Reports
Global Heating Equipment Market: By Product: Heat Pumps, Furnaces, Boilers, Unitary Heaters, Others; By Application: Residential, Commercial, Industrial; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; Industry Events and Developments
Global Heating Equipment Market Outlook
The global heating equipment market size was estimated at USD 39.7 billion in 2022 and is projected to record a CAGR of 5.8% between 2023 and 2028 due to the increasing energy-efficient heating systems facilities.
The need for energy-efficient heating machinery has resulted in mechanical devices being developed that could provide cost-effective heating, which is aiding the growth of the market. With rapid technological growth, the heating equipment provides cost-effective alternatives for reducing carbon emissions; thus, further propelling the growth of the heating equipment market. These systems can either be categorized as self-contained packages of units or as core systems. The self-contained packages are generally used in residential and small business areas. In big commercial buildings, where access to outside air is limited, central heating systems are used. Many building standards directly influence the heating equipment industry.
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Market Segmentation
Heating equipment is a mechanism used for heating homes, offices, or other residences through the use of thermal energy. It is often a component of the HVAC system (heating, ventilation, air conditioning).
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The heating equipment market can be divided based on segments like product and application.
The industry can be divided based on product as:
- Heat Pumps
- Furnaces
- Boilers
- Unitary Heaters
- Others
The industry can be broadly categorised based on application into:
- Residential
- Commercial
- Industrial
The EMR report looks into the regional heating equipment markets like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.
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Market Analysis
The heating equipment market is being driven by technological developments, along with government initiatives to improve energy efficiency across sectors. It is also expected that the growing expenditure in the building industry will add to the product demand in the coming years. It is anticipated that initiatives such as the United States’ Leadership in Energy and Environmental Design (LEED) will help the development of the sector. In the coming years, the demand for industrial furnaces in the United States is anticipated to rise due to the rise in industrial sector refurbishment and renovation. Moreover, it is also expected that the existence of a strict legislative structure pertaining to HVAC systems and building regulations will accelerate the market growth over the forecast period. The global market is extremely competitive, and major businesses are concentrating on minimizing the general cost of the item by leveraging the high technology price and assembly costs.
Competitive Landscape
The report presents a detailed analysis of the following key players in the global heating equipment market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Danfoss A/S
- Carrier Global Corporation [United Technologies Corporation]
- Trane Technologies plc (Ingersoll-Rand plc)
- Raytheon Technologies Corporation
- Lennox International, Inc.
- Rotex Heating Systems GmbH [Daikin Industries, Ltd.]
- Robert Bosch GmbH
- Others
The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Product, Application, Region |
| Breakup by Product | Heat pumps, Furnaces, Boilers, Unitary heaters, Others |
| Breakup by Application | Residential, Commercial, Industrial |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Danfoss A/S, Carrier Global Corporation [United Technologies Corporation], Trane Technologies plc (Ingersoll-Rand plc), Raytheon Technologies Corporation, Lennox International, Inc. [LII (NYSE)], Rotex Heating Systems GmbH [Daikin Industries, Ltd.], Robert Bosch GmbH, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Heating Equipment Market Analysis
8.1 Key Industry Highlights
8.2 Global Heating Equipment Historical Market (2018-2022)
8.3 Global Heating Equipment Market Forecast (2023-2028)
8.4 Global Heating Equipment Market by Product
8.4.1 Heat Pumps
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Furnaces
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.3 Boilers
8.4.3.1 Historical Trend (2018-2022)
8.4.3.2 Forecast Trend (2023-2028)
8.4.4 Unitary Heaters
8.4.4.1 Historical Trend (2018-2022)
8.4.4.2 Forecast Trend (2023-2028)
8.4.5 Others
8.5 Global Heating Equipment Market by Application
8.5.1 Residential
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Commercial
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.5.3 Industrial
8.5.3.1 Historical Trend (2018-2022)
8.5.3.2 Forecast Trend (2023-2028)
8.6 Global Heating Equipment Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2022)
8.6.3.2 Forecast Trend (2023-2028)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2022)
8.6.4.2 Forecast Trend (2023-2028)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2022)
8.6.5.2 Forecast Trend (2023-2028)
9 North America Heating Equipment Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe Heating Equipment Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Heating Equipment Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Heating Equipment Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Heating Equipment Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Danfoss A/S
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Carrier Global Corporation [United Technologies Corporation]
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Trane Technologies plc (Ingersoll-Rand plc)
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Raytheon Technologies Corporation
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Lennox International Inc.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Rotex Heating Systems GmbH
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Robert Bosch GmbH
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Heating Equipment Market: Key Industry Highlights, 2018 and 2028
2. Global Heating Equipment Historical Market: Breakup by Product (USD Million), 2018-2022
3. Global Heating Equipment Market Forecast: Breakup by Product (USD Million), 2023-2028
4. Global Heating Equipment Historical Market: Breakup by Application (USD Million), 2018-2022
5. Global Heating Equipment Market Forecast: Breakup by Application (USD Million), 2023-2028
6. Global Heating Equipment Historical Market: Breakup by Region (USD Million), 2018-2022
7. Global Heating Equipment Market Forecast: Breakup by Region (USD Million), 2023-2028
8. North America Heating Equipment Historical Market: Breakup by Country (USD Million), 2018-2022
9. North America Heating Equipment Market Forecast: Breakup by Country (USD Million), 2023-2028
10. Europe Heating Equipment Historical Market: Breakup by Country (USD Million), 2018-2022
11. Europe Heating Equipment Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Asia Pacific Heating Equipment Historical Market: Breakup by Country (USD Million), 2018-2022
13. Asia Pacific Heating Equipment Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Latin America Heating Equipment Historical Market: Breakup by Country (USD Million), 2018-2022
15. Latin America Heating Equipment Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Middle East and Africa Heating Equipment Historical Market: Breakup by Country (USD Million), 2018-2022
17. Middle East and Africa Heating Equipment Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Global Heating Equipment Market Structure
Key Questions Answered in the Report
In 2022, the global heating equipment market attained a value of nearly USD 39.7 billion.
The market is projected to grow at a CAGR of 5.8% between 2023 and 2028.
The major drivers of the market include technological developments, along with government initiatives to improve energy efficiency across sectors.
The growing expenditure in the building sector is expected to be a key trend guiding the growth of the market.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The types of heating equipment available are heat pumps, furnaces, boilers, and unitary heaters, amongst others.
Heating equipment finds applications in residential, commercial, and industrial sectors.
The major players in the global heating equipment market are Danfoss A/S, Carrier Global Corporation [United Technologies Corporation], Trane Technologies plc (Ingersoll-Rand plc), Raytheon Technologies Corporation, Lennox International, Inc., Rotex Heating Systems GmbH, and Robert Bosch GmbH, among others.
Analyst Review
The global heating equipment market attained a value of USD 39.7 billion in 2022, driven by the technological developments, along with government initiatives to improve energy efficiency across sectors. Aided by the growing expenditure in the building industry, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 5.8%.
EMR’s meticulous research methodology delves deep into the industry, covering the macro and micro aspects of the industry. Based on the product type, the heating equipment market can be segmented into heat pumps, furnaces, boilers, and unitary heaters, amongst others. By application, the industry can be divided into residential, commercial and industrial. The key players in the above industry include Danfoss A/S, Carrier Global Corporation [United Technologies Corporation], Trane Technologies plc (Ingersoll-Rand plc), Raytheon Technologies Corporation, Lennox International, Inc. [LII (NYSE)], Rotex Heating Systems GmbH [Daikin Industries, Ltd.], Robert Bosch GmbH, Others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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