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
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.
Access the Global Heating Equipment Industry Data Book, 2023 to 2030, compiled with details like trade data, pricing intelligence, and competitive benchmarking.
Heat Pump Market Report Highlights
The global Heat Pump Market size was valued at USD 81.6 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 9.3% from 2023-2030.
- In 2023, the air-source technology segment dominated with a revenue share of over 84.6%. The growth of this segment can be attributed to the benefits such as energy-efficient, low carbon emission, low maintenance, easy installation process, use in space heating and hot water, and high seasonal coefficient of performance
- The residential application segment accounted for 86.0% of the global revenue share in 2023. Rapid urbanization coupled with increasing demand for energy-efficient products is expected to drive the demand for heat pumps in the residential sector
- The industrial application segment is expected to witness a CAGR of 8.0% over the forecast period. The increasing number of new industrial facilities being established worldwide is fueling the global demand for heat pumps
- Asia Pacific accounted for 52.6% of the global revenue share in 2023. The rising trend of shifting production bases to emerging economies, mainly China and India, is expected to positively influence the growth of the heat pump industry over the forecast period
- In February 2023, Hitachi introduced the Yutaki M R32 monobloc air-to-water heat pump. Even in sub-zero temperatures, the 4-ton and 3-ton systems have 140°F heating capacity
- In May 2022, Midea launched the EVOX heat pump system. The new product is available in six sizes from 1.5–5 tons. These are capable of 100% heating output at -20°C
Order your copy of 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
Space Heating Boilers Market Report Highlights
The global Space Heating Boilers Market size was valued at USD 27.4 billion in 2022 and is expected to grow at compound annual growth rate (CAGR) of 3.4% from 2023 to 2030.
- The electric space heating boilers segment is expected to witness a CAGR of 5.6% over the forecast period. Electric space heating boilers majorly use electricity instead of burning fossil fuels to heat water.
- The condensing space heating boiler segment accounted for a 90.4% share of the global market in 2022. Both non-condensing and condensing space heating boilers burn fuel, but the primary distinction is that condensing boilers have an energy efficiency of up to 99% while non-condensing boilers have an efficiency of only up to 78%.
- The commercial segment led the market and accounted for a 55.2% share of the global revenue in 2022.
- The residential application segment is expected to witness a CAGR of 3.6% over the forecast period. Space heating boilers are typically used in the U.S. to heat residential spaces. Thus, the increasing use of space heating boilers for residential applications is expected to propel the demand in the coming years
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
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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