Global Heating Equipment Market

Global Heating Equipment Market Size, Share, Growth Analysis, By Type(Furnaces, boilers), By Application(Residential, commercial) - Industry Forecast 2023-2030


Report ID: SQMIG20I2128 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 65 | Figures: 75

Global Heating Equipment Market Insights

Heating Equipment Market size was valued at USD 40.1 billion in 2022 and is poised to grow from USD 41.82 billion in 2023 to USD 56.16 billion by 2030, at a CAGR of 4.3% during the forecast period (2023-2030).

The global heating equipment market is witnessing steady growth due to increasing demand for efficient and sustainable heating solutions. Factors like urbanization, cold climatic conditions, and technological advancements are driving the market.

Residential and commercial sectors are major consumers, with a rising focus on energy-efficient and eco-friendly systems. HVAC systems, heat pumps, and electric heaters are prominent segments. North America, Europe, and Asia-Pacific dominate the market, with manufacturers emphasizing smart and connected devices.

As environmental concerns grow, the market is expected to shift towards renewable energy-based heating technologies, fostering innovation and competition among industry players.

US Heating Equipment Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2023-2030

Global Market Size

USD 40.1 billion

Largest Segment

Residential

Fastest Growth

Residential

Growth Rate

4.3% CAGR

Global Heating Equipment Market by region
Country Share for North America (%)
Global Heating Equipment Market by application
Global Heating Equipment Market by application

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Global Heating Equipment Market Segmental Analysis

The global heating equipment market can be segmented into various categories based on factors like type, application, and region. Types include heating systems such as furnaces, boilers, and heat pumps. Applications encompass residential, commercial, and industrial sectors for space heating, water heating, and more. Geographically, the market can be divided into regions like North America, Europe, Asia Pacific, Latin America, and MEA.

Heating Equipment Market Analysis By Type

Furnaces and heat pumps are likely to be among the largest segments. Furnaces, especially those that are energy-efficient and offer smart control features, tend to have consistent demand in residential and commercial sectors. Heat pumps have gained popularity due to their energy-efficient heating and cooling capabilities.

Heat pumps, particularly air-source and ground-source heat pumps, were experiencing rapid growth due to their energy efficiency and environmentally friendly nature. As there was a growing emphasis on reducing carbon emissions, many consumers and businesses were exploring heat pumps as alternatives to traditional heating methods.

Heating Equipment Market Analysis By Application

Historically, the residential heating equipment market has been one of the largest segments due to the sheer number of households requiring heating solutions. The demand for energy-efficient and eco-friendly heating systems has been growing, driving innovation in this sector.

The fastest-growing segment varies depending on factors such as technological advancements, government regulations, and market trends. However, the commercial segment was experiencing substantial growth due to the expansion of commercial spaces, coupled with increasing awareness about energy efficiency and sustainable heating solutions.

Global Heating Equipment Market by application, 2022 (%)

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Global Heating Equipment Market Regional Insights

The largest markets for heating equipment are often found in regions with colder climates and strong economies. North America, Europe, and parts of Asia-Pacific are generally considered the largest markets.

The fastest growing markets can vary based on economic growth, urbanization, and environmental considerations. In recent years, there has been a growing emphasis on energy efficiency and sustainability, leading to increased demand for modern, efficient heating solutions. Developing economies in Asia-Pacific, where urbanization is rapid, might see faster growth rates in the heating equipment market.

Global Heating Equipment Market by geography, 2023-2030
  • Largest
  • Fastest

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Global Heating Equipment Market Dynamics

Heating Equipment Market Drivers

Need for Eco-Friendly Heating Solutions

  • The increasing demand for energy-efficient and eco-friendly heating solutions, driven by growing environmental concerns and government regulations, is propelling the global heating equipment market's growth.

Heating Equipment Market Restraints

High Cost

  • High initial costs and installation expenses, coupled with slow replacement rates of conventional heating systems, pose challenges for the widespread adoption of advanced heating equipment in the global market.

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Global Heating Equipment Market Competitive Landscape

The global heating equipment market features intense competition among key players. Established companies such as Carrier, Daikin, and Johnson Controls strive to maintain dominance through continuous technological advancements, energy-efficient solutions, and comprehensive service networks. New entrants like Mitsubishi Electric and Bosch Thermotechnology are innovating to capture market share, emphasizing smart and sustainable heating solutions. The competitive landscape is marked by mergers, acquisitions, and collaborations, enhancing product portfolios and expanding global reach. Energy efficiency, eco-friendliness, and cost-effectiveness are pivotal factors influencing consumer choices, prompting companies to focus on holistic, customer-centric strategies to thrive in this dynamic market.

Heating Equipment Market Top Player’s Company Profiles

  • Honeywell International Inc. - USA
  • Daikin Industries Ltd. - Japan
  • Lennox International Inc. - USA
  • Ingersoll Rand - Ireland
  • United Technologies Corporation (Carrier) - USA
  • Bosch Thermotechnology - Germany
  • Johnson Controls International plc - Ireland
  • Trane Technologies plc - Ireland
  • Mitsubishi Electric Corporation - Japan
  • Vaillant Group - Germany
  • Rheem Manufacturing Company - USA
  • Danfoss - Denmark
  • A. O. Smith Corporation - USA
  • Viessmann Group - Germany
  • Nortek Global HVAC - USA
  • Fujitsu General Limited - Japan
  • Emerson Electric Co. - USA
  • Stiebel Eltron GmbH & Co. KG - Germany
  • Watts Water Technologies, Inc. - USA
  • Zehnder Group AG - Switzerland

Heating Equipment Market Recent Developments

  • In January 2022, Vattenfall and Feenstra Verwarming B.V. developed a straightforward and economical heat pump technology that could take the place of gas boilers.

Global Heating Equipment Key Market Trends

  • The global heating equipment market has witnessed significant developments driven by growing demand for energy-efficient solutions and increasing adoption of smart technologies. Manufacturers are focusing on innovations in heat pumps, solar heating systems, and advanced HVAC systems to reduce carbon emissions and enhance energy conservation. Integration of Internet of Things (IoT) features into heating equipment enables remote monitoring and control. Additionally, stricter environmental regulations and consumer awareness are shaping the market, encouraging a shift towards sustainable heating solutions. These trends indicate a dynamic landscape with a strong emphasis on eco-friendly, smart, and efficient heating equipment.

Global Heating Equipment Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our analysis, the global heating equipment market is poised for promising growth due to increasing demand for energy-efficient and eco-friendly solutions. As climate concerns mount, consumers and industries are seeking innovative heating technologies that reduce carbon footprints. Smart thermostats, heat pumps, and solar heating systems are gaining traction. Additionally, stringent government regulations regarding energy efficiency are driving market expansion. Emerging economies' infrastructure development and rising disposable incomes further contribute to the market's potential. The integration of Internet of Things (IoT) capabilities and renewable energy sources will likely shape the market's future, fostering sustainable and intelligent heating solutions.

Report Metric Details
Market size value in 2022 USD 40.1 billion
Market size value in 2030 USD 56.16 billion
Growth Rate 4.3%
Base year 2022
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Furnaces, boilers, and heat pumps
  • Application
    • Residential, commercial, and industrial sectors for space heating, water heating, and more
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Honeywell International Inc. - USA
  • Daikin Industries Ltd. - Japan
  • Lennox International Inc. - USA
  • Ingersoll Rand - Ireland
  • United Technologies Corporation (Carrier) - USA
  • Bosch Thermotechnology - Germany
  • Johnson Controls International plc - Ireland
  • Trane Technologies plc - Ireland
  • Mitsubishi Electric Corporation - Japan
  • Vaillant Group - Germany
  • Rheem Manufacturing Company - USA
  • Danfoss - Denmark
  • A. O. Smith Corporation - USA
  • Viessmann Group - Germany
  • Nortek Global HVAC - USA
  • Fujitsu General Limited - Japan
  • Emerson Electric Co. - USA
  • Stiebel Eltron GmbH & Co. KG - Germany
  • Watts Water Technologies, Inc. - USA
  • Zehnder Group AG - Switzerland
Customization scope

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  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Heating Equipment Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Heating Equipment Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Heating Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Heating Equipment Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Heating Equipment Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Heating Equipment Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

Heating Equipment Market size was valued at USD 40.1 billion in 2022 and is poised to grow from USD 41.82 billion in 2023 to USD 56.16 billion by 2030, at a CAGR of 4.3% during the forecast period (2023-2030).

The global heating equipment market features intense competition among key players. Established companies such as Carrier, Daikin, and Johnson Controls strive to maintain dominance through continuous technological advancements, energy-efficient solutions, and comprehensive service networks. New entrants like Mitsubishi Electric and Bosch Thermotechnology are innovating to capture market share, emphasizing smart and sustainable heating solutions. The competitive landscape is marked by mergers, acquisitions, and collaborations, enhancing product portfolios and expanding global reach. Energy efficiency, eco-friendliness, and cost-effectiveness are pivotal factors influencing consumer choices, prompting companies to focus on holistic, customer-centric strategies to thrive in this dynamic market. 'Honeywell International Inc. - USA', 'Daikin Industries Ltd. - Japan', 'Lennox International Inc. - USA', 'Ingersoll Rand - Ireland', 'United Technologies Corporation (Carrier) - USA', 'Bosch Thermotechnology - Germany', 'Johnson Controls International plc - Ireland', 'Trane Technologies plc - Ireland', 'Mitsubishi Electric Corporation - Japan', 'Vaillant Group - Germany', 'Rheem Manufacturing Company - USA', 'Danfoss - Denmark', 'A. O. Smith Corporation - USA', 'Viessmann Group - Germany', 'Nortek Global HVAC - USA', 'Fujitsu General Limited - Japan', 'Emerson Electric Co. - USA', 'Stiebel Eltron GmbH & Co. KG - Germany', 'Watts Water Technologies, Inc. - USA', 'Zehnder Group AG - Switzerland'

The increasing demand for energy-efficient and eco-friendly heating solutions, driven by growing environmental concerns and government regulations, is propelling the global heating equipment market's growth.

The global heating equipment market has witnessed significant developments driven by growing demand for energy-efficient solutions and increasing adoption of smart technologies. Manufacturers are focusing on innovations in heat pumps, solar heating systems, and advanced HVAC systems to reduce carbon emissions and enhance energy conservation. Integration of Internet of Things (IoT) features into heating equipment enables remote monitoring and control. Additionally, stricter environmental regulations and consumer awareness are shaping the market, encouraging a shift towards sustainable heating solutions. These trends indicate a dynamic landscape with a strong emphasis on eco-friendly, smart, and efficient heating equipment.

The largest markets for heating equipment are often found in regions with colder climates and strong economies. North America, Europe, and parts of Asia-Pacific are generally considered the largest markets.

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Global Heating Equipment Market

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