Heating Equipment (Except Warm Air Furnaces) Global Market Report 2024

The heating equipment (except warm air furnaces) market size has grown strongly in recent years. It will grow from $49.2 billion in 2023 to $53.04 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth observed in the historic period can be attributed to various factors, including energy efficiency regulations, population growth coupled with urbanization trends, industrialization and increased commercial construction activities, government incentives and subsidies promoting energy-efficient solutions, and consumer preferences for enhanced comfort. These factors collectively contributed to the expansion of the heating equipment market during the historic period.

The heating equipment (except warm air furnaces) market size is expected to see strong growth in the next few years. It will grow to $69.45 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The anticipated growth in the forecast period can be attributed to several factors, including the integration of renewable energy sources, the incorporation of smart home technologies, adherence to environmental sustainability standards, an increasing demand for retrofitting existing heating systems, growing global concerns about climate change, and the expansion of the heating equipment market in developing regions. Key trends expected in the forecast period encompass technological integration for enhanced efficiency, continuous technological advancements, the adoption of hydronic heating systems, the implementation of decentralized heating solutions, the use of advanced materials and innovative design, and the electrification of heating processes.

The anticipated growth in the heating equipment (except warm air furnaces) market is driven by the increasing number of residential construction projects. Residential projects involve the construction of houses, apartments, and high-rise buildings, and heating equipment is crucial for controlling temperature and humidity in these projects. The primary aim is to provide thermal comfort and maintain acceptable indoor air quality. Consequently, the surge in both residential and commercial construction projects contributes to the rising demand for heating equipment (except warm air furnaces). For example, as of January 2023, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported a 12.8% increase, with 1.4 million residential houses constructed compared to January 2022. Therefore, the growth in residential construction projects acts as a driving force for the heating equipment market.

The growth of the heating equipment (except warm air furnaces) market is further fueled by the increasing emphasis on energy efficiency. Energy efficiency involves optimizing the utilization of energy resources to achieve desired outputs with minimal waste or energy loss. Heating equipment plays a crucial role in this scenario by offering enhanced thermal efficiency, supporting zoning, implementing proper insulation and building sealing, reducing reliance on conventional energy sources, and minimizing environmental impact. As of December 2022, the European Union aimed to enhance energy efficiency, setting a target of at least 32.5% by 2030. This emphasis on energy efficiency serves as a key driver for the growth of the heating equipment market.

In the heating equipment (except warm air furnaces) market, product innovations emerge as a significant trend among major companies aiming to maintain their market positions. Notably, Rondo Energy, a U.S.-based company in the heating equipment sector, introduced two innovative models featuring the Rondo Heat Battery (RHB). The RHB100 and RHB300 models deliver zero-carbon heat for various industrial processes and low-temperature food applications by storing heat energy at temperatures up to 1500°C for extended periods. The Rondo heat battery incorporates low-cost technology, providing fast charging, high-temperature capabilities, a long service life, and enhanced on-site efficiency.

Leading companies in the heating equipment (except warm air furnaces) market are strategically focusing on air-to-water heat pumps to drive revenue growth. An air-to-water heat pump utilizes ambient air to either absorb or reject heat, depending on the mode of operation, for heating or cooling purposes. For instance, Daikin Industries Ltd., a Japan-based company specializing in air conditioning and heating systems, introduced an air-to-water heat pump in May 2023. This heat pump features a reversing function, allowing it to alternate between heating and cooling modes as needed. With a coefficient of performance (COP) of 3.12 in heating mode and a seasonal coefficient of performance (SCOP) of 3.31, the device offers efficient heating and cooling capacities.

In June 2022, Enerquip, LLC, a U.S.-based designer and fabricator of stainless-steel heat exchangers, acquired American Heating Company, Inc. (AHC). This strategic acquisition enables Enerquip to combine efforts and efficiencies, marking its entry into the industrial carbon steel market. American Heating Company Inc., based in the U.S., specializes in designing and manufacturing industrial heating equipment.

Major companies operating in the heating equipment (except warm air furnaces) market report are Heatstar Limited, Red Dot Corporation, Thermal Solutions Products LLC, New Yorker Boiler Company Inc., DTE Biomass Energy Inc., Abengoa Solar S.A., Bard HVAC, Fulton Thermal Corporation, John Zink Company LLC, Toyotomi Co. Ltd., ECR International Inc., Daikin Industries Ltd., Ingersoll-Rand plc, Lennox International Inc., Robert Bosch GmbH, A.O. Smith Corporation, ABB Ltd., Bosch Thermotechnology Corp., Bradford White Corporation, Burnham Holdings Inc., Carrier Corporation, Danfoss A/S, Emerson Electric Co., General Electric Company, Ground Heaters Inc., Honeywell International Inc., HTP Comfort Solutions LLC, Johnson Controls International plc, Laars Heating Systems Company, Lochinvar LLC, Mitsubishi Electric Corporation.

North America was the largest region in the heating equipment (except warm air furnaces) market in 2023. The regions covered in the heating equipment (except warm air furnaces) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the heating equipment (except warm air furnaces) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of heating equipment, excluding warm air furnaces, include fireplaces, wood-burning stoves, supplemental heaters, low-pressure steam, hot water boilers, and furnaces. Fireplaces are open areas built into the structure of a home where a contained fire generates heat, creating a cozy atmosphere, and waste gases and smoke are safely expelled through a chimney. Businesses engaged in the heating equipment industry may be involved in new construction projects or retrofits. These heating solutions find use in various applications, including households, commercial establishments, and industrial settings.

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

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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