Global Heating Equipment Market by Product (Unitary Heaters, Heat Pumps, Furnaces), by Application (Residential, Commercial, Industrial) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Industry Insights

Global heating equipment market was worth USD 33.56 Billion in 2018. It is expected that the market will grow at a 5.4% CAGR between 2019 and 2025 due to growing installation of energy-efficient heating system. The market will also be driven by government initiatives to improve energy efficiency in all industries and technological innovations. In the next few years, product demand will be boosted by rising construction spending. Industry growth will also be aided by initiatives such as Leadership in Energy and Environmental Design (LEED), which is based in the United States.

Due to the increasing demand for industrial furnaces in America, the market is expected increase in the next few years. Market growth is expected to be driven by the strict regulatory framework that the country has. Globally, the market is extremely competitive. Major companies are focused on minimizing product costs by taking advantage of the high price of technology as well as the high installation cost.

Companies are therefore investing in R&D to develop efficient technologies, remote monitoring devices, control systems, and other tools that will help them gain a stronger position in the market. Climate Action Programme (COP21), a government initiative that promotes the green transition, is expected to increase the development of energy-efficient products. The U.S. Department of Energy (DOE), energy conservation standards for heat pumps and air conditioners require that manufacturers comply.

The demand for comfortable and technologically advanced housing solutions is expected to rise as a result of rising disposable income in both developed and developing countries. Market growth is expected to be influenced by the increased number of remodeling projects due to financial support and easy credit access.

Product Insights

Heat pumps accounted for the largest portion of the market and was valued at USD 14.16 trillion in 2018. They also registered a 5.5% compound annual growth rate during the forecast period. Because heat pumps can transfer efficiently at low operating costs, they are very popular. Because of their ease of use and quick heating capabilities, furnaces are the most popular heating system.

Electric furnaces are becoming more popular because they are less expensive, require less maintenance, emit no harmful emissions and are also affordable. Over the next seven year, there will be an increase in demand for heating systems that comply with regulatory standards. This is expected to drive industry growth.

Boiler products can be used in many applications, including water heating, power generation and cooking. They are used extensively in the commercial, industrial, educational, and institutional sectors. In the next few years, there will be an increase in residential boiler use.

A rise in the production of high-quality heating systems for residential and commercial construction is expected to drive significant industry growth. The industry is also expected to see significant growth due to an increase in demand for electrically controlled products. This is due to their ease of installation and low emissions.

Application Insights

The market can be divided into three segments based on its application: residential, commercial and industrial. In 2018, the industrial segment was the most lucrative and will grow at a 5.7% CAGR from 2019 to 2026. Heating equipment is used extensively in power generation, mining and automotive as well as the food & beverages industry.

The Asia Pacific region's rapid industrialization is one of the main factors that positively influences industry growth. The demand will be boosted further by favorable government policies and tax rebates on energy-efficient products. The segment is expected to grow due to an increase in product demand in manufacturing, processing and smelting over the next few years.

Regional Insights

Europe was the largest region market in 2018, and it is expected to continue its dominance over the next few years. The region's rapidly recovering construction industry and renovation activities are expected to increase demand for compact and technologically advanced heating solutions for residential use. Product demand will be further boosted by the European automotive industry's growth. Asia Pacific is expected to grow at 6.3% CAGR between 2019 and 2025. This market will be boosted by the increasing number of commercial and residential constructions in the developing countries.

Market development will also be driven by increasing awareness about the benefits of these products. Market growth is also expected to be boosted by incentives for energy-saving solutions as well as mandatory regulations from the government in the commercial and industrial sectors. Market growth is expected to be driven by rapid industrialization and intensive R&D in the development of ecofriendly solutions. North America will also experience strong growth due to the increasing cost of construction and the number of repairs and replacements for existing systems.

Heating Equipment Market Share Insights

Companies are looking to reduce costs and increase product offerings. They are diversifying their end-user application and acquiring multiple distribution centres.

To meet the growing demand, companies are increasing their production capacity and seeking certifications. They comply with all energy efficiency regulations set forth by regulators.

The Danfoss Group, United Technologies Corporation, Ingersoll Rand Plc, Lennox International, Inc., Johnson Controls, and Robert Bosch GmbH are some of the top companies in this market. Other companies include Emerson Electric Co., Honeywell International Inc., Schneider Electric SE, Mitsubishi Electric Corporation, and Nortek, Inc.

Report Scope

The Report Covers Certain Segments

This report forecasts volume and revenue growth at the global, regional and country level. It also provides analysis of industry trends for each sub-segment from 2014-2025. Up Market Research has divided the global heating equipment market report by product, region, and application.

• Product Outlook (Revenue USD Million, 2014-2025)

  • Heat pumps

  • Furnaces

  • Boilers

  • Unitary Heaters

  • Other

• App Outlook (Revenue USD Million, 2014-2025)

  • Residential

  • Commercial

  • Industrial

• Regional Outlook (Revenue USD Million, 2014-2025)

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • U.K.

    • Russia

  • Asia Pacific

    • China

    • Japan

    • India

    • Indonesia

  • Central & South America

    • Brazil

  • Middle East & Africa

    • Saudi Arabia

Up Market Research published a new report titled “Heating Equipment Market research report which is segmented by Product (Unitary Heaters, Heat Pumps, Furnaces), by Application (Residential, Commercial, Industrial), By Players/Companies Inc; Johnson Controls; and Robert Bosch GmbH Several other companies are Uponor Corporation; Emerson Electric Co; Honeywell International Inc; Schneider Electric SE; Siemens AG; Mitsubishi Electric Corporation; and Nortek, Inc, The Danfoss Group; United Technologies Corporation; Ingersoll-Rand Plc; Lennox International”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Heating Equipment Market Report Segments:

The market is segmented by Product (Unitary Heaters, Heat Pumps, Furnaces), by Application (Residential, Commercial, Industrial).

Heating Equipment Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Heating Equipment Market

Overview of the regional outlook of the Heating Equipment Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Heating Equipment Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Heating Equipment Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Unitary Heaters

                2. Heat Pumps

                3. Furnaces

                1. Residential

                2. Commercial

                3. Industrial

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Heating Equipment Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
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Reasons to Purchase the Heating Equipment Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.