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)
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.
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.
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.
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
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.
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.
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Attribute |
Details |
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Base year for market estimation |
2015 |
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Actual estimates/Historic market data |
2014 & 2015 |
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Forecast period |
2016 - 2025 |
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Market representation |
Market revenue in USD Million & CAGR from 2016 to 2025 |
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Regional scope |
North America, Europe, Asia Pacific, Central & South America and Middle East & Africa |
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Country scope |
U.S., Canada, Mexico, Germany, UK, France, Russia, China, India, Japan, Brazil and Saudi Arabia |
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Report coverage |
Revenue, competitive landscape, growth factors, trends |
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Free customization scope (20% free): Equivalent to 5 analyst working days |
If you are looking for specific or additional market information, which is not currently within the scope of the report, we will provide it to you as a part of customization. |
*15% free customization - It is equivalent to work done by a research analyst for 5 working days
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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