Press release
Global Trends Overview: The Rapid Evolution of the Heating Equipment Market
Heating Equipment
Projected Expansion and Market Size of the Heating Equipment Industry
Looking ahead to 2029, the heating equipment market size is forecasted to reach $54.77 billion, growing at a compound annual growth rate (CAGR) of 6.0%. This steady growth is fueled by the increasing adoption of smart and connected heating technologies, integration of heat pumps and geothermal systems, and an emphasis on hybrid heating solutions for enhanced efficiency. Additionally, the rising use of district heating and combined heat and power (CHP) systems, along with tailored heating options to meet specific building requirements, contribute to the market's upward trajectory. Key trends during this period include the rise of high-efficiency condensing boilers, smart thermostat integration, heat pumps serving both heating and cooling needs, radiant hydronic heating systems, and wider use of biofuel and biomass heating methods.
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Top Industry Players in the Heating Equipment Market
Several prominent companies lead the heating equipment market, including 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., and York International Corporation.
Significant Acquisitions Enhancing Market Capabilities
In August 2023, Smiths Group plc, a UK-based industrial technology firm, acquired Heating & Cooling Products (HCP) for $82 million. This strategic purchase aims to strengthen Smiths Group's position in the HVAC sector and improve its range of solutions offered to customers. HCP is a US-based manufacturer specializing in heating equipment, and this acquisition is expected to bolster innovation and service offerings within the market.
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Technological Innovations Driving Market Growth in Heating Equipment
One of the main forces propelling the heating equipment industry is the incorporation of cutting-edge technology. Leading companies are leveraging advancements such as injection technology to maintain their competitive edge. For example, in November 2023, Japan's Mitsubishi Electric Corporation launched the Ecodan R290 Heat Pump. This product is designed for quiet operation, creating a peaceful home environment while supporting multiple zone controls for energy efficiency and personalized comfort. It can consistently deliver heating at temperatures up to 75°C even when outdoor temperatures drop to -15°C, comparable to traditional gas boilers. This makes it suitable for large households, providing reliable heat and hot water throughout the colder months.
How the Heating Equipment Market is Categorized
The heating equipment market analysis includes segmentation by type, raw material, distribution channel, and application. Specifically:
1) By Type: See Through, Opaque
2) By Raw Material: Stainless Steel, Plastic, Glass, Other Raw Materials
3) By Distribution Channel: Offline, Online Stores, Other Distribution Channels
4) By Application: Residential, Commercial
Further breakdown of the subsegments includes:
- See Through: Glass Electric Kettles, Plastic or Glass Hybrid Electric Kettles
- Opaque: Stainless Steel Electric Kettles, Plastic Electric Kettles, Other Opaque Material Electric Kettles
This segmentation helps stakeholders understand specific market niches and tailor products and services according to consumer preferences and distribution methods.
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