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Global Heating Equipment Market: Projections, Growth Drivers, and Key Trends Through 2029
Heating Equipment (Except Warm Air Furnaces) Market
What Is The Projected Market Size Of The Global Heating Equipment (Except Warm Air Furnaces) Market And Its Growth Rate?
The global heating equipment (except warm air furnaces) market has shown strong growth in recent years and this trend is forecasted to continue.
• 2024 Market Size: $52.19 billion
• 2025 Market Size: $56 billion (7.3% CAGR)
• 2029 Forecasted Market Size: $71.38 billion (6.3% CAGR)
This growth can be attributed to energy efficiency regulations, population growth and urbanization, industrialization and commercial construction, government incentives and subsidies, consumer preferences for comfort, and renewable energy integration.
What Is Driving The Growth In The Heating Equipment (Except Warm Air Furnaces) Market?
The growth of the heating equipment market is being driven by the increasing number of residential construction projects. The construction of houses, apartments, and high-rise buildings all spur demand for heating equipment. As the need for temperature and humidity control in residential projects is vital for providing thermal comfort and acceptable indoor air quality, increased residential and commercial construction projects boost market demand. For instance, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported that in January 2023, 1.4 million residential houses were constructed, a 12.8% increase compared to January 2022.
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Who Are the Key Players Driving Heating Equipment (Except Warm Air Furnaces) Market Growth?
Major companies operating in the heating equipment market include:
• Heatstar Limited
• Red Dot Corporation
• Thermal Solutions Products LLC
• New Yorker Boiler Company Inc.
• DTE Biomass Energy Inc.
• Bard HVAC
• Fulton Thermal Corporation
• John Zink Company LLC
• Toyotomi Co. Ltd.
What Are The Key Trends In The Heating Equipment (Except Warm Air Furnaces) Market?
Key market trends include:
• Technological integration for efficiency
• Technological advancements
• Popularity of hydronic heating systems
• Emergence of decentralized heating solutions
• Use of advanced materials and design
• Electrification of heating
What Are The Segments Of The Global Heating Equipment (Except Warm Air Furnaces) Market?
The global heating equipment market is segmented by:
1) Type: Fireplaces, Wood-Burning Stoves, Supplemental Heaters, Low-Pressure Steam, Hot Water Boilers, Furnaces
2) Business Type: New Construction, Retrofits
3) Applications: Household, Commercial, Industrial
Which Region Leads The Heating Equipment (Except Warm Air Furnaces) Market?
North America was the largest region in the heating equipment market in 2024. The other regions covered in the heating equipment market report are Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
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What Is Covered In The Heating Equipment (Except Warm Air Furnaces) Market Global Market Report?
- Market Size Analysis: Analyze the Heating Equipment (Except Warm Air Furnaces) Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Heating Equipment (Except Warm Air Furnaces) 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 (Except Warm Air Furnaces) Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Heating Equipment (Except Warm Air Furnaces) Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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