Who are the Key Distributors in the Heating Equipment Industry?

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.

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

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

Check out more Industry Data Books, published by Grand View Research

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.

Contact:

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com/sector-reports-list
Follow Us: LinkedIn | Twitter

Are Modern Innovations Shaping the Future of the Heating Equipment Industry?

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

Check out more Industry Data Books, published by Grand View Research

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. 

Contact:  

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com/sector-reports-list
Follow Us: LinkedIn | Twitter

Heating Equipment Industry: Application Estimates and Trend Analysis, 2023 - 2030

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

Check out more Industry Data Books, published by Grand View Research

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. 

Contact:

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com/sector-reports-list
Follow Us: LinkedIn | Twitter