Heating Equipment Sector 2023-2030: Market Size and Trends

Posted on 2024-02-01 by researchinsights in Internet & Online // 0 Comments

Heating Equipment Industry | Forecast 2030

Heating Equipment Industry Data Book – Heat Pump, Unitary Heaters, Warm Air Furnace and Space Heating Boilers Market

The economic value generated by the heating equipment industry was estimated at approximately USD 119.7 billion in 2022. Government initiatives for improving energy efficiency across industries coupled with technological innovations are also expected to drive the market. Growing spending in the construction sector is also anticipated to contribute to product demand over the coming years. Initiatives, such as the Leadership in Energy and Environmental Design (LEED) in the U.S., are also expected to benefit the industry growth.

Access the Global Heating Equipment Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies

Heating equipment plays a vital role in the processing and manufacture of ferrous & non-ferrous metals, mining, oil & gas, and the automotive industry. The demand for heating equipment solutions that lower operational costs and improve energy savings is anticipated to increase as energy consumption in the industrial and residential sectors rises.

Heat Pump Market Insights

The global heat pump market size was estimated at USD 88.7 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 9.4% from 2024 to 2030. Favorable government policies for energy-efficient solutions and lowering carbon footprint are anticipated to boost market growth over the forecast period. Many governments are providing subsidies or incentives and tax credits & rebates for the installation of heat pumps are expected to further fuel the demand for energy-efficient heat pumps, thereby, benefitting the growth of heat pump industry.

According to the U.S. Department of Energy, a 30% tax credit can be claimed for buying a property in the U.S. that has qualified heat pumps installed in connection with an existing or new dwelling unit. Italy’s Conto Termico incentive scheme provides grants that cover 30-35% of costs of installing renewable heating systems in buildings. Australia also provides national grants to municipals for heat pump installation. Moreover, heat pump industry is significantly affected by the availability of raw materials, such as metals like iron & steel, adhesives, rubber, chemicals, and plastics. Thus, fluctuations in raw material prices have a direct impact on manufacturing costs, which can limit market growth to some extent.

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Unitary Heaters Market Insights

The global unitary heaters market size was estimated at USD 2,292.4 million in 2022 and is anticipated to grow at a compounded annual growth rate (CAGR) of 3.9% from 2023 to 2030. The growth of the market is expected to be driven by higher efficiency, lower noise levels, and lower operating costs. Moreover, unitary systems provide consistent temperatures across a household from one central unit. These factors are expected to positively impact product demand during the forecast year. Unitary heaters can be powered by various energy sources, including steam, hot water, propane, oil, and natural gas. Furthermore, with heating outputs ranging from 25,000 BTUs/hr to 400,000 BTUs/hr, a unit heater can heat a big room, such as a warehouse or mechanical shop. They are available in various efficiencies, with accepted efficiency units having a fixed capacity and high-efficiency units having variable capacities to maximize energy utilization.

Warm Air Furnaces Market Insights

The global warm air furnaces market size was estimated at USD 8.4 billion in 2022 and is expected to grow at a compounded annual growth rate (CAGR) of 3.2% from 2023 to 2030. The growth is expected to be driven by proper conditioning of the air offered by warm air furnace as compared to other heating systems. Furthermore, most warm-air furnaces embed humidification as a feature. This helps eliminate indoor air contaminants and humidity issues that can cause property damage and health issues. These factors are expected to positively impact product demand during the forecast period.Warm air furnaces are high-efficiency appliances with Annual Fuel Utilization Efficiency ratings as high as 99%.

Space Heating Boilers Market Insights

The global space heating boilers market size was estimated at USD 27.4 billion in 2022 and is anticipated to grow at a compounded annual growth rate (CAGR) of 3.4% from 2023 to 2030. Rising awareness of environmental issues and the need to reduce greenhouse gas emissions have driven a strong emphasis on energy-efficient and environmentally friendly space heating boiler solutions. Governments globally have been implementing regulations and incentives to encourage the adoption of more efficient and cleaner space heating boiler technologies.

Go through the table of content of Heating Equipment Industry Data Book to get a better understanding of the Coverage & Scope of the study

Table of Contents – Sectoral Outlook Report

Chapter 1. Methodology and Scope

1.1. Research Methodology

1.2. Research Scope and Assumptions

1.3. Information Procurement

1.3.1. Purchased Database

1.3.2. GVR’s Internal Database

1.3.3. Secondary Sources & Third-Party Perspectives

1.3.4. Primary Research

1.4. Information Analysis

1.4.1. Data Analysis Models

1.5. Market Formulation & Data Visualization

1.6. Data Validation & Publishing

Chapter 2. Executive Summary

2.1. Market Outlook

2.2. Segmental Outlook

2.3. Competitive Insights

Chapter 3. Heating Equipment Market Variables, Trends, & Scope

3.1. Market Segmentation & Scope

3.2. Value Chain Analysis

3.3. Vendor Matrix

3.3.1. List of Component Suppliers

3.3.2. List of Key Manufacturers

3.3.3. List of Key Distributors

3.4. Technology Overview

3.5. Regulatory Framework

3.6. Market Dynamics

3.6.1. Market Driver Analysis

3.6.2. Market Restraint Analysis

3.6.3. Market Opportunity Analysis

3.6.4. Market Challenge Analysis

3.7. Industry Analysis – Porter’s

3.8. Industry Analysis – PESTEL

3.9. Economic Mega Trends

Company Profiles

Carrier
Daikin Industries Ltd.
Ingersoll-Rand Plc (Trane)
Robert Bosch GmbH
Danfoss
Mitsubishi Electric Corporation
Panasonic Holdings Corporation
Fujitsu
LG Electronics, Inc.
Rheem Manufacturing Company
Gree Comfort
Samsung
Lennox International
Hitachi, Ltd.
Johnson Controls, Inc
Mestek Inc.
Armstrong International Inc.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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