Heating Equipment Industry Outlook 2025-2029: Market Set to Cross $57.08 Billion Milestone

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How Large Will the Heating Equipment Market Size By 2025?
In recent times, the market size for heating equipment has seen significant growth. It is projected to increase from $41.37 billion in 2024 to $44.28 billion in 2025, experiencing a compound annual growth rate (CAGR) of 7.1%. The noticeable growth in the historic period is due to factors such as the expansion of residential and commercial construction activities, the need for replacing and upgrading outdated heating systems, a surge in energy costs and a concentration on energy efficiency. Other contributing factors include the rising adoption of renewable and clean energy sources and a growing demand for comfortable living conditions and indoor air quality in buildings.

How Big Is the Heating Equipment Market Size Expected to Grow by 2029?
The market size for heating equipment is predicted to experience robust expansion over the forT*HComing years. It's projected to escalate to $57.08 billion by 2029, recording a compound annual growth rate (CAGR) of 6.6%. This potential growth during the forecast period is linked to the focus on smart and interconnected heating solutions, the incorporation of heat pumps and geothermal heating systems, the concentration on hybrid heating systems for maximum efficiency, the use of district heating and combined heat and power (CHP) systems, and the tailoring of heating solutions to meet unique building requirements. The forT*HComing period is anticipated to feature significant trends such as high-efficiency condensing boilers, the inclusion of smart thermostats and controls, heat pumps for both heating and cooling, hydronic heating systems that incorporate radiant heating, and the use of biofuels as well as biomass heating solutions.

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Which Key Market Drivers Powering Heating Equipment Market Expansion and Growth?
The escalating need in the construction sector is anticipated to fuel the expansion of the heating equipment market in future. The construction sector encompasses firms involved in the production, maintenance, and renovation of infrastructures. Heat pumps, a type of heating equipment, are increasingly utilized by the expanding construction industry for heating and cooling in large and medium-sized buildings. As an example, the Office for National Statistics, a UK government agency, reported in November 2023 that new construction activities rose by £18,161 million ($19.96 million) in 2022. This increase included a 16.8% growth in private sector projects and a 13.1% rise in public sector projects. Consequently, the increasing demand in the construction industry is propelling the growth of the heating equipment market.

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Which Fast-Growing Trends Are Poised to Disrupt the Heating Equipment Market?
In the heating equipment market, the adoption of technological innovations is a leading trend. To maintain their market hold, top firms are leveraging cutting-edge technologies like injection technology. An example is Mitsubishi Electric Corporation, a Japan-based electronics firm that released the Ecodan R290 Heat Pump in November 2023. This heat pump was designed for silent operation, fostering a serene household environment and allowing for multi-zone control for optimizing energy efficiency and personalized comfort. It can provide consistent heating even under severe conditions, and can maintain high heating temperatures of up to 75°C when the external temperature is as low as -15°C, equivalent to traditional gas boilers. This unique feature enables efficient home heating and sufficient hot water provision for larger families.

What Are the Emerging Segments in the Heating Equipment Market?
The heating equipment market covered in this report is segmented -

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

Subsegments:
1) By Heat Pumps: Air Source Heat Pumps, Ground Source Heat Pumps, Water Source Heat Pumps,
2) By Furnaces: Gas Furnaces, Electric Furnaces, Oil Furnaces
3) By Boilers: Residential Boilers, Commercial Boilers, Industrial Boilers
4) By Unitary Heaters: Electric Unitary Heaters, Gas Unitary Heaters, Hydronic Unitary Heaters
5) By Other Products: Radiant Heating Systems, Infrared Heaters, Portable Heaters

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Who Are the Global Leaders in the Heating Equipment Market?
Major companies operating in the heating equipment market include Danfoss A/S, United Technologies Corporation, Trane Technologies plc, Lennox International Inc., Robert Bosch GmbH, Johnson Controls, Emerson Electric Co., Honeywell International Inc., Siemens AG, Daikin Industries Ltd., Uponor Corporation, Mitsubishi Electric Corporation, Nortek Inc., Pentair plc, Nexans S.A., Carrier Global Corporation, Lucky Gold star Electronics Inc., Panasonic Holdings Corporation, Samsung Electronics Co. Ltd., Whirlpool Corporation, Rheem Manufacturing Company, A.O. Smith Corporation, Bradford White Corporation, Navien Inc., Rinnai Corporation, Viessmann Werke GmbH & Co. KG, Fujitsu General Ltd., Gree Electric Appliances Inc. of Zhuhai, Haier Group Corporation, Midea Group Co. Ltd., Nortek Global HVAC LLC, Ruud Manufacturing Company, Goodman Manufacturing Company L.P., York International Corporation

Which are the Top Profitable Regional Markets for the Heating Equipment Industry?
Europe was the largest region in the heating equipment market in 2024. The regions covered in the heating equipment market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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