Heating Equipment Global Market Projected To Reach $41.69 Billion By 2024, With a CAGR of 7.3%
Heating Equipment Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—for a limited time only!
LONDON, GREATER LONDON, UNITED KINGDOM, December 3, 2024 /EINPresswire.com/ -- The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—limited time only!
What Will be the Heating Equipment Market Size in 2024 And Its Growth Rate?
According to the latest report, the global heating equipment market has grown steadily in recent periods and promises to continue this trend over the next few years. The market size is expected to increase from $38.83 billion in 2023 to $41.69 billion in 2024, representing a compound annual growth rate CAGR of 7.3%. This strong growth can be attributed to multiple factors, including expansion in residential and commercial construction activities, the need for replacement and upgrading of aged heating systems, a rise in energy costs coupled with a concentrated focus on energy efficiency, an uptick in the adoption of renewable and clean energy sources, and an increased demand for comfort and indoor air quality within buildings.
Take a sneak peek of the sample report here: https://www.thebusinessresearchcompany.com/sample.aspx?id=7826&type=smp
How is Growth Anticipated in the Heating Equipment Market?
Over the next few years, the heating equipment market size is poised for robust growth. It is predicted to reach an impressive $53.8 billion by 2028, achieving a compound annual growth rate CAGR of 6.6%. This forecasted growth is primarily driven by an emphasis on smart, connected heating solutions, the integration of heat pumps and geothermal heating systems, and a focus on hybrid heating systems for optimal efficiency. More and more, the market is selecting district heating and combined heat and power chp systems and catering to unique building needs with customized heating solutions. Major trends expected to dominate the forecast period include high-efficiency condensing boilers, smart thermostats and controls, heat pumps for both heating and cooling, and hydronic heating systems with radiant heating along with biofuels and biomass heating solutions.
The complete report is available for pre-order: https://www.thebusinessresearchcompany.com/report/heating-equipment-global-market-report
What's Fueling the Growth of the Heating Equipment Market?
The growing construction industry is a significant driver expected to fuel the growth of the heating equipment market. The global construction sector, which includes organizations that create, maintain, and repair infrastructure, relies heavily on heating equipment such as heat pumps to provide heating and cooling solutions for large as well as medium-sized buildings. For instance, Canada’s national statistical agency reported in June 2021 that investment in building construction increased from $14,294 million in April 2019 to $19,273 million in April 2021. Additionally, according to the 2022 US Construction Cost Trends report, the total US construction spending has surged by 16% since the inception of the pandemic. By implication, the expansion of the global construction industry is a substantial driver of growth in the heating equipment market.
Who Are the Key Players in the Heating Equipment Market?
Major companies leading 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., Panasonic Holdings Corporation, Samsung Electronics Co. Ltd., Whirlpool Corporation, Rheem Manufacturing Company, A.O. Smith Corporation, Bradford White Corporation, Navien Inc., Rinnai Corporation, Viessmann Werke GmbH & Co. KG, Fujitsu General Ltd., Gree Electric Appliances Inc. of Zhuhai, Haier Group Corporation, Midea Group Co. Ltd., Nortek Global HVAC LLC, Ruud Manufacturing Company, Goodman Manufacturing Company L.P., and York International Corporation.
What Current Trends Are Shaping the Heating Equipment Market?
A notable trend shaping the market is the deployment of advanced technologies such as injection technology to gain a competitive edge in the industry. One example came in January 2021 when M-TEC GmbH, an Austrian manufacturer, introduced efficient heat pumps designed for large-scale operations. These power series heat pumps have become more efficient due to their larger evaporators, fans, and the innovative use of injection technology.
What Are the Key Segments in the Heating Equipment Market?
The heating equipment market can be broken down as follows –
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
How is the Heating Equipment Market Distributed Geographically?
Europe was the largest regional player in the heating equipment market in 2023. The report also comprehensively covers other major regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Browse Through More Similar Reports By The Business Research Company:
Solar Inverter Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/solar-inverter-global-market-report
Solar Tracker Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/solar-tracker-global-market-report
Solar Encapsulation Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/solar-encapsulation-global-market-report
About The Business Research Company
Learn More About The Business Research Company. With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead in the game.
Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info
Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Oliver Guirdham
The Business Research Company
+44 20 7193 0708
email us here
Visit us on social media:
Facebook
X
LinkedIn
Distribution channels: Business & Economy, Companies, Energy Industry, International Organizations, World & Regional
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Submit your press release