North America Residential Furnace Market Forecast 2022-2031 – Market Size, Drivers, Trends, And Competitors

Posted on 2024-03-28 by Transparency Market Research in Advertising // 0 Comments

Wilmington, United States, 2024-Mar-01 — /EPR Network/ — The residential furnace market in North America has been witnessing significant growth, driven by factors such as the rise in disposable income, increasing residential construction activities, and technological advancements. As the region experiences harsh winters, the demand for efficient heating solutions continues to surge. This article provides an overview of the current state of the North America residential furnace market, its growth drivers, and future prospects.

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Key Players and Market Developments

Carrier Global Corporation, Daikin Industries, Ltd., Fujitsu General Limited, Goodman Manufacturing, Ingersoll-Rand plc, Johnson Controls, Inc., Lennox International Inc., Nortek Global HVAC LLC, Trane Technologies plc, United Technologies Corporation are the prominent manufacturers operating in the market.

Market Overview:

In 2021, the North America residential furnace market was valued at US$ 7.4 billion, and it is projected to reach US$ 12.9 billion by the end of 2031, growing at a CAGR of 5.8% during the forecast period. Furnaces, which utilize gas, electricity, or induction to generate energy, are integral to warming homes, buildings, and other structures in the region. The market is primarily dominated by electric, oil, and gas furnaces, with electric furnaces gaining momentum due to their energy efficiency and low maintenance costs.

Key Growth Drivers:

Rise in Disposable Income and Residential Construction Activities:

The increase in disposable income and residential construction activities in North America has been a significant driver of market growth. With a better standard of living, people are more inclined towards adopting innovative heating solutions to enhance the comfort of their homes. Additionally, initiatives such as investments in affordable housing and renewable energy projects further propel the demand for residential furnaces.

Demand for Hybrid and Electric Furnaces:

The market has witnessed a surge in demand for hybrid furnaces, known for their comfort and efficiency. Electric furnaces, in particular, are gaining traction due to their increased energy efficiency and affordability. Manufacturers are focusing on developing technologically advanced furnaces to cater to the evolving consumer preferences and enhance market share.

Climate and Weather Conditions:

The cold climate prevalent in North America, especially in regions like Canada and North Dakota, necessitates the use of heating equipment for residential spaces. This high demand for heating products, coupled with low average temperatures, creates lucrative opportunities for residential furnace market players.

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Country Outlook:

The United States is expected to dominate the North America residential furnace market during the forecast period. The presence of numerous manufacturers, coupled with the adoption of heating devices in modern homes, contributes to market growth in the country. Canada, with its cold weather conditions and technological advancements, is anticipated to witness the fastest CAGR in the residential furnace industry. Initiatives aimed at supporting affordable housing construction further stimulate market expansion in the region.

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