Heat Pumps Segment to Dominate North America Heating Equipment Market During 2019-2027
According to a new market research study on “North America Heating Equipment Market Forecast to 2027 - COVID-19 Impact and Analysis - by Product and End User,” is expected to reach US$ 11,839.8 million by 2027 from US$ 7,610.8 million in 2019. The market is estimated to grow at a CAGR of 6.0% from 2020 to 2027. The report provides trends prevailing in the North America heating equipment market along with the drivers and restraints pertaining to the market growth. Rise in demand for heating equipment in diverse sectors and increase in demand for air conditioning in the US are the major factors driving the North America heating equipment market. However, high installation and maintenance cost may hinder the growth of North America heating equipment market.
The heating equipment market is segmented into product, end user, and country. Based on product, the market is segmented into heat pumps, furnaces, boilers, and unitary heaters. In 2019, the heat pumps segment held the largest share of the North America heating equipment market. In terms of end user, the market is segmented into industrial, commercial, and residential. The industrial segment accounts for largest market share in 2019.
According to the latest situation report from the World Health Organization (WHO), the US, India, Brazil, Russia, France, Spain, Argentina, the UK, Italy, and China are some of the worst affected countries due to the COVID-19 outbreak. The outbreak first began in Wuhan, China, during December 2019, and since then, it has spread across the globe. The COVID-19 crisis is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in 2020 and likely in 2021 also. The sharp decline in the industrial and commercial business is negatively impacting the growth of the global heating equipment market. North America is one of the significant regions for the adoption and growth of advanced technologies due to favorable government policies to accelerate innovation, a huge industrial base, and high purchasing power, especially in developed countries, such as the US and Canada. Hence, any impact on the growth of industries is expected to affect the economic growth of the region negatively. Presently, the US is the world’s worst-affected country due to the COVID-19 outbreak, with 9,108,353 confirmed cases and 229,442 deaths as per the WHO. Manufacturing and supply chains have been disrupted by a lockdown and bans on transport in many countries. There has been an economic stagnation and uncertainty in the manufacturing sector. In addition, school and workplace closures also reduced the commercial demand for heating appliances .However, major growth is expected over the next few years from the efforts of key players in product creation and innovation.
Carrier Global Corporation; DAIKIN INDUSTRIES, Ltd.; Danfoss A/S; Emerson Electric Co.; Robert Bosch GmbH; Haier Group Corporation; Johnson Controls, plc; Panasonic Corporation; Trane Technologies plc; and LG Electronics are among the leading companies in the North America heating equipment market. The companies are focused on adopting organic growth strategies, such as product launches and expansions, to sustain their position in the dynamic market. For instance, in September 2020, Johnson Control Plc, under its York brand, launched a new residential package, which is a comprehensive electric & gas powered heat pump and AC range for residential and light commercial applications.
The report segments the North America heating equipment market as follows:
Heating Equipment Market - by Product
- Heat Pumps
- Furnaces
- Boilers
- Unitary Heaters
Heating Equipment Market - by End User
- Industrial
- Commercial
- Residential
Heating Equipment Market - by Country
- US
- Canada
- Mexico
Reasons to Buy
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the heating equipment market, thereby allowing players to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth North America market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to various segments.
Table of Contents
1. Introduction1.1 Scope of the Study
1.2 Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Heating Equipment Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. North America Heating Equipment Market - Key Industry Dynamics
5.1 Market Drivers
5.1.1 Rise in Demand for Heating Equipment in Diverse Sectors
5.1.2 Increase in Demand for Air Conditioning in U.S.
5.2 Market Restraints
5.2.1 High Installation and Maintenance Cost
5.3 Market Opportunities
5.3.1 Increase in Research and Development by Companies
5.4 Future Trends
5.4.1 Rising Need for Energy-Efficient Equipment and Compliance with Various Regulations Set by Governments
5.5 Impact Analysis of Drivers and Restraints
6. Heating Equipment Market- North America Analysis
6.1 North America Market Overview
6.2 North America Heating Equipment Market Forecast and Analysis
6.3 Market Positioning
7. Heating Equipment Market Analysis - By Product
7.1 Overview
7.2 Heating Equipment Market Revenue Share, by Product (2019 and 2027)
7.2.1 Overview
7.2.2 Heat Pumps: Heating Equipment Market - Revenue and Forecast to 2027 (US$ Million)
7.3 Furnaces
7.3.1 Overview
7.3.2 Furnaces: Heating Equipment Market - Revenue and Forecast to 2027 (US$ Million)
7.4 Boilers
7.4.1 Overview
7.4.2 Boilers: Heating Equipment Market - Revenue and Forecast to 2027 (US$ Million)
7.5 Unitary Heaters
7.5.1 Overview
7.5.2 Unitary Heaters: Heating Equipment Market - Revenue and Forecast to 2027 (US$ Million)
8. Heating Equipment Market Analysis - By End User
8.1 Overview
8.2 Heating Equipment Market Share, by End Users, 2019 and 2027, (%)
8.3 Personal
8.3.1 Overview
8.3.2 Personal: Heating Equipment Market - Revenue and Forecast to 2027 (US$ Million)
8.4 Commercial
8.4.1 Overview
8.4.2 Commercial: Heating Equipment market - Revenue and Forecast to 2027 (US$ Million)
8.5 Industrial
8.5.1 Overview
8.5.2 Industrial: Heating Equipment market - Revenue and Forecast to 2027 (US$ Million)
9. North America Heating Equipment Market Analysis -By Countries
9.1.1 North America: Heating Equipment Market, By Country
9.1.1.1 US: Heating Equipment Market - Revenue and Forecast to 2027 (US$ Million)
9.1.1.1.1 US: Heating Equipment Market, by Product
9.1.1.1.2 US: Heating Equipment Market, by End User
9.1.1.2 Canada: Heating Equipment Market - Revenue and Forecast to 2027 (US$ Million)
9.1.1.2.1 Canada: Heating Equipment Market, by Product
9.1.1.2.2 Canada: Heating Equipment Market, by End User
9.1.1.3 Mexico: Heating Equipment Market - Revenue and Forecast to 2027 (US$ Million)
9.1.1.3.1 Mexico: Heating Equipment Market, by Product
9.1.1.3.2 Mexico: Heating Equipment Market, by End User
10. Impact of Covid-19 Pandemic On North America Heating Equipment Market
10.1 North America Countries: Impact Assessment of COVID-19 Pandemic
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
12. Key Company Profiles
12.1 Carrier Global Corporation
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 DAIKIN INDUSTRIES, Ltd.
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Danfoss A/S
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Emerson Electric Co.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Robert Bosch GmbH
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Haier Group Corporation
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Johnson Controls, plc
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Panasonic Corporation
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Trane Technologies plc
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 LG Electronics
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About the Publisher
13.2 Word of Index
List of Tables
Table 1. North America Heating Equipment Market Revenue and Forecasts to 2027 (US$ Mn)
Table 2. US: Heating Equipment Market, by Product -Revenue and Forecast to 2027 (US$ Million)
Table 3. US: Heating Equipment Market, by End User - Revenue and Forecast to 2027 (US$ Million)
Table 4. Canada: Heating Equipment Market, by Product -Revenue and Forecast to 2027 (US$ Million)
Table 5. Canada: Heating Equipment Market, by End User - Revenue and Forecast to 2027 (US$ Million)
Table 6. Mexico: Heating Equipment Market, by Product -Revenue and Forecast to 2027 (US$ Million)
Table 7. Mexico: Heating Equipment Market, by End User - Revenue and Forecast to 2027 (US$ Million)
Table 8. Glossary of TermsList of Figures
Figure 1. North America Heating Equipment Market Segmentation
Figure 2. North America Heating Equipment Market - Country Analysis
Figure 3. North America Heating Equipment Market Overview
Figure 4. Furnaces segment to witness high CAGR during the forecast period - By Product
Figure 5. Residential segment to witness high CAGR during the forecast period - By End User
Figure 6. North America Heating Equipment Market: PEST Analysis
Figure 7. North America Heating Equipment Market Ecosystem Analysis
Figure 8. North America Heating Equipment Market- Expert Opinion
Figure 9. North America Heating Equipment Market Impact Analysis of Drivers and Restraints
Figure 11. North America Heating Equipment Market Forecast and Analysis to 2027
Figure 12. Heating Equipment Market Revenue Share, by Product (2019 and 2027)
Figure 13. Heat Pumps: Heating Equipment Market - Revenue and Forecast to 2027 (US$ Million)
Figure 14. Furnaces: Heating Equipment Market - Revenue and Forecast to 2027 (US$ Million)
Figure 15. Boilers: Heating Equipment Market - Revenue and Forecast to 2027 (US$ Million)
Figure 16. Unitary Heaters: Heating Equipment Market - Revenue and Forecast to 2027 (US$ Million)
Figure 17. Heating Equipment Market Share, by End Users, 2019 and 2027, (%)
Figure 18. Residential: Heating Equipment Market - Revenue and Forecast to 2027 (US$ Million)
Figure 19. Commercial: Heating Equipment market - Revenue and Forecast to 2027 (US$ Million)
Figure 20. Industrial: Heating Equipment Market - Revenue and Forecast to 2027 (US$ Million)
Figure 21. North America: Heating Equipment Market Revenue Share, By Country (2019 and 2027)
Figure 22. US: Heating Equipment Market - Revenue and Forecast to 2027 (US$ Million)
Figure 23. Canada: Heating Equipment Market - Revenue and Forecast to 2027 (US$ Million)
Figure 24. Mexico: Heating Equipment Market - Revenue and Forecast to 2027 (US$ Million)
Figure 25. Impact of COVID-19 Pandemic in North American Country Markets
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Carrier Global Corporation
- Daikin Industries, Ltd.
- Danfoss
- Emerson Electric Co.
- Haier Group Corporation
- Johnson Controls, Inc.
- Lennox International, Inc.
- Panasonic Corporation
- Robert Bosch GmbH
- Trane Technologies
