North American Heating Equipment Market Demand and Comprehensive Research Study Report By 2025

Felton, California , USA, Jan 18, 2021 — /EPR Network/ — The North American heating equipment market size is anticipated to value USD 10.81 billion until 2025. It is also expected to register a CAGR of 5.6% over the forecasted years, 2018 to 2025. The rising number of infrastructure and construction projects coupled with the need for replacement and repair activities is expected to trigger the market growth.

The heat pumps segment held the largest share across the market and is projected to register 5.7% CAGR from 2018 to 2025 due to its increasing usage in spaces having moderate cooling and heating requirements. On the other hand, the electric furnace is expected to hold a substantial share in the upcoming years owing to their benefits like higher efficiency and low maintenance cost.

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COVID-19 Impact Insights

The market across North America is impacted negatively on account of the ongoing COVID-19 crisis. The imposition of lockdown across countries like the U.S. and Canada has stagnated the industrial demand for heating equipment. As the U.S. is one of the largely affected countries due to the COVID pandemic, the loss of jobs has resulted in reduced demand across the residential sector. Several organizations are also focusing on the repair of such equipment rather than buying new ones due to economic instability. However, rapid technological advances being undertaken by the manufacturers in the upcoming years are expected to propel the market growth over the post-pandemic period.

The U.S. accounted for dominant share across the North America market due to the initiatives being undertaken by governing authorities for curbing air pollution. The Canada also held second-highest share across the North American market in 2017 owing to the increasing number of players operating across provinces like Quebec and Ontario.

The North America heating equipment market includes key players which are constantly investing in R&D activities for product development and innovation to gain a competitive advantage and to widen their geographical reach.

Further key findings from the report suggest:

• The residential application segment is anticipated to register a CAGR of 5.3% over the forecasted years, 2018 to 2025.
• The application segment of industrial dominated the market in 2017.
• In 2017, the U.S. accounted for dominant share across the North America market.

North American Heating Equipment Market: Key Players

Nortek Holdings; Johnson Controls; Whirlpool Corporation; Siemens Corporation; Daikin Industries Ltd.; and Danfoss.

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