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Heating Equipment Market

Global Heating Equipment Market Size, Share: By Product: Heat Pumps, Furnaces, Boilers, Unitary Heaters, Others; By Application: Residential, Commercial, Industrial; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; 2024-2032

Global Heating Equipment Market Outlook

The global heating equipment market size was estimated at USD 42 billion in 2023 and is projected to record a CAGR of 5.8% between 2024 and 2032 due to the increasing energy-efficient heating systems facilities.      

 

Global Heating Equipment Market

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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.

 

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).

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

 

Global Heating Equipment Market

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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.

 

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.

 

Global Heating Equipment Market

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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.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
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
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
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.
  • Rotex Heating Systems GmbH
  • 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 (2018-2023) 
    8.3    Global Heating Equipment Market Forecast (2024-2032)
    8.4    Global Heating Equipment Market by Product
        8.4.1    Heat Pumps
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Furnaces
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
        8.4.3    Boilers
            8.4.3.1    Historical Trend (2018-2023)
            8.4.3.2    Forecast Trend (2024-2032)
        8.4.4    Unitary Heaters
            8.4.4.1    Historical Trend (2018-2023)
            8.4.4.2    Forecast Trend (2024-2032)
        8.4.5    Others
    8.5    Global Heating Equipment Market by Application
        8.5.1    Residential
            8.5.1.1    Historical Trend (2018-2023)
            8.5.1.2    Forecast Trend (2024-2032)
        8.5.2    Commercial
            8.5.2.1    Historical Trend (2018-2023)
            8.5.2.2    Forecast Trend (2024-2032)
        8.5.3    Industrial
            8.5.3.1    Historical Trend (2018-2023)
            8.5.3.2    Forecast Trend (2024-2032)   
    8.6    Global Heating Equipment Market by Region
        8.6.1    North America
            8.6.1.1    Historical Trend (2018-2023) 
            8.6.1.2    Forecast Trend (2024-2032)
        8.6.2    Europe
            8.6.2.1    Historical Trend (2018-2023) 
            8.6.2.2    Forecast Trend (2024-2032)
        8.6.3    Asia Pacific
            8.6.3.1    Historical Trend (2018-2023) 
            8.6.3.2    Forecast Trend (2024-2032)
        8.6.4    Latin America
            8.6.4.1    Historical Trend (2018-2023) 
            8.6.4.2    Forecast Trend (2024-2032)
        8.6.5    Middle East and Africa
            8.6.5.1    Historical Trend (2018-2023) 
            8.6.5.2    Forecast Trend (2024-2032)
9    North America Heating Equipment Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2023) 
        9.1.2    Forecast Trend (2024-2032)
    9.2    Canada
        9.2.1    Historical Trend (2018-2023) 
        9.2.2    Forecast Trend (2024-2032)
10    Europe Heating Equipment Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2023) 
        10.1.2    Forecast Trend (2024-2032)
    10.2    Germany
        10.2.1    Historical Trend (2018-2023) 
        10.2.2    Forecast Trend (2024-2032)
    10.3    France
        10.3.1    Historical Trend (2018-2023) 
        10.3.2    Forecast Trend (2024-2032)
    10.4    Italy
        10.4.1    Historical Trend (2018-2023) 
        10.4.2    Forecast Trend (2024-2032)
    10.5   Others
11    Asia Pacific Heating Equipment Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2023) 
        11.1.2    Forecast Trend (2024-2032)
    11.2    Japan
        11.2.1    Historical Trend (2018-2023) 
        11.2.2    Forecast Trend (2024-2032)
    11.3    India
        11.3.1    Historical Trend (2018-2023) 
        11.3.2    Forecast Trend (2024-2032)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2023) 
        11.4.2    Forecast Trend (2024-2032)
    11.5    Australia
        11.5.1    Historical Trend (2018-2023) 
        11.5.2    Forecast Trend (2024-2032)
    11.6    Others
12    Latin America Heating Equipment Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2023) 
        12.1.2    Forecast Trend (2024-2032)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2023) 
        12.2.2    Forecast Trend (2024-2032)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2023) 
        12.3.2    Forecast Trend (2024-2032)
    12.4    Others
13    Middle East and Africa Heating Equipment Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2023) 
        13.1.2    Forecast Trend (2024-2032)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2023) 
        13.2.2    Forecast Trend (2024-2032)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2023) 
        13.3.2    Forecast Trend (2024-2032)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2023) 
        13.4.2    Forecast Trend (2024-2032)
    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 2032
2.    Global Heating Equipment Historical Market: Breakup by Product (USD Million), 2018-2023
3.    Global Heating Equipment Market Forecast: Breakup by Product (USD Million), 2024-2032
4.    Global Heating Equipment Historical Market: Breakup by Application (USD Million), 2018-2023
5.    Global Heating Equipment Market Forecast: Breakup by Application (USD Million), 2024-2032
6.    Global Heating Equipment Historical Market: Breakup by Region (USD Million), 2018-2023
7.    Global Heating Equipment Market Forecast: Breakup by Region (USD Million), 2024-2032
8.    North America Heating Equipment Historical Market: Breakup by Country (USD Million), 2018-2023
9.    North America Heating Equipment Market Forecast: Breakup by Country (USD Million), 2024-2032
10.    Europe Heating Equipment Historical Market: Breakup by Country (USD Million), 2018-2023
11.    Europe Heating Equipment Market Forecast: Breakup by Country (USD Million), 2024-2032
12.    Asia Pacific Heating Equipment Historical Market: Breakup by Country (USD Million), 2018-2023
13.    Asia Pacific Heating Equipment Market Forecast: Breakup by Country (USD Million), 2024-2032
14.    Latin America Heating Equipment Historical Market: Breakup by Country (USD Million), 2018-2023
15.    Latin America Heating Equipment Market Forecast: Breakup by Country (USD Million), 2024-2032
16.    Middle East and Africa Heating Equipment Historical Market: Breakup by Country (USD Million), 2018-2023
17.    Middle East and Africa Heating Equipment Market Forecast: Breakup by Country (USD Million), 2024-2032
18.    Global Heating Equipment Market Structure

Key Questions Answered in the Report

In 2023, the global heating equipment market attained a value of nearly USD 42 billion.

The market is projected to grow at a CAGR of 5.8% between 2024 and 2032.

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 42 billion in 2023, 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 2024-2032, 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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