Press release
Heating Equipment Market: Towering Growth Driven by Construction Activities and Energy Efficiency Trends
Heating Equipment Market
Soaring From $41.37 billion in 2024 to $57.08 billion in 2029, the Heating Equipment Market Is Making Incredible Strides
What Is The Projected Market Size Of The Global Heating Equipment Market And Its Growth Rate?
The heating equipment market has been achieving substantial growth over the recent years and is set to continue this trend. Here are some key statistics:
o The market grew from $41.37 billion in 2024 to $44.28 billion in 2025 at a compound annual growth rate (CAGR) of 7.1%.
o This growth could largely be attributed to a surge in residential and commercial construction activities, the need for updating aging heating systems, and increasing energy costs with an increasing focus on energy efficiency.
o This market is projected to continue its strong growth, reaching $57.08 billion in 2029 at a CAGR of 6.6%.
o Key trends include an emphasis on smart and connected heating solutions, integration of heat pumps and geothermal heating systems, focus on hybrid heating systems for optimal efficiency, and adoption of district heating and combined heat and power (chp) systems.
What Is Driving The Growth In The Heating Equipment Market?
The heating equipment market's growth is largely driven by the booming construction industry. Construction sector activities, from creation to maintenance and repair of infrastructure, have been using heating equipment like heat pumps for heating and cooling purposes in buildings of all sizes. A key example can be seen in November 2023, where the UK's Office for National Statistics reported new construction activities amounting to an increase of £18,161 million ($19.96 million) in 2022. Private sector projects grew by 16.8% and public sector projects rose by 13.1%, indicating a growing demand for the construction industry, which is subsequently driving the growth of the heating equipment market.
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Who Are the Key Players Driving Heating Equipment Market Growth?
The heating equipment market's growth is driven by the contributions from major players which include:
o Danfoss A/S
o United Technologies Corporation
o Trane Technologies plc
o Lennox International Inc.
o Robert Bosch GmbH
o Emerson Electric Co.
o Honeywell International Inc.,
o Siemens AG,
o Daikin Industries Ltd.
What Are The Key Trends In The Heating Equipment Market?
The heating equipment market has observed some major trends in the forecast period:
o High-efficiency condensing boilers
o Integration of smart thermostats and controls
o Use of heat pumps for heating and cooling
o Adoption of hydronic heating systems with radiant heating
o Use of biofuels and biomass heating solutions
What Are The Segments Of The Global Heating Equipment Market?
The global heating equipment market can be segmented as follows:
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
Which Region Leads The Heating Equipment Market?
In 2024, Europe was the largest region in the heating equipment market. The heating equipment market report includes regional insights from Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Heating Equipment Market Global Market Report?
- Market Size Analysis: Analyze the Heating Equipment Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Heating Equipment Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Heating Equipment Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Heating Equipment Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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