Heating Equipment Market was valued at USD xx billion in 2019 and is projected to reach around USD xx billion by 2025, at a CAGR of 32.13 % during the forecast period.
The base year considered for the study is 2019 and the forecast period is 2019-2025. Increasing energy efficient solutions across many industrial sectors is anticipated to drive the global heating equipment market.
Heating equipment is an appliance used for maintaining temperatures levels to appropriate level by using thermal energy within residential, industrial or commercial platforms. Industrial process heating operations are responsible for more energy demand than any other of the manufacturing sector accounting for nearly 70% of manufacturing sector process energy. Growing demand for heating equipment’s from several industrial sectors such as steel mills, metal fabrication, food & beverage has significantly influenced the growth of global heating equipment market in the last few years.
Heating equipment market report is segmented on the product type, application, and by regional & country level. Based upon product the global heating equipment market is segmented into heat pumps, furnaces, boilers, unitary heaters and others. On the basis of application market is segmented into residential, commercial and industrial.
The regions covered in this heating equipment market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of modular construction is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Some major key players for heating equipment market are LG Electronics, Honeywell International Inc., Siemens Building Technologies AG, Whirlpool Corporation, Emerson Electric Company, Panasonic Corporation, Electrolux AB, Haier Group Company, Daikin Industries Ltd. and Hitachi Ltd and others.
The global heating equipment market is growing at a significant pace. Growing preference for energy efficient solutions has been one of the major factors driving the global heating equipment market. New laws and attractive incentives from government bodies are actively promoting integration of renewable and efficient heating and cooling technologies in different sectors. Increasing adoption of advanced technology in to achieve lower energy consumption in industrial sectors has accelerating the growth of global heating equipment market. The growth was also credited to the development of high efficiency solutions of heating equipment’s. However, installations of such systems have relatively high cost which is major restraint of the market. In future, innovations in automation technology might offer several market opportunities for the key players. Furthermore, HVAC technologies would change the way of heating to homes and business purposes.
The heating equipment market is segmented into North America, Europe, Asia-Pacific, Latin America and Rest of the World (ROW). Europe dominates the global heating equipment market. Europe accounts more than 30 % of global market share with strong growth being experienced, particularly in Germany, Spain and the United Kingdom. The growth in the region was attributed to the increased demand for high efficiency heating products. Asia pacific was the second in terms of revenue generation followed by North America. The region is projected to showcase promising growth in forecast period owing to rapid industrialization and heavy business investments from private and public sector. Several companies are expanding their business in the region mostly in fastest growing economies such as China and India. Latin America and Middle East and Africa are anticipated to account a significant growth in the forecast period.
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