Press release
Heating Equipment (Except Warm Air Furnaces) Market Growing Demand, Top Trends, Key Drivers, Companies And Forecast To 2033
Heating Equipment (Except Warm Air Furnaces) Market Overview
Heating Equipment (Except Warm Air Furnaces) Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $69.45 billion In 2028 At A CAGR Of 7.0%.
The heating equipment (except warm air furnaces) market size has grown strongly in recent years. It will grow from $49.2 billion in 2023 to $53.04 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to energy efficiency regulations, population growth and urbanization, industrialization and commercial construction, government incentives and subsidies, consumer preferences for comfort.
The heating equipment (except warm air furnaces) market size is expected to see strong growth in the next few years. It will grow to $69.45 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to renewable energy integration, smart home integration, environmental sustainability standards, rising demand for retrofitting, global climate change concerns, market expansion in developing regions. Major trends in the forecast period include technological integration for efficiency, technological advancements, hydronic heating systems, decentralized heating solutions, advanced materials and design, electrification of heating.
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Heating Equipment (Except Warm Air Furnaces) Market Major Segments
The heating equipment (except warm air furnaces) market covered in this report is segmented -
1) By Type: Fireplaces, Wood-Burning Stoves, Supplemental Heaters, Low-Pressure Steam, Hot Water Boilers, Furnaces
2) By Business Type: New Construction, Retrofits
3) By Applications: Household, Commercial, Industrial
Key Driver - Residential Construction Boom Is A Catalyst For Surging Demand In The Heating Equipment Market
The increasing number of residential construction projects is expected to propel the growth of the heating equipment (except warm air furnaces) market going forward. Residential projects refer to the construction of houses, apartments, and high-rise buildings. Heating equipment is used to control the temperature and humidity in a residential project and the goal is to provide thermal comfort and acceptable indoor air quality, as a result, an increase in the number of residential and commercial construction projects increases the demand for heating equipment (except warm air furnaces) market. For instance, in January 2023, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, 1.4 million residential houses are constructed, a 12.8% above compared to January 2022. Therefore, the increasing number of residential construction projects drives the heating equipment (except warm air furnaces) market.
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Prominent Trend - Heat Battery Revolutionize The Market
Product innovations are a key trend gaining popularity in the heating equipment (except warm air furnaces) market. Major companies operating in heating equipment (except warm air furnaces) are introducing innovative products to sustain their position in the market. For instance, in November 2022, Rondo Energy, a US-based company operating in heat equipment, launched two models that include a revolutionary Rondo Heat Battery (RHB), the RHB100 and RHB300. The RHB delivers zero-carbon heat for steel, cement, chemical manufacturing, and low-temperature food processes as it stores heat energy at temperatures up to 1500°C for hours or days. Rondo heat battery includes low-cost technology that delivers fast charging, high-temperature up to 1500°C, possesses long service life, and enables site efficiency.
Heating Equipment (Except Warm Air Furnaces) Market Players
Major companies operating in the heating equipment (except warm air furnaces) market report are Heatstar Limited, Red Dot Corporation, Thermal Solutions Products LLC, New Yorker Boiler Company Inc., DTE Biomass Energy Inc., Abengoa Solar S.A., Bard HVAC, Fulton Thermal Corporation, John Zink Company LLC, Toyotomi Co. Ltd., ECR International Inc., Daikin Industries Ltd., Ingersoll-Rand plc, Lennox International Inc., Robert Bosch GmbH, A.O. Smith Corporation, ABB Ltd., Bosch Thermotechnology Corp., Bradford White Corporation, Burnham Holdings Inc., Carrier Corporation, Danfoss A/S, Emerson Electric Co., General Electric Company, Ground Heaters Inc., Honeywell International Inc., HTP Comfort Solutions LLC, Johnson Controls International plc, Laars Heating Systems Company, Lochinvar LLC, Mitsubishi Electric Corporation .
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Largest And Fastest Growing Region In The Market
North America was the largest region in the heating equipment (except warm air furnaces) market in 2023. The regions covered in the heating equipment (except warm air furnaces) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Heating Equipment (Except Warm Air Furnaces) Market Report Structure
3. Heating Equipment (Except Warm Air Furnaces) Market Trends And Strategies
4. Heating Equipment (Except Warm Air Furnaces) Market - Macro Economic Scenario
5. Heating Equipment (Except Warm Air Furnaces) Market Size And Growth
…..
27. Heating Equipment (Except Warm Air Furnaces) Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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