Overview and Scope
Heating equipment (except for warm air furnaces) is a device that heats either the air or a liquid to provide warmth, using an energy source. This equipment is used to perform industrial and commercial operations such as purification of solvents by distillation, extraction using rotary evaporators, and determination of physical parameters such as boiling point, melting point, flashpoint, and others.
Sizing and Forecast
The heating equipment (except warm air furnaces) market size has grown strongly in recent years. It will grow from $49.2 billion in 2023 to $53.04 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to energy efficiency regulations, population growth and urbanization, industrialization and commercial construction, government incentives and subsidies, consumer preferences for comfort.
The heating equipment (except warm air furnaces) market size is expected to see strong growth in the next few years. It will grow to $69.45 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to renewable energy integration, smart home integration, environmental sustainability standards, rising demand for retrofitting, global climate change concerns, market expansion in developing regions. Major trends in the forecast period include technological integration for efficiency, technological advancements, hydronic heating systems, decentralized heating solutions, advanced materials and design, electrification of heating.
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The heating equipment (except warm air furnaces) market covered in this report is segmented –
1) By Type: Fireplaces, Wood-Burning Stoves, Supplemental Heaters, Low-Pressure Steam, Hot Water Boilers, Furnaces
2) By Business Type: New Construction, Retrofits
3) By Applications: Household, Commercial, Industrial
North America was the largest region in the heating equipment (except warm air furnaces) market in 2023. The regions covered in the heating equipment (except warm air furnaces) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing number of residential construction projects is expected to propel the growth of the heating equipment (except warm air furnaces) market going forward. Residential projects refer to the construction of houses, apartments, and high-rise buildings. Heating equipment is used to control the temperature and humidity in a residential project and the goal is to provide thermal comfort and acceptable indoor air quality, as a result, an increase in the number of residential and commercial construction projects increases the demand for heating equipment (except warm air furnaces) market. For instance, in January 2023, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, 1.4 million residential houses are constructed, a 12.8% above compared to January 2022. Therefore, the increasing number of residential construction projects drives the heating equipment (except warm air furnaces) market.
Key Industry Players
Major companies operating in the heating equipment (except warm air furnaces) market are focusing on air-to-water heat pump to drive revenues in their market. An air-to-water heat pump is a device that, depending on the mode of operation, uses ambient air to either reject or absorb heat for heating or cooling. For instance, in May 2023, Daikin Industries Ltd. a Japan-based company that specializes in air conditioning, heating, ventilation, and refrigeration systems, launched an air-to-water heat pump. It has a reversing function that enables the chiller to alternate between heating and cooling modes in accordance with the process’s or space’s temperature requirements. With a coefficient of performance (COP) of 3.12 in heating mode and a seasonal coefficient of performance (SCOP) of 3.31, the device has a heating capacity of 91.2 kW and a cooling capacity of 23.58 tons. The heat pump has a brazed plate evaporator with low refrigerant pressure drops, low discharge pressure, continuous fan speed modulation, large condenser coil surface area for optimal heat transfer, and high-efficiency scroll compressors.
The heating equipment (except warm air furnaces) market report table of contents includes:
1. Executive Summary
2. Heating Equipment (Except Warm Air Furnaces) Market Characteristics
3. Heating Equipment (Except Warm Air Furnaces) Market Trends And Strategies
4. Heating Equipment (Except Warm Air Furnaces) Market – Macro Economic Scenario
5. Global Heating Equipment (Except Warm Air Furnaces) Market Size and Growth
…………
31. Global Heating Equipment (Except Warm Air Furnaces) Market Competitive Benchmarking
32. Global Heating Equipment (Except Warm Air Furnaces) Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Heating Equipment (Except Warm Air Furnaces) Market
34. Heating Equipment (Except Warm Air Furnaces) Market Future Outlook and Potential Analysis
35. Appendix
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