Heating Equipment Industry Data Book Covers Heat Pump, Unitary Heaters, Warm Air Furnace, and Space Heating Boilers Market

The global Heating Equipment Industry was estimated at USD 119.7 billion in 2022 and is anticipated to increase at a significant CAGR from 2023 to 2030.

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.

Heat Pump Market Insights

The global heat pump market size was estimated at USD 81.6 billion in 2022 and is expected to grow at a compounded annual growth rate (CAGR) of 9.3% from 2023 to 2030. Favorable government policies for energy-efficient solutions and lowering carbon footprint are anticipated to boost market growth over the forecast period. Many governments are providing subsidies or incentives and tax credits & rebates for the installation of heat pumps are expected to further fuel the demand for energy-efficient heat pumps, thereby, benefitting the growth.

Fast-paced industrialization along with the growing population has resulted in massive energy consumption across the world. According to EIA’s U.S. residential energy consumption survey, heating, cooling, & ventilation accounted for half of the total home energy consumption. In 2021, based on total fuel consumption, natural gas accounts for 44%, and fuel oil & propane account for 9%. Furthermore, electricity was the most consumed energy source across the U.S. with households accounting for 47%. Thus, increasing demand for energy-efficient solutions and growing carbon footprints across the globe are expected to drive the market’s growth over the forecast period.

Unitary Heaters Market Insights

The global unitary heaters market size was estimated at USD 2,292.4 million in 2022 and is anticipated to grow at a compounded annual growth rate (CAGR) of 3.9% from 2023 to 2030. The growth of the market is expected to be driven by higher efficiency, lower noise levels, and lower operating costs. Moreover, unitary systems provide consistent temperatures across a household from one central unit. These factors are expected to positively impact product demand during the forecast year. Unitary heaters can be powered by various energy sources, including steam, hot water, propane, oil, and natural gas. Furthermore, with heating outputs ranging from 25,000 BTUs/hr to 400,000 BTUs/hr, a unit heater can heat a big room, such as a warehouse or mechanical shop. They are available in various efficiencies, with accepted efficiency units having a fixed capacity and high-efficiency units having variable capacities to maximize energy utilization.

Unit heaters are adaptable heating systems that deliver effective and targeted warmth in commercial, industrial, and residential applications. Individuals and organizations may make informed decisions about their heating needs by studying the types of unit heaters and their applications. Unit heaters provide a dependable and cost-effective solution for targeted heating requirements, whether they are used to maintain comfortable working conditions in industrial spaces, to complement central heating in commercial buildings, or to heat private garages and workshops.

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” Data Book, published by Grand View Research

Warm Air Furnace Market Insights

The global warm air furnaces market size was estimated at USD 8.4 billion in 2022 and is expected to grow at a compounded annual growth rate (CAGR) of 3.2% from 2023 to 2030. The growth is expected to be driven by proper conditioning of the air offered by warm air furnace as compared to other heating systems. Furthermore, most warm-air furnaces embed humidification as a feature. This helps eliminate indoor air contaminants and humidity issues that can cause property damage and health issues. These factors are expected to positively impact product demand during the forecast period.Warm air furnaces are high-efficiency appliances with Annual Fuel Utilization Efficiency ratings as high as 99%.

Furthermore, the hydronic and electric heating systems also take longer to heat the area, but warm air furnace offer shorter start times and bring comfort to the entire area in minutes. Furthermore, warm air furnaces are noted for their longevity and dependability, with an average life expectancy of 15-30 years, outliving heat pumps and boilers. These aforementioned factors are anticipated to propel the demand for warm air furnace in the coming years.

Space Heating Boilers Market Insights

The global space heating boilers market size was estimated at USD 27.4 billion in 2022 and is anticipated to grow at a compounded annual growth rate (CAGR) of 3.4% from 2023 to 2030. Rising awareness of environmental issues and the need to reduce greenhouse gas emissions have driven a strong emphasis on energy-efficient and environmentally friendly space heating boiler solutions. Governments globally have been implementing regulations and incentives to encourage the adoption of more efficient and cleaner space heating boiler technologies.

Growing demand for sustainable buildings coupled with the growing adoption of high-efficiency space heating systems are expected to drive the demand for space heating boilers in the U.S. in the coming years. Various green building certifications, including LEED (Leadership in Energy and Environmental Design) and Energy Star, have gained popularity in the U.S. These recognize buildings that meet high standards of energy efficiency and sustainable design, incentivizing developers and investors to invest in such projects.

Go through the table of content of Heating Equipment Industry Data Book to get a better understanding of the Coverage and scope of the study

Heating Equipment Industry Data Book Competitive Landscape

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.

Key players operating in the Heating Equipment Industry are:

• Carrier
• Daikin Industries Ltd.
• Ingersoll-Rand Plc (Trane)
• Robert Bosch GmbH
• Danfoss

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead. 

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