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Allied Market Research

Residential Furnaces Market: Global Opportunity Analysis and Industry Forecast, 2020–2027

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Jun 2021 | 28 Views
 
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COVID-19

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A furnace is a heating equipment that is used to provide temperature control to a building. A residential furnace heats air and supplies it with the help of ductwork to target area. There are various types of furnaces including gas furnace, electric furnace, oil furnace, wood furnace, and hybrid furnace. Electric furnaces use exposed elements to heat air, while other furnace types use heat exchangers to warm the air. Thermostats are used to shut off furnaces when target temperature is achieved. Residential furnaces use blowers to move air through the air duct system. Blowers used in residential furnaces may generally be divided into two types including brushless permanent magnet (BPM) motor blower and permanent split capacitor (PSC) motor blower.

Market scope and structure analysis:

Report Metric

Details

  Market size available for years

  2019–2027

  Base year considered

  2019

 Forecast period

  2020–2027

   Forecast units

  Value (USD Millions)

  Segments covered

Heat Source, Type, Design, Industry Verticals, and Region

  Regions covered

North America (US, Mexico, and Canada), Europe (Germany, UK, Netherlands, Italy, and France), Asia-Pacific (China, Japan, South Korea, Sri Lanka, and India), LAMEA (Latin America, Middle East, and Africa)

  Companies covered

The key players in the residential furnaces market include Lennox International Inc., Carrier Corporation, Johnson Controls, Rheem Manufacturing Company, Bryant Heating & Cooling Systems, Daikin Industries Ltd., Luxaire, Fujitsu General, Boyertown Furnace Company, Coleman AC among others.

 

COVID-19 scenario analysis:

  • COVID-19 pandemic has forced many companies including manufacturers and service providers in the HVAC market to halt their business operations to comply with new government rules and regulations. This halt in operations directly impacts the revenue flow of the market players and thereby the global HVAC market. 
  • Moreover, research scientists are unable to rule out the possibility of spread of coronavirus through heating, ventilation, and air conditioning (HVAC) systems. 
  • Consumers around the world are confused whether HVAC air filtration systems can protect them from COVID-19 exposure. 
  • Some systems like germicidal wavelength UV fixtures were capable of filtering air in previous cases of SARS and MERS viruses but the same cannot be scientifically claimed for COVID-19, as research is still ongoing.
  • Installation and servicing operations would be impeded as contact prevention norms reduce the number of orders that can be handled per day by HVAC companies.
  • Therefore, the residential furnaces market is expected to get negatively affected in 2020.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, Opportunities, Restraints and Impact Analysis

Furnaces help in providing heat and constant air circulation and are thus important for comfort of living. Residential furnaces are used in residential buildings to regulate temperature of supply air in winter and summer by providing consistent air circulation. Rising global population, urbanisation and increase in disposable income levels of consumers are important factors behind the growth of the market. Also, the increasing global construction activity in the residential sector is expected to help boost the market. The restraints for the market come from the increasing regulations regarding the operational standards of residential furnaces to protect the environment from harmful effects of pollution and emission of greenhouse gases, global warming and over consumption of energy leading to depletion of natural resources. The introduction of new models that are more energy-efficient are expected to boost sales and provide new growth opportunities to the global residential furnaces market.

The global residential furnaces market trends are as follows:

Rise in population, urbanization and increase in disposable income of consumers

According to data of United Nations (UN) more than 54% of global population is living in urban areas, which is generating employment opportunities and improving income level of individuals. Due to the aforementioned factors of growing population, urbanisation and increased standard of living of consumers around the world, creating growth opportunities for the global air conditioners market and as a result the global residential furnace market as well. Consumers are showing a growing inclination towards increased comfort in their living conditions. Temperature control is important to maintain optimal living conditions and provide comfort in the extreme conditions of cold of winter and the heat of summer. With rising global population and increasing number of nuclear families around the world, the residential furnaces market is also expected to flourish. The residential construction sector is growing around the world and the demand for residential furnaces is expected to continue to grow with this.

Stringent environmental regulations

With growth in energy consumption around the world, concern around the energy efficiency of equipment is on the rise. This is a major factor for growth of the residential furnaces market as increase in adoption of energy-efficient solutions to save power consumption in the residential furnaces sector is anticipated to stimulate growth of the market. Rules and regulations regarding power consumption and environmental concerns are causing manufacturers to come up with designs that use limited energy. For example, stringent regulations imposed by Environmental Protection Agency (EPA) in the USA is a permanent part of the HVAC landscape now. Certification by the concerned bodies is necessary for HVAC companies around the world to ensure lower impact on the environment and reduction of energy consumption. The Department of Energy, USA has imposed regulations in 2014 on the design of furnace fans to increase the operational efficiency of the fans and provide savings to consumers. Fuel efficiency of furnaces can be measured as per Annual Fuel Utilization Efficiency (AFUE).  Due to these factors, the introduction of new energy-efficient models in the market is expected to help boost the global residential furnaces market as consumers are showing growth in inclination to choose these options.

Key segments covered:

Segments

Subsegments

  Heat Source

  • Gas Furnace
  • Electric Furnace
  • Oil Furnace
  • Wood Furnace
  • Hybrid Furnace

  Type

  • Single Stage Furnace
  • Two Stage Furnace
  • Modulating Furnace

  Design

  • Natural Draft
  • Forced-Air
  • Forced Draft
  • Condensing

 

  Industry verticals

 

  • HVAC
  • Others

 

Key benefits of the report:

  • This study presents the analytical depiction of the global residential furnaces industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global residential furnaces market share.
  • The current market is quantitatively analyzed from 2019 to 2027 to highlight the global residential furnaces market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global residential furnaces market analysis based on competitive intensity and how the competition will take shape in coming years.
 
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