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Heating equipment market size, heating equipment market share, heating equipment market analysis, heating equipment market trends, heating equipment market growth, heating equipment market forecast, heating equipment market research, heating equipment market report, heating equipment market outlook, heating equipment market drivers, heating equipment market segments.
What is the Future Growth of the Global Heating Equipment Market?
The heating equipment market has shown a promising rise over recent years. Growing from $41.37 billion in 2024 to an estimated $44.28 billion in 2025, the market presents a compound annual growth rate (CAGR) of 7.1%. This impressive growth is predominantly due to factors such as expansion in residential and commercial construction activities, replacement and upgrading of aging heating systems, rise in energy costs and focus on energy efficiency, increased adoption of renewable and clean energy sources and growing demand for improved indoor air quality in buildings.
Looking ahead, the heating equipment market size is set to witness consistent growth, reaching $57.08 billion by 2029 with a CAGR of 6.6%. Future growth can be attributed to a rising focus towards incorporating smart and connected heating solutions, integration of heat pumps and geothermal heating systems, emphasis on hybrid heating systems for optimal efficiency, and adoption of district heating and combined heat and power (chp) systems.
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What Factors Are Driving the Growth of the Global Heating Equipment Market?
A key driving factor in the growth of the heating equipment market is the appealing expansion of the construction industry, where heating equipment such as heat pumps are frequently utilized to provide heating and cooling solutions in both large and medium-sized buildings. For instance, new construction activities in the UK saw an increase of £18,161 million ($19.96 million) in 2022, with private sector projects growing by 16.8% and public sector projects increasing by 13.1%.
What Are the Major Segments Within the Global Heating Equipment Market?
1) By Product: Heat Pumps, Furnaces, Boilers, Unitary Heaters, Other Products
2) By Technology: Air Source, Water Source, Ground Source
3) By Application: Residential, Commercial, Industrial
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Who Are the Major Players in the Global Heating Equipment Market?
Key players operating in the heating equipment market include Danfoss A/S, United Technologies Corporation, Trane Technologies plc, Lennox International Inc., Robert Bosch GmbH, Johnson Controls, Emerson Electric Co., Honeywell International Inc., Siemens AG, Daikin Industries Ltd., Uponor Corporation, Mitsubishi Electric Corporation, Nortek Inc., Pentair plc, Nexans S.A., Carrier Global Corporation, Lucky Gold star Electronics Inc., among others.
Which Emerging Trends Are Shaping the Heating Equipment Market Landscape?
Emerging trends in the heating equipment market landscape are significantly shaped by advancements in technology. Companies have implemented technologies such as Ecodan R290 Heat Pump by Mitsubishi Electric Corporation, which provide silent operation and multiple zone control for improved energy efficiency and personalized comfort.
What Are the Regional Growth Patterns in the Global Heating Equipment Market?
Europe was the largest regional contributor to the heating equipment market in 2024. The heating equipment market report also covers other regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Does The Heating Equipment Market Offer?
Heating equipment are devices that generate heat to regulate indoor spaces’ temperature using thermal energy. This includes stoves, fireplaces, and non-electric stoves used for indoor areas, industrial purposes, and lab experiments. The Heating Equipment Market from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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