Heating Equipment Market Report

Heating Equipment Market Analysis By Product (Heat Pumps, Furnaces, Boilers, Unitary Heaters), By Application (Residential, Commercial, Industrial), Competitive Benchmarking, Trends, And Segment Forecasts, 2018 - 2025

  • Published Date: Oct, 2016
  • Base Year for Estimate: 2015
  • Report ID: GVR-1-68038-206-8
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2015
  • Number of Pages: 110

Market Size and Trends

The global heating equipment market size was USD 28.85 billion in 2015 and is expected to witness considerable growth owing to the growing preference for energy efficient solutions. Rapid industrialization coupled with increasing repair & renovation activities in the residential sector is projected to drive the demand for heating systems over the coming years.

Global heating equipment market revenue by region, 2014 - 2025 (USD Million)

Global heating equipment market

One of the major trends influencing the heating equipment market is demand for products that are certified as energy efficient. Growing energy consumption in the industrial and residential sector is projected to drive the demand for solutions that decrease operation cost and enhance energy savings.

The heating equipment industry is highly competitive, and companies are at the risk of losing business owing to several factors including price, technology, product performance, geographic presence, and customer service. District heating solutions are expected to gain prominence over the coming years.

Product Insights

Heat pumps accounted for 42.7% of the global revenue in 2015. Heat pumps are also known as two-way air conditioners as it helps extract heat from cold outdoors with the aid of an electrical system, and discharges that heat inside the house. Heat pumps are projected to grow at a high CAGR on account of its low operating cost and high operating capacity.

Furnaces are the most common heating system used in the residential sector across the world. The demand for furnaces is anticipated to grow at a high CAGR on account of its quick warming capability, easy availability of replacement part, and energy efficiency.

Application Insights

The industrial application sector is projected to grow at the highest CAGR from 2016 to 2025. Industrial buyers focus on factors such as energy and operational cost savings, maintenance cost, and product lifespan. However, residential buyers seek energy-saving solutions at economical prices.

The residential sector utilizes heating systems for space & water, and other utility purposes. Growing repair & renovation activities undertaken in North America and Europe coupled with increasing construction spending in the Asia Pacific and Middle Eastern region is projected to propel the demand for heating solutions over the coming years.

Regional Insights

Europe is projected to experience high demand for energy-efficient and certified products. Favorable government policies related to reducing energy consumption are expected to boost the preference for technologically upgraded products and solutions. The recovering construction sector and rapidly evolving automotive industry are projected to contribute to the growth of the market.

Europe heating equipment market share, by product, 2015

Europe heating equipment

Asia Pacific is projected to grow at the highest CAGR over the forecast period. Exponential industrialization & increasing R&D efforts to develop energy-efficient solutions is anticipated to lead to exponential growth over the coming years. The growing automotive and mining industry in Asia Pacific is expected to boost the demand for heating solutions.

Competitive Market Share Insights

Some of the major companies include Danfoss, United Technologies Corporation, Ingersoll-Rand Plc, Lennox International, Inc., Daikin Industries Ltd., Johnson Controls, and Robert Bosch GmbH. Other prominent players in the industry are Uponor Corporation, Emerson Electric Co., Honeywell International Inc., Pentair PLC, Nexans S.A., Schneider Electric SE, Siemens AG, Mitsubishi Electric Corporation, and Nortek, Inc.

The industry is expected to influence continuous product developments in terms of energy efficiency, remote accessibility, and ease of operation. New product developments and investments in new production facilities & distribution channels are some of the strategic initiatives taken up by companies.

Report Scope



Base year for market estimation


Actual estimates/Historic market data

2014 & 2015

Forecast period

2016 - 2025

Market representation

Market revenue in USD Million & CAGR from 2016 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America and Middle East & Africa

Country scope

U.S., Canada, Mexico, Germany, UK, France, Russia, China, India, Japan, Brazil and Saudi Arabia

Report coverage             

Revenue, competitive landscape, growth factors, trends

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Market Segments Covered in the Report

This report forecasts revenue growth and provides an analysis on the industry trends in each of the sub-markets from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the heating equipment market on the basis of product, application, and region:

  • Global Product Outlook (Revenue, USD Million, 2014 - 2025)

    • Heat pumps

    • Furnaces

    • Boilers

    • Unitary heaters

    • Others

  • Global Application Outlook (Revenue, USD Million, 2014 - 2025)

    • Residential

    • Commercial

    • Industrial

  • Regional Outlook (Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • UK

      • France

      • Russia

    • Asia Pacific

      • China

      • Japan

      • India

    • Central & South America

      • Brazil

    • Middle East & Africa

      • Saudi Arabia

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