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
The global Heating Equipment Industry generated over USD 119.7 billion in 2022 and is projected to grow 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.
Access the Global Heating Equipment Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Heat Pump Market Growth & Trends
The global heat pump market size is anticipated to reach USD 166.6 billion by 2030, expanding at a CAGR of 9.3% during the forecast period, according to a new report by Grand View Research, Inc. Favorable government policies for energy-efficient solutions and lowered carbon footprint are expected to boost the market growth over the forecast period. In addition, consumer-driven demand for energy-efficient heat pumps to reduce energy consumption and lower operating expenses are expected to benefit the overall market over the forecast period.
The emergence of climate and energy as a political priority has spurred an increased interest in heating and energy efficiency gains to be realized within buildings. Increasing disposable income has led to the growing demand for technologically advanced equipment and comfortable housing solutions, which is further projected to boost the demand for heat pumps. These factors are expected to play a vital role in driving the market growth.
Governments across the globe are becoming increasingly aware of the risks associated with fossil fuels and are adopting environment-friendly options. Furthermore, initiatives like the federal tax credit for new residential heat pumps in the U.S. was extended until the end of 2022. The California Energy Commission passed a new building energy code in August 2021, which encouraged the use of heat pumps for space and water heating in newly constructed buildings. All these aforementioned factors are expected to boost the demand for heat pumps in the coming years.
According to International Energy Agency, heat pumps continue to cover only a small portion of domestic heat demand, while fossil fuel-based solutions accounted for roughly half of the global heating equipment sales in 2020, with the majority of heat pumps being installed in new buildings. However, various factors including regulatory development, enhanced construction requirements favoring heat pumps in new buildings, and rising air conditioning demand are likely to boost the adoption of heat pump technologies in the coming years.
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Unitary Heaters Market Growth & Trends
The global unitary heaters market size is anticipated to reach USD 3,122.6 million by 2030, growing at a CAGR of 3.9% during the forecast period, according to a new report by Grand View Research, Inc. Increasing construction spending along with growing demand for highly energy-efficient heating solutions is projected to drive the demand for unitary heaters. Furthermore, favorable government initiatives such as rebates and incentives for the installation of highly energy-efficient unitary heaters are projected to have a positive impact on the market.
Unitary heaters are commonly utilized in the commercial sector to address the space heating needs of small complexes or rooms. Unitary heaters have a low starting cost and an easy installation procedure. These reasons are expected to fuel market growth in the coming years. For instance, Warren Technologies provides unitary electric heaters in various sizes, shapes, and configurations that can be field mounted in any brand of air conditioning system.
Rising demand for low-noise operations, increasing integration of electric heaters with solar panels, growing use of sensors to adjust the temperature automatically, and elevated efficiency at lower costs are expected to be the major factors driving the demand for unitary heaters in the coming years. For instance, electric unitary heaters are available for installing various types of high-efficiency equipment, including split, packaging, central DX, heat pump, and PTAC systems.
In HVAC systems, unitary heaters are utilized to provide both heating and cooling capabilities. Further, unit heaters can fit any need and are simple to install. They have a small footprint that blends in with any simple design. In addition, by directing the heat where it is needed, their zoning capabilities can save energy use. There are numerous sizes and styles among a large selection of energy-efficient, aesthetically beautiful designs that also give a long-lasting design with a showroom appearance. These aforementioned factors are expected to drive the demand for unitary heaters in the coming years. For instance, Modine's Hot Dog heater prevents the chill from entering an office or outbuilding.
Go through the table of content of Heating Equipment Industry Data Book to get a better understanding of the Coverage & Scope of the study
Competitive Landscape
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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