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Residential Construction Boom Is A Catalyst For Surging Demand In The Heating Equipment Market: Strategic Insights Driving Heating Equipment (Except Warm Air Furnaces) Market Momentum in 2025
Heating Equipment (Except Warm Air Furnaces) Market
How Large Will the Heating Equipment (Except Warm Air Furnaces) Market Size By 2025?
In recent times, the market size for heating equipment, excluding warm air furnaces, has experienced significant growth. The market is projected to expand from $52.19 billion in 2024 to $56 billion in 2025, representing a compound annual growth rate (CAGR) of 7.3%. Factors such as energy efficiency laws, population growth and urbanization, industrialization and commercial construction, government incentives and subsidies, as well as consumer preference for comfort, have contributed to the growth recorded in the historic period.
How Big Is the Heating Equipment (Except Warm Air Furnaces) Market Size Expected to Grow by 2029?
The market size for heating equipment, excluding warm air furnaces, is anticipated to experience robust growth in the upcoming years, ballooning to a value of $71.38 billion in 2029. The reassessed compound annual growth rate (CAGR) stands at 6.3%. Several factors driving this growth can be attributed to the integration of renewable energy and smart homes, adherence to environmental sustainability standards, a surge in the demand for retrofitting, the growing angst about global climate change, and the expansion of the market into developing regions. Key trends in the predicted period include the integration of technology for increased efficiency, technological innovation, hydronic heating systems, decentralized heating solutions, the use of advanced materials and design, and the electrification of heating systems.
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Which Key Market Drivers Powering Heating Equipment (Except Warm Air Furnaces) Market Expansion and Growth?
The heating equipment (except warm air furnaces) market is projected to surge in response to the increasing amount of residential construction projects. These projects, encompassing the creation of houses, apartments, and high-rise constructions, often require heating equipment to manage temperature and humidity levels, ensuring a comfortable living environment with good indoor air quality. Consequently, heightened activity in residential and commercial construction propels the demand for these heating systems. Supporting this, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported in January 2023, an increase of 12.8% in residential construction from January 2022, with 1.4 million new homes created. As such, the rise in residential construction ventures is a significant factor driving the heating equipment (except warm air furnaces) market.
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Which Fast-Growing Trends Are Poised to Disrupt the Heating Equipment (Except Warm Air Furnaces) Market?
There is an escalating trend of product innovations in the heating equipment (excluding warm air furnaces) market. Leading corporations in this market are rolling out novel products to aid in maintaining their market standing. Rondo Energy, a US firm that specializes in heating equipment, exemplified this in November 2022 when they unveiled two groundbreaking models - the RHB100 and RHB300, both equipped with the revolutionary Rondo Heat Battery (RHB). The RHB, capable of storing heat energy at temperatures peaking at 1500°C, provides zero-carbon heat for industries such as steel, cement, chemical manufacturing, and low-temperature food processes over extended periods. Other salient features of the Rondo heat battery include its economical technology, rapid charging ability, heat threshold of 1500°C, durable service life, and optimization for site efficiency.
What Are the Emerging Segments in the Heating Equipment (Except Warm Air Furnaces) Market?
The heating equipment (except warm air furnaces) market covered in this report is segmented -
1) By Type: Fireplaces, Wood-Burning Stoves, Supplemental Heaters, Low-Pressure Steam, Hot Water Boilers, Furnaces
2) By Business Type: New Construction, Retrofits
3) By Applications: Household, Commercial, Industrial
Subsegments:
1) By Fireplaces: Traditional Fireplaces, Electric Fireplaces, Gas Fireplaces, Pellet Fireplaces
2) By Wood-Burning Stoves: Traditional Wood Stoves, Modern Wood Stoves, Cook Stoves
3) By Supplemental Heaters: Electric Space Heaters, Infrared Heaters, Ceramic Heaters
4) By Low-Pressure Steam: Steam Boilers, Steam Radiators, Steam Traps
5) By Hot Water Boilers: Conventional Hot Water Boilers, Combi Boilers, Condensing Boilers
6) By Furnaces: Gas Furnaces, Oil Furnaces, Electric Furnaces
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Who Are the Global Leaders in the Heating Equipment (Except Warm Air Furnaces) Market?
Major companies operating in the heating equipment (except warm air furnaces) 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., 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., Ground Heaters Inc., Honeywell International Inc., HTP Comfort Solutions LLC, Johnson Controls International plc, Laars Heating Systems Company, Lochinvar LLC, Mitsubishi Electric Corporation
Which are the Top Profitable Regional Markets for the Heating Equipment (Except Warm Air Furnaces) Industry?
North America was the largest region in the heating equipment (except warm air furnaces) market in 2024. The regions covered in the heating equipment (except warm air furnaces) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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