Heating Equipment Market: A Warm Outlook for 2023
Heating Equipment Industry Data Book | Forecast 2030
Heating Equipment Industry Data Book - Heat Pump, Unitary Heaters, Warm Air Furnace and Space Heating Boilers Market
Grand View Research’s heating equipment industry database is a collection of market sizing information & forecasts, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports and summary presentations on individual areas of research.
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
Heat Pump Market Report Highlights
- In 2022, the air-source technology segment dominated with a revenue share of over 84.8%. The growth of this segment can be attributed to the benefits such as energy-efficient, low carbon emission, low maintenance, easy installation process, use in space heating and hot water, and high seasonal coefficient of performance
- The residential application segment accounted for 79.9% of the global revenue share in 2022. Rapid urbanization coupled with increasing demand for energy-efficient products is expected to drive the demand for heat pumps in the residential sector
- The industrial application segment is expected to witness a CAGR of 9.0% over the forecast period. The increasing number of new industrial facilities being established worldwide is fueling the global demand for heat pumps
- Asia Pacific accounted for 53.1% of the global revenue share in 2022. The rising trend of shifting production bases to emerging economies, mainly China and India, is expected to positively influence the growth of the heat pump industry over the forecast period
Order your copy of the Free Sample of “Heating Equipment Industry Data Book - Heat Pump, Unitary Heaters, Warm Air Furnace and Space Heating Boilers Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030, published by Grand View Research
Unitary Heaters Market Report Highlights
- The electric unitary heaters segment led the market and accounted for a 44.7% share in 2022. These are ideal for commercial & recreational constructions, industrial plants, and special-purpose structures. Electric heaters are designed for even heat distribution and low installation and maintenance expenses
- The gas-fired unitary heaters segment accounted for a 32.0% share in 2022. These have cheap installation costs and can heat huge areas. Modine, for instance, provides Effinity, which is the most efficient gas unit heater, with efficiencies ranging from 55,000 to 310,000 BTU/hr and efficiencies up to 97%
- The commercial segment led the market and accounted for 42.8% of the revenue share in 2022. Small areas are heated with commercial unit heaters. Unit heaters, for instance, are generally situated near the entry point of a retail store or just inside the building near the loading dock
Go through the table of content of Heating Equipment Industry Data Book to get a better understanding of the Coverage & Scope of the study
Warm Air Furnace Market Report Highlights
- The gas-warm air furnaces segment led the market and accounted for a 94.4% share of the global revenue in 2022. Gas-warm air furnaces are cost-effective and versatile. Moreover, when natural gas burns, it causes little impact on the environment while reliably keeping the area warm. These aforementioned factors are anticipated to drive the demand for gas-warm air furnaces in the coming years
- The oil-warm air furnaces segment accounted for a 5.6% share of the global market in 2022. Oil-warm air furnaces are a popular alternative in areas of the country where natural gas is scarce. These provide a possibility to heat the area with renewable fuels. Several companies are now offering heating oil that has been combined with biodiesel, allowing their consumers to minimize their reliance on foreign oil while utilizing a domestic energy source. Moreover, biodiesel mixes emit fewer pollutants than pure heating oil
- The commercial segment led the market and accounted for a 40.1% share of the global revenue in 2022. For commercial properties such as offices, factories, and warehouses, warm air furnaces are used to heat the space quickly and cost-effectively.Further, the U.S. government is working on various efforts to upgrade its community infrastructure
Space Heating Boilers Market Report Highlights
- The electric space heating boilers segment is expected to witness a CAGR of 5.6% over the forecast period. Electric space heating boilers majorly use electricity instead of burning fossil fuels to heat water. The water stored inside the internal heating element is heated by passing an electrical current through a resistive conductor, which is how these devices work. Compared to combustion boilers and other alternative heating techniques, these take up a minuscule amount of area. They are, therefore simple to install in very small locations
- The condensing space heating boiler segment accounted for a 90.4% share of the global market in 2022. Both non-condensing and condensing space heating boilers burn fuel, but the primary distinction is that condensing boilers have an energy efficiency of up to 99% while non-condensing boilers have an efficiency of only up to 78%. These use a flue gas heat recovery system to recycle waste heat from the flue to warm the cold water entering the boiler, which allows them to operate at a greater efficiency level
- The commercial segment led the market and accounted for a 55.2% share of the global revenue in 2022. Commercial space heating boilers are commonly used to heat buildings such as apartment buildings, offices, schools, and hospitals. Moreover, as per the new guidelines issued by the U.S. Department of Energy (DOE), about one-fourth of commercial floor space is heated by commercial space heating boilers. These aforementioned factors are anticipated to propel the demand for space heating boilers over the forecast period. For instance, Ideal Commercial provides wall-hung, floor standing, and modular condensing commercial boilers in compact designs
Competitive Insights
Major players in the heating equipment market include Lennox International, Inc.; Daikin Industries, Ltd.; Johnson Controls, Inc.; Robert Bosch GmbH; Carrier; Mitsubishi Electric Corporation; Danfoss; LG Electronics, Inc.; and Johnson Controls, Inc. The manufacturers of Heating Equipment adopt several strategies, including merger & acquisition, partnership & joint ventures, new product developments, distributor agreements, new online channels, and geographical expansions, to augment their market presence and cater to the ever-changing consumer requirements.
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