Heating Equipment Global Market Report 2024 by The Business Research Company | Danfoss A/S, United Technologies Corporation, Trane Technologies plc, Lennox International Inc., Robert Bosch GmbH, Johnson Controls, Emerson Electric Co., Honeywell Internatio

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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Heating Equipment Market Major Segments
The heating equipment market covered in this report is segmented -

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

Key Driver - Construction Industry Boom Fuels Heating Equipment Market Growth

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 deals 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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Prominent Trend - Technological Advancements Revolutionize The Heating Equipment Market

Technological advancements are a key trend gaining popularity in the heating equipment market. Major companies operating in the market are using new technologies, such as injection technology, to sustain their position in the market. For instance, in January 2021, M-TEC GmbH, an Austrian manufacturer, launched efficient heat pumps for large-scale operations. The power series heat pumps are more efficient due to their larger evaporators, larger fans, and innovative injection technology.

Heating Equipment Market Players
Major companies operating in the heating equipment market include 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

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Largest And Fastest Growing Region In The Market
Europe was the largest region in the heating equipment market in 2023. The regions covered in the heating equipment market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Heating Equipment Market Report Structure
3. Heating Equipment Market Trends And Strategies
4. Heating Equipment Market - Macro Economic Scenario
5. Heating Equipment Market Size And Growth
…..
27. Heating Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

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