The North America heating equipment market size is expected to reach USD 10.81 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 5.6% over the forecast period. The increasing number of construction projects coupled with promising repair and replacement activities is the vital factor driving the market growth.
Rising income along with low-interest rates in North American countries has resulted in companies having more cash on hand. This allows them to upgrade their expensive equipment in stores, production facilities, and offices. A lower rate of interest is expected to be a significant factor for the growth in demand for heating equipment in North America as companies can invest effortlessly in the otherwise costly equipment upgrade.
Increasing energy consumption, as well as strict environmental regulations, have influenced the demand for certified energy-efficient products. Also, rising energy bills have led many commercial and industrial organizations to switch to effective as well as efficient heating equipment at their sites.
Installing an energy efficient heating system qualifies the buyer for several tax credits. Tax rebates are also offered for using renewable systems such as geothermal heat pumps. In U.S., residential buyers can be eligible for residential property credit, allowing them a concession of 10% on the cost of installation, professional preparation, and labor. Such financial support and tax rebates are expected to fuel the demand for energy efficient heating equipment in North America over the forecast period.
The market is highly competitive owing to the lack of product differentiation and several other factors such as technology, price, geographic presence, products performance, and customer service. However, development of innovative and new product segment is projected to bolster the market expansion over the forecast period.
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Further key findings from the report suggest:
Demand from residential application segment is estimated to reach approximately USD 2 billion by 2025 expanding at a CAGR of 5.3% from 2018 to 2025
Industrial application segment led the North America heating equipment market with a market share of over 57.36% in 2017
Heat pumps are anticipated to witness a significant CAGR of 5.7% over the next 8 years, owing to the sturdy market for new housing, cold climatic conditions and large replacement market
Some of the key companies present in the market are United Technologies; Whirlpool Corporation; Johnson Controls; Honeywell International Inc.; Nortek Holdings; and Daikin Industries Ltd.
Grand View Research has segmented the North America heating equipment market on the basis of product, application, and region:
North America Heating Equipment Product Outlook (Revenue, USD Million, 2014 - 2025)
North America Heating Equipment Application Outlook (Revenue, USD Million, 2014 - 2025)
North America Heating Equipment Regional Outlook (Revenue, USD Million, 2014 - 2025)
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