Heating Equipment Market Size Worth $ 65.15 Billion by 2032 – Increasing Demand for Homes with Central HVAC Systems
The global heating equipment market size is anticipated to grow from USD 40 billion to USD 65.15 billion in 10 years. The market will experience rapid growth due to the introduction of energy-efficient and eco-friendly heating equipment during the forecast period. Top companies listed in this report are Carrier, Daikin Industries, Ltd, Emerson Electric Co., Haier (General Electric), Hitachi, Ltd., Johnson Controls, Inc., Lennox International, Mitsubishi Electric Corporation, Robert Bosch GmbH, Trane
Newark, Oct. 09, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 40 billion in 2022 global heating equipment market will reach USD 65.15 billion in 2032. The introduction of smart homes equipped with smart HVAC systems that automatically regulate indoor temperatures based on data-driven analysis of consumer’s past patterns is gaining traction in the modern world. Integrating such systems with the central heating systems of new real-estate projects to offer consumers the best services and expand market share will augment the market’s growth. Similarly, the popularity of smart offices and public utilities with regulated air temperatures in metro stations, railway stations, airports and other public spaces to offer the best services to citizens will bode well for the market’s growth.
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Key Insight of the Global Heating Equipment Market
Asia Pacific is expected to dominate the market during the forecast period.
The demand for heating equipment is driven by the sheer number of people living there, spread out over numerous temperature zones, including the coldest locations. The fastest expanding economies in the world are also located in the region, which results in rising energy demands from the commercial and residential sectors, fueling the market’s expansion. The market will respond to the rising demand for homes, offices, and public infrastructure. The flourishing manufacturing, industrial, and automotive industries are particularly encouraging for the market’s expansion.
In 2022, the heat pump segment dominated the market with the largest market share of 44% and revenue of 17.60 billion.
The product type segment is divided into heat pumps, warm air furnaces, unitary heaters, space heating boilers and others. In 2022, the heat pump segment dominated the market with the largest market share of 44% and revenue of 17.60 billion.
In 2022, the residential segment dominated the market with the largest market share of 58% and revenue of 23.20 billion.
The application segment is divided into residential, commercial and industrial. In 2022, the residential segment dominated the market with the largest market share of 58% and revenue of 23.20 billion.
Advancement in market
Heating equipment manufacturer JNK India, situated in Maharashtra, submitted a draught red herring prospectus to Sebi for review in preparation for its planned public offering. According to the filing, the initial public offering consists of a new issuance of shares by the company valued at Rs 300 crore and an offer-for-sale (OFS) of 84,21,052 equity shares by the founders and investors. Before submitting the red herring prospectus to the ROC, the fired heater company may consider issuing shares valued at Rs 60 crore via a private placement.
Report Scope and Segmentation –
|2032 Value Projection||USD 40 Billion|
|Market Size in 2023||USD 65.15 Billion|
|No. of Pages||238|
|Report Coverage||Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends|
|Segments Covered||Product Type and Application|
|Regions Covered||The regions analyzed for the market are Asia Pacific, Europe, South America, North America, the Middle East and Africa. Furthermore, the regions are further analyzed at the country level.|
|Diet Soft Drinks Market Growth Drivers||The increasing energy demand|
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Driver: the rising energy demand.
The need for energy has increased due to the rapid growth in world population. The increased sales of heating appliances in developing countries are evidence of the increase in demand. Additionally, the expanding manufacturing and industrial sectors fuel the demand for heating equipment. The building and construction industry is driven by the rising demand for homes with central HVAC systems, which is good news for the market. Given the increased government spending, such utility constructions will fuel market expansion. Extreme weather variations brought on by climate change have increased the need for heating systems throughout lengthy winter seasons. Winters are coldest in areas with mild temperatures, driving up demand for heating equipment worldwide.
Restraints: the strict rules set down by the government.
A crackdown on fossil fuel-based technologies, apparatus, and devices has resulted from the increased emphasis on resolving the climate change challenge. Since they are the causes of the increase in global temperatures, they must be reined in. The market’s growth is restricted by the implementation of severe laws governing the production, distribution, and consumption of heating equipment of a specific quality, efficiency, and sustainability, as these products may not always be available to or affordable to most consumers. Government mandates or restrictions on energy use during energy crises, such as those seen in Europe following the Russia-Ukraine War, further restrain the expansion of that sector.
Opportunities: the development of environmentally friendly, more sustainable, and energy-efficient heating equipment
The increasing need for energy, or for that matter, heating equipment, must be balanced with sustainable growth. The world cannot continue to rely on fossil fuel-based technology to meet its rising energy needs. As a result, industry participants and governments worldwide are making significant investments in creating alternative heating equipment that is more energy-efficient, eco-friendly, efficient, and sustainable. Additionally, smart heating systems that automate, assess, and adjust settings based on user experience are becoming more and more common. This innovation will guide the industry towards profitable chances during the forecast period.
Challenges: the volatile geopolitics.
The volatility in the world is being fueled by rising conflicts like the Russian invasion of Ukraine, which led to Western sanctions on Russian gas and oil. Since most heating systems are based on fossil fuels, and Europe significantly depends on Russia to meet its energy demands, the sanction led to an energy crisis on the Continent. The energy crisis led to inflation and cost-of-living crisis. Several European countries put out guidelines on the use of heating equipment temperature ranges to manage the energy crunch, causing suffering for ordinary citizens during long winters. This led to increased demand for heating equipment from the Chinese economy, which led to a demand-supply mismatch. Such events lead to disruption and challenge the market’s growth.
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Some of the major players operating in the global heating equipment market are:
• Daikin Industries, Ltd
• Emerson Electric Co.
• Haier (General Electric)
• Hitachi, Ltd.
• Johnson Controls, Inc.
• Lennox International
• Mitsubishi Electric Corporation
• Robert Bosch GmbH
Key Segments covered in the market:
By Product Type
• Heat Pump
• Warm Air Furnace
• Unitary Heaters
• Space Heating Boilers
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
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