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Heating Equipment (Except Warm Air Furnaces) Market Insights, Forecast, Growth, Trends: 2024-2033
Heating Equipment (Except Warm Air Furnaces) Market Insights
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
Heating Equipment (Except Warm Air Furnaces) Market 2024 Key Insights:
• The heating equipment (except warm air furnaces) market will grow to $69.45 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Residential Construction Boom Is A Catalyst For Surging Demand In The Heating Equipment Market
• Heat Battery Revolutionize The Market
• North America was the largest region in the heating equipment (except warm air furnaces) market in 2023
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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."
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