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Construction Industry Boom Fuels Heating Equipment Market Growth: The Driving Engine Behind Heating Equipment Market Evolution in 2025
Heating Equipment Market
Heating Equipment Market Size Growth Forecast: What to Expect by 2025?
In recent years, the market size of heating equipment has seen robust growth. It is projected to expand from $41.37 billion in 2024 to $43.44 billion in 2025, with a compound annual growth rate (CAGR) of 5.0%. The historic period's growth can be credited to factors such as the increase in residential and commercial construction activities, replacement and modernization of older heating systems, increase in energy prices and emphasis on energy efficiency, widespread use of renewable and clean energy sources, and the demand for comfort and optimal indoor air quality in buildings.
How Will the Heating Equipment Market Size Evolve and Grow by 2029?
In the upcoming years, a significant increase is anticipated in the market size of the heating equipment sector, predicted to escalate to $54.77 billion by 2029 with a 6.0% compound annual growth rate (CAGR). This growth during the forecast period is due to factors including a focus on smart and connected heating solutions, the incorporation of geothermal heating systems and heat pumps, an emphasis on hybrid heating systems for maximum efficiency, the utilization of combined heat and power (chp) systems and district heating, and the tailoring of heating solutions to meet unique building requirements. The forecast period is also expected to observe notable trends such as high-efficiency condensing boilers, the implementation of smart thermostats and controls, heating and cooling heat pumps, radiant heating with hydronic heating systems, and biomass and biofuel heating solutions.
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What Drivers Are Propelling the Growth of Heating Equipment Market Forward?
The surge in the need for the construction industry is anticipated to fuel the expansion of the heating equipment market in the future. The construction sector encompasses organizations that are involved in the establishment, maintenance, and rectification of infrastructures. Heat pumps, a type of heating equipment, are being increasingly employed by the expanding construction industry for heating and cooling in both sizable and mid-sized buildings. For example, the Office for National Statistics, a government department in the UK, reported in November 2023 that new construction activities witnessed a rise of £18,161 million ($19.96 million) in 2022, propelled by a 16.8% growth in private sector projects and a 13.1% increase in public sector projects. Consequently, the burgeoning demand in the construction industry is steering the development of the heating equipment market.
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What Long-Term Trends Will Define the Future of the Heating Equipment Market?
The emergence of advanced technologies is a significant trend that is gaining traction in the heating equipment industry. Leading companies in the market are harnessing cutting-edge technologies, such as injection tech, to maintain their competitive edge. For instance, Mitsubishi Electric Corporation, a Japan-based electronics firm, unveiled the Ecodan R290 Heat Pump in November 2023. The heat pump is engineered for quiet performance, enhancing the tranquility of the domestic environment and allowing for multi-zone control, thereby improving energy efficiency and individual comfort levels. It can provide stable heating even under harsh conditions, retaining high heating temperatures up to 75°C, even when the external temperature drops to as low as -15°C. This competes with conventional gas boilers, enabling efficient heating of homes and a bountiful supply of hot water for larger households.
What Are the Key Segments in the Heating Equipment Market?
The heating equipmentmarket 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 Key Players Shaping the Heating Equipment Market's Competitive Landscape?
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
What Geographic Markets Are Powering Growth in the Heating Equipment Market?
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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