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The U.S. residential heating system market is expected to grow at a CAGR of 4.39% during 2022-2028. Many organization officials expect smart heating systems to take the most significant edge out of their electricity expenses. Smart IoT heating options provide a method to optimize energy consumption without any interruption in consumer service. IoT has the advantage of impacting heating systems through its smart technologies, which allow manufacturers to increase productivity and optimize assets. Innovations in heating technology are currently in the growing stage. IoT in heating comes under the parallels of infrastructure IoT and consumer, which helps for greater flexibility and smart controls for consumers. Hence, modern technology expects to propel the demand for smart heating systems in the U.S. residential heating system market during the forecast period. Speak directly to the analyst to clarify any post sales queries you may have.
Rising Demand for Geothermal Heating Systems
Geothermal heating systems that tap into the consistency of ground temperatures six feet below the surface are an extension of a domestic unearthing trend occurring across the United States. The energy-intensive heating industry is undergoing a transition as the supply of fossil fuels depletes rapidly. These traditional energy sources are increasingly falling out of favor due to climate change, pollution, energy security reasons, and high costs. Heating accounts for a lot of electricity consumption. The geothermal heating system offers economical water heating facilities. Usually, energy costs for heating water are high. The high water heating cost can be decreased by up to 65 % with geothermal heat pump systems. Therefore, the demand for geothermal heating systems is expected to grow in the U.S. residential heating system market in the upcoming years.SEGMENTATION INSIGHTS
INSIGHTS BY EQUIPMENT TYPE
The heat pump equipment market in the U.S. was valued at USD 4.87 billion in 2022. Heating pumps have been one of the most critical heating systems. They are mainly used in cold regions as their primary function is heating. However, heat pumps are also used for cooling by reversing the direction of heat flow. The demand for heat pumps mostly ensues from efficiency since their output is four times the amount of energy they consume. Heat pumps are a steady revenue generator for the industry and have witnessed high growth and constant innovation.Segmentation by Heating Equipment
- Heat Pump
- Boiler Unit
- Furnace
- VRF
- Others
INSIGHTS BY APPLICATION TYPE
The single-family housing segment was valued at USD 7.92 billion in 2022. The single-family houses enjoy a larger industry share. Furthermore, the operational energy cost is higher for single-family houses than for multi-family houses. Various heating systems for single-family houses can be classified based on different parameters, such as heat-carrying medium, energy sources, and the heat-transmitting process. Over the past two-three years, disposable incomes and savings of consumers have increased, driving improvements in residential projects, particularly in the Midwest. The increasing number of skyscrapers and high-story residential construction projects in rapidly growing states like Florida, California, and New York also boosted industry growth.Segmentation by End-User
- Single-Family Housing
- Multi-family Dwelling
INSIGHTS BY DISTRIBUTION CHANNEL
The offline distribution channel dominated the U.S. residential heating system market, accounting for a revenue share of 62.42%, and is expected to witness an incremental growth of USD 1.76 billion during the forecast period. Factors such as the broader reach in areas that lack better connectivity and high consumer trust associated with personally experiencing the quality of products are driving the growth of this segment.Although the online channel holds a relatively lower U.S. residential heating system market share, it is expected to grow at a higher CAGR of 5.11% (by value) during the forecast period. The proliferation of e-commerce and raising awareness of the benefits of online purchases, such as heavy discounts, occasional offers, and rising demand for convenience, is driving the growth of the online segment.
Segmentation by Distribution Channel
- Online
- Offline
REGIONAL ANALYSIS
In 2022, the Southern region accounted for a revenue share of 34.27% and was the leader in the U.S. residential heating system market. The high share is attributed to the concentration of a large population base compared to other regions in the country. The presence of many household units across the region leads to high demand for space heating technology from the residential sector, thereby supporting market growth.The residential heating system market in the western U.S. was valued at USD 2.8 billion in 2022. The western region of the U.S. includes major states such as Colorado, Wyoming, Montana, Idaho, Washington, Oregon, Utah, Nevada, California, Alaska, and Hawaii. Moreover, according to the US Bureau of Economic Analysis, from Q2-Q3 2021, Colorado and Utah witnessed the highest increase in personal income of around 5.9% and 5.7%, respectively, in the western region. Hence, such income growth is expected to shift consumer interest from conventional to space heating technology, thereby boosting the demand for heat pumps and boilers in the U.S. residential heating system market during the forecast period.
Segmentation by Region
- The U.S.
- South
- West
- Midwest
- Northeast
COMPETITIVE LANDSCAPE
Many large and small players characterize the U.S. residential heating market. Systemair, Johnson Controls, Zehnder, Ostberg, and Aldes are some of the key players in the US residential heating system industry. Other players operating in the industry include L.G., Panasonic, Carrier, Regal, and others. The prominent vendors focus on developing advanced heating systems and investing in R&D initiatives to enlarge their product line and gain a competitive advantage in the U.S. residential heating system market.Moreover, the short time-to-market and little acceptance of new technologies add to market challenges for market vendors. R&D investments are more focused on cost reduction of the production process and improvement of the existing product technology for value addition than developing new products. As a result, a lot of mergers & acquisitions are taking place to develop and enhance the offerings and attributes to survive in the U.S. residential heating system market.
Key Company Profiles
- Samsung
- Systemair
- Johnson Controls
- Zehnder
- Aldes
- Bosch
- Daikin
- Mitsubishi Electric
- Rheem Manufacturing
Other Prominent Vendors
- LG
- Panasonic
- Carrier
- Midea
- Regal Rexnord
- Flakt Group
- Beijer Ref
- Flexit
- Grundfos
- Swegon
- VTS
- Nuaire
- Nortek
- Alfa Laval
- Hitachi
- Lu-Ve
- Vent-Axia
- S & P
- Wolf
- CIAT
- Al-Ko
- Dynair
- Danfoss
- Lennox
- Backer Springfield
- Dunhambush
- TCL
- Trox
- Ingersoll Rand
- Camfil
KEY QUESTIONS ANSWERED
- How big is the U.S. residential heating system market?
- What is the growth rate of the U.S. residential heating system market?
- What will be the U.S. residential heating system market share in terms of volume in 2027?
- Which region holds the most extensive U.S. residential heating system market share?
- Who are the key players in the U.S. residential heating system market?
Table of Contents
1 Research Methodology2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.1.3 Market Estimation Caveats
4.2 Base Year
4.3 Scope of the Study
4.4 Market Segmentation
4.4.1 Market Segmentation by Equipment
4.4.2 Market Segmentation by End-user
4.4.3 Market Segmentation by Distribution Channel
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Premium Insights
7 Market at a Glance
8 Introduction
8.1 Overview
8.1.1 Difference Between Ducted and Ductless Heating Systems
8.1.2 Advantages of Smart Thermostat Heating Systems
8.1.3 Disadvantages of Smart Thermostat Heating Systems
8.1.4 Residential Challenges
8.1.5 Merger & Acquisitions and Product Development
8.1.6 Residential Constructions
8.2 Us Inflation Reduction Act Provides Benefits to Heating Equipment Market
8.3 Value Chain
8.3.1 Raw Material Suppliers & Components
8.3.2 Manufacturers
8.3.3 Dealers/Distributors
8.3.4 Retailers
8.3.5 End-Users
8.4 Impact of Covid-19
9 Market Opportunity & Trends
9.1 Major Shift Toward Ductless Systems
9.2 Emergence of Smart Heating Systems With IoT Technology
9.3 Incorporation of Heat and Energy-Efficiency Zoning Technology
10 Market Growth Enablers
10.1 Integration of Hydrogen Heating Technology
10.2 Rising Demand for Geothermal Heating Systems
10.3 Growing Demand for Vrf Systems
11 Market Restraints
11.1 Lack of Skilled Labor
11.2 Vulnerability to Covid-19
11.3 Intractable Data Security Issues
12 Market Landscape
12.1 Market Overview
12.2 Market Size & Forecast
12.2.1 Value
12.2.2 Volume
12.3 Market by Region
12.3.1 Value
12.3.2 Volume
12.4 Five Forces Analysis
12.4.1 Threat of New Entrants
12.4.2 Bargaining Power of Suppliers
12.4.3 Bargaining Power of Buyers
12.4.4 Threat of Substitutes
12.4.5 Competitive Rivalry
13 Equipment
13.1 Market Snapshot & Growth Engine (Value)
13.2 Market Snapshot & Growth Engine (Volume)
13.2.1 Market Overview
13.2.2 Heat Pump: Market Size & Forecast
13.2.3 Boiler Unit: Market Size & Forecast
13.2.4 Furnace: Market Size & Forecast
13.2.5 Vrf: Market Size & Forecast
13.2.6 Other Heating Equipment: Market Size & Forecast
14 End-User
14.1 Market Snapshot & Growth Engine (Value)
14.2 Market Snapshot & Growth Engine (Volume)
14.3 Market Overview
14.4 Single-Family Housing
14.4.1 Market Overview
14.4.2 Market Size & Forecast
14.5 Multi-Family Housing
14.5.1 Market Overview
14.5.2 Market Size & Forecast
15 Distribution Channel
15.1 Market Snapshot & Growth Engine (Value)
15.2 Market Snapshot & Growth Engine (Volume)
15.3 Market Overview
15.4 Offline
15.4.1 Market Overview
15.4.2 Dealers & Distributors
15.4.3 Specialty Stores
15.4.4 Mass Market Players
15.4.5 Market Size & Forecast (Value)
15.4.6 Market Size & Forecast (Volume)
15.5 Online
15.5.1 Market Overview
15.5.2 Direct Sales
15.5.3 Third-Party Sales
15.5.4 Market Size & Forecast (Value)
15.5.5 Market Size & Forecast (Volume)
16 Geography
16.1 Market Snapshot & Growth Engine (Value)
16.2 Market Snapshot & Growth Engine (Value)
16.3 Market Overview
16.3.1 Us: Market Size & Forecast
17 South
17.1 Market Overview
17.1.1 Florida & Texas: Market Size & Forecast
17.2 Market Size & Forecast
17.2.1 Value
17.2.2 Volume
18 West
18.1 Market Overview
18.1.1 California & Washington: Market Size & Forecast
18.2 Market Size & Forecast
18.2.1 Value
18.2.2 Volume
19 Midwest
19.1 Market Overview
19.1.1 Illinois & Minnesota
19.2 Market Size & Forecast
19.2.1 Value
19.2.2 Volume
20 Northeast
20.1 Market Overview
20.1.1 New Jersey & New York: Market Size & Forecast
20.2 Market Size & Forecast
20.2.1 Value
20.2.2 Volume
21 Competitive Landscape
21.1 Competition Overview
22 Key Company Profiles
22.1 Samsung
22.1.1 Business Overview
22.1.2 Product Offerings
22.1.3 Key Strategies
22.1.4 Key Strengths
22.1.5 Key Opportunities
22.2 Systemair
22.2.1 Business Overview
22.2.2 Product Offerings
22.2.3 Key Strategies
22.2.4 Key Strengths
22.2.5 Key Opportunities
22.3 Johnson Controls
22.3.1 Business Overview
22.3.2 Product Offerings
22.3.3 Key Strategies
22.3.4 Key Strengths
22.3.5 Key Opportunities
22.4 Zehnder
22.4.1 Business Overview
22.4.2 Product Offerings
22.4.3 Key Strategies
22.4.4 Key Strengths
22.4.5 Key Opportunities
22.5 Aldes
22.5.1 Business Overview
22.5.2 Product Offerings
22.5.3 Key Strategies
22.5.4 Key Strengths
22.5.5 Key Opportunities
22.6 Robert Bosch
22.6.1 Business Overview
22.6.2 Product Offerings
22.6.3 Key Strategies
22.6.4 Key Strengths
22.6.5 Key Opportunities
22.7 Daikin
22.7.1 Business Overview
22.7.2 Product Offerings
22.7.3 Key Strategies
22.7.4 Key Strengths
22.7.5 Key Opportunities
22.8 Mitsubishi Electric
22.8.1 Business Overview
22.8.2 Product Offerings
22.8.3 Key Strategies
22.8.4 Key Strengths
22.8.5 Key Opportunities
22.9 Rheem Manufacturing
22.9.1 Business Overview
22.9.2 Product Offerings
22.9.3 Key Strategies
22.9.4 Key Strengths
23 Other Prominent Vendors
23.1 Lg
23.1.1 Business Overview
23.1.2 Product Offerings
23.2 Panasonic
23.2.1 Business Overview
23.2.2 Product Offerings
23.3 Carrier
23.3.1 Business Overview
23.3.2 Product Offerings
23.4 Midea
23.4.1 Business Overview
23.4.2 Product Offerings
23.5 Regal Rexnord
23.5.1 Business Overview
23.5.2 Product Offerings
23.6 Flakt Group
23.6.1 Business Overview
23.6.2 Product Offerings
23.7 Beijer Ref
23.7.1 Business Overview
23.7.2 Product Offerings
23.8 Flexit
23.8.1 Business Overview
23.8.2 Product Offerings
23.9 Grundfos
23.9.1 Business Overview
23.9.2 Product Offerings
23.10 Swegon
23.10.1 Business Overview
23.10.2 Product Offerings
23.11 Vts
23.11.1 Business Overview
23.11.2 Product Offerings
23.12 Nuaire
23.12.1 Business Overview
23.12.2 Product Offerings
23.13 Nortek
23.13.1 Business Overview
23.13.2 Product Offerings
23.14 Alfa Laval
23.14.1 Business Overview
23.14.2 Product Offerings
23.15 Hitachi
23.15.1 Business Overview
23.15.2 Product Offerings
23.16 Lu-Ve Groups
23.16.1 Business Overview
23.16.2 Product Offerings
23.17 Vent-Axia
23.17.1 Business Overview
23.17.2 Product Offerings
23.18 S & P
23.18.1 Business Overview
23.18.2 Product Offerings
23.19 Wolf
23.19.1 Business Overview
23.19.2 Product Offerings
23.20 Ciat
23.20.1 Business Overview
23.20.2 Product Offerings
23.21 Al-Ko
23.21.1 Business Overview
23.21.2 Product Offerings
23.22 Dynair
23.22.1 Business Overview
23.22.2 Product Offerings
23.23 Danfoss
23.23.1 Business Overview
23.23.2 Product Offerings
23.24 Lennox
23.24.1 Business Overview
23.24.2 Product Offerings
23.25 Backer Springfield
23.25.1 Business Overview
23.25.2 Product Offerings
23.26 Dunham Bush
23.26.1 Business Overview
23.26.2 Product Offerings
23.27 Tcl Electronics
23.27.1 Business Overview
23.27.2 Product Offerings
23.28 Trox Group
23.28.1 Business Overview
23.28.2 Product Offerings
23.29 Ingersoll Rand
23.29.1 Business Overview
23.29.2 Product Offerings
23.30 Camfil
23.30.1 Business Overview
23.30.2 Product Offerings
24 Report Summary
24.1 Key Takeaways
24.2 Strategic Recommendations
25 Quantitative Summary
25.1 Market by Geography
25.1.1 Market Size & Forecast
25.2 Market by Equipment
25.2.1 Market Size & Forecast
25.3 Market by End-User
25.3.1 Market Size & Forecast
25.4 Market by Distribution Channel
25.4.1 Market Size & Forecast
26 Appendix
26.1 Abbreviations
Companies Mentioned
- Samsung
- Systemair
- Johnson Controls
- Zehnder
- Aldes
- Bosch
- Daikin
- Mitsubishi Electric
- Rheem Manufacturing
- LG
- Panasonic
- Carrier
- Midea
- Regal Rexnord
- Flakt Group
- Beijer Ref
- Flexit
- Grundfos
- Swegon
- VTS
- Nuaire
- Nortek
- Alfa Laval
- Hitachi
- Lu-Ve
- Vent-Axia
- S & P
- Wolf
- CIAT
- Al-Ko
- Dynair
- Danfoss
- Lennox
- Backer Springfield
- Dunhambush
- TCL
- Trox
- Ingersoll Rand
- Camfil
Methodology
Our research comprises a mix of primary and secondary research. The secondary research sources that are typically referred to include, but are not limited to, company websites, annual reports, financial reports, company pipeline charts, broker reports, investor presentations and SEC filings, journals and conferences, internal proprietary databases, news articles, press releases, and webcasts specific to the companies operating in any given market.
Primary research involves email interactions with the industry participants across major geographies. The participants who typically take part in such a process include, but are not limited to, CEOs, VPs, business development managers, market intelligence managers, and national sales managers. We primarily rely on internal research work and internal databases that we have populated over the years. We cross-verify our secondary research findings with the primary respondents participating in the study.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 209 |
| Published | February 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 10800 Million |
| Forecasted Market Value ( USD | $ 13975.68 Million |
| Compound Annual Growth Rate | 4.3% |
| Regions Covered | United States |
| No. of Companies Mentioned | 39 |
