The "Global Heating Equipment Market: Focus on Application, Product Type, Fuel Type, and Country-Level Analysis - Analysis and Forecast, 2023-2033" report has been added to ResearchAndMarkets.com's offering.
The global heating equipment market is projected to reach $206,505.0 million by 2033 from $110,939.1 million in 2023, growing at a CAGR of 6.41% during the forecast period 2023-2033.
The global heating equipment market has experienced remarkable growth, with Asia-Pacific taking the lead in adopting and advancing the heating equipment technology. The global shift toward sustainability is a key driver in the global heating equipment market, driving both innovation and investment in heating equipment solutions.
This includes improvements in traditional heating systems such as furnaces and boilers, as well as the emergence of alternative options such as heat pumps and solar heating. Increasing emphasis on energy efficiency and environmental sustainability has led to the implementation of regulations and incentives favoring the adoption of high-efficiency heating equipment. This has stimulated demand for newer, more efficient heating systems, particularly in regions with stringent energy standards.
Governments worldwide are implementing policies and incentives to promote renewable heating equipment solutions. In December 2023, the Province of British Columbia (B.C.), Canada, embarked on the development of a policy aimed at enacting the Highest Efficiency Equipment Standards (HEES) for space and water heating commitment as delineated in the CleanBC Roadmap to 2030. Upon their implementation in 2030, these standards will serve as catalysts for the widespread adoption of high-efficiency, low-carbon equipment within residential, small-to-medium commercial, and institutional buildings across British Columbia.
The heating equipment market in the Asia-Pacific region is expected to continue growing steadily, fueled by urbanization, economic development, government support for energy efficiency, and technological advancements. The Asia-Pacific region has been undergoing rapid urbanization and industrialization, leading to increased demand for heating equipment in residential, commercial, and industrial sectors. As more people move to urban areas and industries expand, the need for heating systems for buildings, factories, and other infrastructure has grown substantially.
Economic growth in countries such as China, India, Japan, South Korea, and Southeast Asian nations has resulted in rising disposable income levels and increased construction activities. This has fueled demand for heating equipment in both residential and commercial sectors, including offices, hotels, malls, and residential complexes. Manufacturers are increasingly focusing on innovating heating equipment to meet the region's diverse needs, including high-performance systems tailored to specific climatic conditions.
Industrial Impact
Carrier, Johnson Controls, DAIKIN INDUSTRIES, Ltd., Hitachi, Ltd., and LG Electronics are some of the leading players globally in the heating equipment market. Vornado Air, LLC, Dyson, and FUJITSU GENERAL are some of the emerging companies that have remained in the limelight for the last few years in the heating equipment market.
Some of the strategies adopted by heating equipment manufacturers are new product launches, business expansions, mergers and acquisitions, partnerships, and collaborations.
Mergers and acquisitions, partnerships, and collaborations have been the most preferred strategies in the market. The electrification of heating equipment systems is expected to gain momentum, especially in regions where electricity generation is becoming cleaner due to the growing share of renewable energy sources. Electric heat pumps could see significant growth as efficiency improves and costs decrease. There's likely to be a continued shift toward renewable energy sources for heating, driven by concerns about climate change and the desire to reduce carbon emissions.
Residential Application to Dominate the Global Heating Equipment Market
Increasingly stringent energy efficiency regulations worldwide have driven homeowners to replace older, less efficient heating equipment with newer, more efficient models. This trend is particularly evident in regions where governments offer incentives or rebates for upgrading energy-efficient appliances.
Consumers are increasingly prioritizing comfort, convenience, and environmental sustainability when choosing heating equipment for their homes. This shift in preferences has led to greater demand for smart, connected heating equipment solutions that can be controlled remotely and integrated with other home automation systems.
The renovation and retrofitting of existing residential buildings with modern heating equipment have also fueled market growth.
Heat Pumps to Dominate the Global Heating Equipment Market
Heat pumps are known for their high energy efficiency compared to traditional heating systems such as furnaces or boilers. They can extract heat from the air, ground, or water sources, making them a more sustainable option for heating homes and buildings.
With increasing awareness of climate change and the need to reduce carbon emissions, there's a growing demand for eco-friendly heating equipment solutions. Heat pumps produce fewer greenhouse gas emissions compared to fossil fuel-based heating systems, making them an attractive choice for environmentally conscious consumers and policymakers.
Advances in heat pump technology have led to improvements in efficiency, performance, and reliability. Modern heat pumps can operate effectively even in colder climates, making them suitable for a broader range of applications.
Natural Gas to Dominate the Global Heating Equipment Market
Natural gas is often more cost-effective compared to other fuel types, such as oil or electricity, making it an attractive option for heating equipment, especially in regions where natural gas is abundant and relatively cheap.
In many regions, there is already an existing infrastructure for natural gas distribution, making it easier and more convenient for consumers to access natural gas for heating purposes. This established infrastructure encourages the adoption of natural gas heating equipment.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 153 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $110.93 Billion |
| Forecasted Market Value (USD) by 2033 | $206.5 Billion |
| Compound Annual Growth Rate | 6.4% |
| Regions Covered | Global |
Market Dynamics
Trends: Current and Future Impact Assessment
- Rising Focus on IoT-Enabled Heating Equipment Market
- Focus on Energy Efficiency
Market Drivers
- Rapid Expansion of Global Construction Projects
- Environmental Consequences of the Greenhouse Effect
- Incorporation of Renewable Energy Sources
Market Restraints
- High Initial Capital Expenditure
- Fluctuations in Energy Costs
Market Opportunities
- Investment in Sustainable and Energy Efficient Heating Equipment Products
- Rise in Partnerships and Collaborations Globally
Supply Chain Overview
- Value Chain Analysis
- Market Map
Research and Development Review
- Patent Filing Trend (by Country, by Year)
Regulatory Landscape
Competitive Benchmarking & Company Profiles
- Overview
- Top Products/Product Portfolio
- Top Competitors
- Target Customers
- Key Personnel
- Analyst View
- Market Share, 2022
- DAIKIN INDUSTRIES, Ltd.
- Johnson Controls
- LG Electronics
- Robert Bosch GmbH
- SAMSUNG ELECTRONICS CO., LTD.
- Hitachi, Ltd.
- FUJITSU GENERAL
- Carrier
- Midea Group
- Lennox International Inc.
- Ingersoll Rand
- Emerson Electric Co.
- Mitsubishi Electric Corporation
- Vaillant Group International GmbH
- Rheem Manufacturing Company
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