd., Gree Electric Appliances Inc. of Zhuhai, Haier Group Corporation, Midea Group Co. Ltd., Nortek Global HVAC LLC, Ruud Manufacturing Company, Goodman Manufacturing Company L.P., York International Corporation
Market Drivers:
According to the Heating Equipment Market Report 2024 by The Business Research Company, the key factors driving the growth of the heating equipment market, includes the growing demand for construction industry is expected to propel the growth of the heating equipment market going forward. The construction sector refers to the organizations that deal with creating, maintaining, and repairing infrastructures. The growing construction industry uses heating equipment such as heat pumps to provide heating and cooling in large as well as medium-sized buildings. For instance, in June 2021, according to a report published by Canada's national statistical agency, the investment in building construction increased from $14,294 million in April 2019 to $19,273 million in April 2021. Furthermore, in the 2022 US Construction Cost Trends report, the US total construction spending has increased by 16% since the pandemic's onset. Therefore, growth in the global construction industry is driving the growth of the heating equipment market.
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Market segments for home insurance include:
1) By Product: Heat Pumps, Furnaces, Boilers, Unitary Heaters, Other Products
2) By Technology: Air Source, Water Source, Ground Source
3) By Application: Residential, Commercial, Industrial
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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