Warm Air Heating Equipment Global Market Report 2024

The warm air heating equipment market size has grown strongly in recent years. It will grow from $123.83 billion in 2023 to $133.66 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth witnessed during the historical period can be primarily attributed to factors such as a focus on energy efficiency, compliance with environmental regulations, economic influences, and replacement cycles.

The warm air heating equipment market size is expected to see strong growth in the next few years. It will grow to $167.66 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. Looking ahead to the forecast period, the growth in the industry can be linked to building efficiency standards, fluctuations in energy costs, and the broader global economic conditions. Noteworthy trends anticipated in the forecast period include the adoption of smart heating systems, a shift towards electrification and heat pumps, the emergence of hybrid systems, customization and zoning for greater efficiency, a growing emphasis on health and comfort factors, and an increase in industry collaboration.

The growth of the warm air heating equipment market is expected to be driven by favorable measures aimed at reducing carbon footprints. Nations worldwide are actively engaged in decarbonization efforts to create a sustainable and environmentally friendly future. Warm air heating equipment, such as heat pumps, plays a significant role in reducing carbon emissions by utilizing renewable energy sources. For example, in September 2022, Samsung Electronics Co. Ltd., a South Korean appliance company, unveiled an environmental agenda with a timeline that includes ambitious goals like achieving net-zero carbon emissions by 2050. Their initiatives involve investing in renewable energy, enhancing resource circularity, and developing innovative technologies to combat climate change and promote sustainability. Similarly, in June 2022, Pfizer Inc., a US-based pharmaceutical company, committed to achieving the voluntary Net-Zero Standard by 2040, aiming to reduce greenhouse gas emissions by 95% and value chain emissions by 90% from 2019 levels by that time. These proactive steps by companies to reduce their carbon footprints are contributing to the growth of the warm air heating equipment market.

The primary product categories within warm air heating equipment encompass dehumidifiers, heat pumps, and humidifying equipment. Heat pumps, in particular, function as reverse heat engines. These equipment types come in various capacities, including small, medium, and large, and are applied across residential, commercial, and industrial settings.

The warm air heating equipment market research report is one of a series of new reports that provides warm air heating equipment market statistics, including warm air heating equipment industry global market size, regional shares, competitors with a warm air heating equipment market share, detailed warm air heating equipment market segments, market trends and opportunities, and any further data you may need to thrive in the warm air heating equipment industry. This warm air heating equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The growing demand within the construction industry is anticipated to drive the expansion of the warm air heating equipment market. The construction sector encompasses businesses engaged in the creation, maintenance, and repair of various infrastructures. This thriving construction industry relies on heating equipment, including heat pumps, to provide efficient heating and cooling solutions for both large and medium-sized structures. For instance, in June 2021, as reported by Canada's national statistical agency, investments in building construction witnessed a significant increase, surging from $14,294 million in April 2019 to $19,273 million in April 2021. Moreover, the 2022 US Construction Cost Trends report highlights a remarkable 16% growth in total construction spending in the United States since the onset of the pandemic. These trends underscore the surging demand in the global construction industry, which, in turn, is propelling the warm air heating equipment market's growth. Therefore, the escalating demand in the construction sector is a key driver of the warm air heating equipment market's expansion.

The substantial initial expenses associated with warm air heating equipment are expected to act as a deterrent to the warm air heating equipment market. The upfront costs encompass the price of the equipment itself, installation expenses, and other related costs. To illustrate, the average installation cost for a new heat pump stands at approximately $5,613. Mid-quality heat pump systems come with price tags ranging from $100 to $2,800. Moreover, the overall expenses can escalate to as high as $20,000, which includes labor charges, contractor fees, and permit costs. This high financial outlay places a significant constraint on individuals and small to medium-sized enterprises, limiting their ability to invest in warm air heating equipment. Consequently, this impediment is restricting the market's growth potential.

Companies are increasingly focused on the development of smart devices to cater to the needs of connected smart offices and homes. Across the globe, residences and businesses are transitioning to interconnected devices, and industry stakeholders are actively working on smart device solutions that facilitate enhanced connectivity and proactive maintenance. For instance, in December 2021, Daikin Industries, Ltd., a Japanese air conditioner manufacturer, unveiled an upgraded version of its FAA-B wall-mounted indoor unit, specifically designed for compatibility with the Sky Air A-series R-32 heat pumps. This product offers a compelling combination of cutting-edge technology and stylish design, ensuring straightforward installation, user-friendliness, and accessibility for a diverse range of retail spaces. By replacing traditional boiler systems with energy-efficient heat pump technology, it contributes to reducing the carbon footprint of building facilities and lessening their environmental impact. The unit provides versatility in installation through features like extended piping lengths and a wide operating range. Additionally, it boasts a lower Global Warming Potential, reducing environmental harm in comparison to conventional systems. Users can easily manage and optimize their indoor environment via Daikin's smart eco-control Onecta app, promising improved energy efficiency and comfort for both employees and shoppers.

Prominent companies within the warm air heating equipment market are actively introducing innovative products to maintain a competitive advantage, such as the hybrid dual fuel system. This hybrid dual fuel system is a specialized heating and cooling solution that combines the features of an electric heat pump with a gas or propane furnace for optimal performance. For example, in September 2023, Johnson Controls-Hitachi Air Conditioning, a Japanese-based company specializing in air conditioning systems, unveiled the Hitachi air365 Hybrid dual fuel system. This cutting-edge solution seamlessly integrates a heat pump with a gas furnace to deliver energy-efficient, year-round home comfort while simultaneously reducing carbon emissions. The system employs an intelligent sensor to automatically switch between the heat pump and furnace based on outdoor temperatures. This dynamic adaptation optimizes efficiency and minimizes utility costs, particularly during extremely cold weather conditions. Furthermore, in addition to its energy efficiency benefits, this dual fuel system qualifies for various rebates and incentives, making it a cost-effective and eco-friendly choice for homeowners looking to reduce their environmental impact in heating and cooling their spaces.

In January 2023, Johnson Controls International PLC, a company headquartered in Ireland and known for its industrial machinery manufacturing, completed the acquisition of Hybrid Energy AS. This acquisition was executed for an undisclosed sum. Through this strategic acquisition, Johnson Controls expanded its capabilities in delivering high-temperature heat pumps and sustainable energy management solutions for applications related to district heating and industrial processes. This initiative aligns with the company's commitment to promoting decarbonization and sustainability in Europe and other regions. Hybrid Energy AS, based in Norway, specializes in manufacturing heat pumps tailored for district heating and industrial operations. The company is renowned for its high-temperature energy management solutions, and this acquisition strengthens Johnson Controls' position in the field.

Major companies operating in the warm air heating equipment market include Danfoss, Daikin, Mitsubishi Electric Corporation, WOLF GmbH, Johnson Controls Inc., Honeywell International Inc., Haier Group (China), Hitachi Appliances Inc. (Japan), Viessmann Werke GmbH & Co. KG, Bosch Thermotechnology, Carrier, Lucky Goldstar Electronics, NIBE Group, Lennox International Inc., Trane Technologies plc, Rheem Manufacturing Company, Goodman Manufacturing Company L.P., Fujitsu General Limited, Samsung Electronics Co. Ltd., Nortek Global HVAC LLC, Modine Manufacturing Company, Amana Corporation, Bryant Heating & Cooling Systems, American Standard Companies Inc., Armstrong Air Conditioning Inc., Broan-NuTone LLC, Burnham Holdings Inc., ClimateMaster Inc., Dunkirk Boilers, ECR International Inc., Friedrich Air Conditioning Co. Ltd., Heat Controller Inc., Heil Heating & Cooling Products, International Comfort Products LLC

The Asia-Pacific was the largest region in the warm air heating equipment market in 2023. North America was the second largest region in the warm air heating equipment market analysis. The regions covered in the warm air heating equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the warm air heating equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The warm air heating equipment market consist of sales of hybrid heat pumps, air source heat pumps, ground source heat pumps and others. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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