Report Code: A10690 | Nov 2023 | Pages: NA | ||
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Residential Furnaces Market
Request Now !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.
COVID-19 scenario analysis:
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 benefits of the report:
Residential Furnaces Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights
Aspects | Details |
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By Heat Source |
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By Type |
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By Design |
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By Region |
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Key Market Players | Rheem Manufacturing Company, Boyertown Furnace Company, Daikin Industries Ltd., Johnson Controls, Luxaire, Carrier Corporation, Coleman AC, Lennox International Inc., Fujitsu General, Bryant Heating & Cooling Systems |
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