Gas Furnace Market Size Worth USD 12.93 Million. by 2032 | Growth, Share Analysis

►Global Gas Furnace Market Set to Reach USD 12.93 Billion by 2032, Driven by Energy Efficiency and Smart Technology Integration

The global gas furnace market is poised for significant growth, projected to expand from USD 8.36 billion in 2024 to USD 12.93 billion by 2032, registering a Compound Annual Growth Rate (CAGR) of 5.6% during the forecast period. This growth is fueled by increasing demand for energy-efficient heating solutions, technological advancements, and supportive government policies promoting sustainable energy practices.

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►Competitive Landscape

The gas furnace market is characterized by intense competition, with key players focusing on innovation, mergers, and acquisitions to strengthen their market positions. Notable companies include:

Carrier Corporation: Introduced NFC-enabled gas furnaces, allowing technicians to access diagnostics and modify settings via smartphones, enhancing installation and maintenance efficiency.

Lennox International: Launched a gas furnace with an industry-leading 98% Annual Fuel Utilization Efficiency (AFUE), emphasizing energy savings and sustainability.

Rheem Manufacturing Company: Expanded its global footprint through strategic acquisitions, including the purchase of Nortek Global HVAC in September 2024, bolstering its product portfolio and market reach.

►Regional Insights

♦ Growth and Opportunities in the United States

The United States remains a dominant player in the gas furnace market, driven by high adoption rates of advanced heating technologies and substantial investments in infrastructure development. The presence of leading industry players, favorable regulatory frameworks, and a strong focus on energy-efficient appliances contribute to market growth.

Key Developments:

TotalEnergies: In 2023, acquired three gas-fired power plants in Texas for $635 million, enhancing its presence in the U.S. energy sector.

Carrier Corporation: In October 2023, introduced NFC-enabled gas furnaces, streamlining installation and diagnostics processes.

♦ The Asia Pacific region is anticipated to witness substantial growth in the gas furnace market, driven by rapid urbanization, rising disposable incomes, and increasing construction activities in countries such as China and India. Government initiatives promoting energy-efficient appliances and reducing carbon emissions further boost adoption.

Key Developments:

Carel Industries: In 2023, expanded its presence in Asia by inaugurating a new production facility in China, aiming to cater to the growing demand for heating solutions.

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♦ Sustainability Trends in Europe

Europe's gas furnace market is characterized by stringent environmental regulations and a strong focus on sustainability. The European Union's commitment to reducing greenhouse gas emissions and promoting energy-efficient technologies drives the adoption of high-efficiency gas furnaces.

Key Developments:

BDR Thermea: In 2021, acquired Hitecsa in Spain, enhancing its product offerings in the European market.

Carel Industries: In December 2024, acquired HygroMatik, strengthening its European presence in the humidification sector.

♦ Consolidation and Updation in the Middle East and Africa

The Middle East and Africa region is witnessing a growing need for industrial furnaces, particularly in countries like Saudi Arabia, the UAE, and South Africa. The demand is primarily fueled by sectors such as petrochemicals, metal manufacturing, and energy production. Ongoing industrialization, driven by diversification efforts, has led to an increased focus on upgrading furnace technologies.

Key Developments:

Eni: In January 2024, acquired Neptune Energy for $4.9 billion, expanding its operations in North Africa and enhancing its energy portfolio.

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► Market Segmentation: In-Depth Analysis:

The market is divided into three segments: commercial, industrial, and residential. During the 2025-2032 forecast period, all three segments are anticipated to increase at a CAGR. This growth is fueled by consumers' growing need for easy ways to make purchases, with online platforms becoming more popular because of their accessibility and affordable prices. While distributors are essential for bulk supply for commercial and industrial demands, retail stores continue to draw customers looking for in-person help. Specialized suppliers and new sales channels are included in the "Others" category, which helps diversify the market.

by Gas Furnace Type

Single-Stage Gas Furnace
Two-Stage Gas Furnace
Two-Stage Variable-Speed Gas Furnace
Three-Stage Variable Speed Gas Furnace
Modulating Variable Speed Gas Furnace

by Application

Residential
Commercial
Industrial

by Distribution Channel

Online
Retail Stores
Distributors
Others

Due to the growing consumer preference for convenience, low pricing, and a large product selection, the online segment is anticipated to dominate the gas furnace market in 2024 and hold a sizable proportion. While distributors are essential in providing bulk orders for commercial and industrial applications, retail stores remain prominent and provide in-person help. It is anticipated that the "Others" category, which includes specialized vendors, will also support market expansion.

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► Learn about the top players driving innovation in the Market :

1. Carrier
2. Trane
3. Lennox International, Inc.
4. Rheem
5. York (Johnson Controls)
6. Goodman
7. Daikin Comfort Technologies North America, Inc.
8. Amana
9. American Standard Heating and Air Conditioning
10. Bryant
11. Bosch Thermotechnology Corp.
12. FUJITSU GENERAL
13. Heil
14. Luxaire (Johnson Controls)
15. Keeprite
16. Tempstar
17. Comfortmaker
18. Arcoaire
19. FRIGIDAIRE
20. Nordyne
21. EverRest Extreme Comfort
22. Kerr Controls Limited.
23. Alpine Home Air Products
24. Vaughn's Air Conditioning
25. Thermo Products, LLC
26. Friedrich
27. Allied Air Enterprises LLC
28. Coleman
29. Navien Inc.
30. Maytag
31. Others

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