Heating Equipment Market Outlook - 2027
Heating systems are required to maintain an appropriate temperature at a desired level, by using thermal energy. This equipment is component used in the heating system.The rise in demand for energy efficient heating equipment in the market has increased over normal heating equipment. This requirement has led to technological development of the mechanical systems, which could give the desired heating of the environment and also fulfill the need of cost efficiency.
Heat pumps and unitary heaters are mostly found in residential and commercial applications. Mostly small portable heat pumps are used in residential buildings. The central heating systems are used in large commercial buildings where outside air is restricted and temperature inside the building is to be maintained at a certain level. Furnaces and boilers are used in industries like manufacturing and pharmaceutical. The heating equipment market is dependent on various standards of buildings. ISO for instance is an environmental standard, which must be considered while installing heating equipment in the buildings. The heat pumps and unitary heaters generally operate on electric power, whereas, furnaces and boilers operate on electricity, natural gas, and other fuels like coal and gas. The efficiency of the heating system is often increased by using residual heat from the exhaust for preheating or heating up low grade appliances. Boiler efficiency is important in heavy industries which depend on pumps, heat exchangers, pipe insulations, and radiators.
Heating equipment manufacturing companies are focused on technological developments which are energy saving and reduce their dependency on fossil fuels. Asia-Pacific has a huge market for furnaces and boilers. India and China have many heavy manufacturing industries which use these furnaces and boilers. Extreme cold weather regions in Europe, which include Germany, the UK, parts of Russia, and similarregions in the U.S. like Alaska and Seattle have the largest market sharefor heat pumps and unitary heaters. However, there is a rise in need of boilers and furnaces in the U.S. as well.
The rise in need of installation of energy efficient heating systems in residential as well as commercial buildings is the primary factor that drives the growth of heating equipment in the global market. Increase in industrialization has led to surge indemand for heating equipment in various industries like mining and power generation. Increase in energy bills and strict regulations considering the environmental norms have enforced various commercial organizations and industries to install heating equipment in their operating areas.In addition, the rise in demand for remote access control systems, which are easy to operate has considerably led to the growth in investments of the market by the commercial, industrial, and residential end users.This growth in investments of the market has led to development of advanced heating equipment that has various sensors and that can be operated from remote locations. Development in infrastructure of residential, commercial, and industrial buildings have also surged the demand for heating equipment in the market.
However, the market has increased competency among various market players due to lack of product type differentiation depending on the working principle and features amongst their product types. This factor is a major restraint for companies in heating equipment market. Also, duplication of the existing products in local market has hampered the growth of the market to an extent. However, the increase in investments has led to research of more advanced technology with an objective to develop distinct products. Trend shows that these factorsare expected to fuel the growth ofthe heating equipment market during the forecast period. Increase in government initiative in terms of improving the energy efficiency in various industries is a major factor expected to target the market growth in near future.
The global heating equipment market is segmented into product type, end user, and region. By product type, it is differentiated by heat pumps,furnaces, unitary heaters, and boilers. By end-user, it is classified into commercial, industrial, and residential. By region, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
Key players in the global heating equipment market are United Technologies, The Danfoss Group, Ingersoll-Rand Plc, Mitsubishi Electric Corporation,Lennox International,Emerson Electric Co., Johnson Controls, Robert Bosch GmbH, Uponor Corporation, and Honeywell International Inc. Some other major companies includeSchneider Electric Inc., Siemens,Haier Inc., LG Electronics, and Whirlpool Corporation.
The study provides an in-depth analysis of the current & future trends of the global heating equipment market to elucidate imminent investment pockets.
Information about key drivers, restraints, opportunities, and their impact analysis on the market has been provided.
Porter’s five forces analysis illustrates the potency of buyers & suppliers that operate in the industry.
The quantitative analysis of the global heating equipment market from 2020to 2027 has been provided to determine the market potential.
Key Market Segments
By Product type
- Heat Pumps
- Unitary Heaters
By End User
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- The Middle East
Key Market Players
- United Technologies
- The Danfoss Group
- Ingersoll-Rand Plc
- Mitsubishi Electric Corporation
- Lennox International
- Johnson Controls
- Robert Bosch GmbH
- Uponor Corporation
- Emerson Electric Co.
- Honeywell International Inc.