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Warm Air Heating Equipment Market 2024 - Industry Size, Future Insights, Growth Drivers And Top Players
Warm Air Heating Equipment Market Demand
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According to The Business Research Company's, The warm air heating equipment market size has grown strongly in recent years. It will grow from $123.83 billion in 2023 to $133.66 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to energy efficiency, environmental regulations, economic factors, replacement cycle.
The warm air heating equipment market size is expected to see strong growth in the next few years. It will grow to $167.66 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to building efficiency standards, energy costs, global economic conditions. Major trends in the forecast period include smart heating systems, electrification and heat pumps, hybrid systems, customization and zoning, health and comfort considerations, industry collaboration.
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Market Drivers and Trends:
Favorable measures to reduce carbon footprint are expected to drive the warm air heating equipment market's growth. Countries all over the world are working towards decarbonizing the environment for a sustainable environment and making the world a better place. Warm air heating equipment like a heat pump reduces carbon footprints by using renewable energies. For instance, in September 2022, Samsung Electronics Co. Ltd., a South Korea based appliance company announced an environmental agenda with a timeline that includes achieving net-zero carbon emissions by 2050, investing in renewable energy, enhancing resource circularity, and developing innovative technologies to combat climate change and promote sustainability. Similarly, in June 2022, Pfizer Inc., a US-based pharmaceutical company aimed to achieve the voluntary Net-Zero Standard by 2040, with a commitment to reduce GHG emissions by 95% and value chain emissions by 90% from 2019 levels bythat time. Hence, favorable measures by companies to reduce carbon footprints support the warm air heating equipment market growth.
Companies are concentrating on developing smart devices to meet the requirements of the newly connected smart offices and homes. Homes and companies around the world are moving toward connected devices and industry players are engaged in developing smart devices, which enable optimized connectivity and preventive maintenance. For instance, in December 2021, Daikin Industries, Ltd., a Japan-based air conditioner manufacturing company, launched an updated version of its FAA-B wall-mounted indoor unit, specifically designed for use with the Sky Air A-series R-32 heat pumps. This product offers a compelling blend of advanced technology and elegant design, making it easy to install, user-friendly, and accessible for a wide range of retail outlets. It replaces traditional boiler systems with energy-efficient heat pump technology, contributing to the decarbonization of building premises and lowering environmental impact. The unit's versatile design options, including long piping lengths and a wide operating range, provide flexibility in installation. Moreover, it ensures a lower Global Warming Potential, reducing environmental impact compared to traditional systems. Users can easily control and optimize the indoor environment using Daikin's smart eco-control Onecta app, promising enhanced energy efficiency and comfort for both staff and shoppers.
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Major Key Players of the Market:
Danfoss, Daikin, Mitsubishi Electric Corporation, WOLF GmbH, Johnson Controls Inc., Honeywell International Inc., Haier Group (China), Hitachi Appliances Inc. (Japan), Viessmann Werke GmbH & Co. KG, Bosch Thermotechnology, Carrier, Lucky Goldstar Electronics, NIBE Group, Lennox International Inc., Trane Technologies plc, Rheem Manufacturing Company, Goodman Manufacturing Company L.P., Fujitsu General Limited, Samsung Electronics Co. Ltd., Nortek Global HVAC LLC, Modine Manufacturing Company, Amana Corporation, Bryant Heating & Cooling Systems, American Standard Companies Inc., Armstrong Air Conditioning Inc., Broan-NuTone LLC, Burnham Holdings Inc., ClimateMaster Inc., Dunkirk Boilers, ECR International Inc., Friedrich Air Conditioning Co. Ltd., Heat Controller Inc., Heil Heating & Cooling Products, International Comfort Products LLC
Warm Air Heating Equipment Market 2024 Key Insights:
• The warm air heating equipment market size is expected to see strong growth in the next few years. It will grow to $167.66 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• Decarbonization Initiatives Fuel Growth In Warm Air Heating Equipment Market
• Rising Demand For Smart Devices In Connected Homes And Offices
• The Asia-Pacific was the largest region in the warm air heating equipment market in 2023
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