Global Heating Equipment Market to Reach US$ 61.4 Billion by 2032, Accelerated by Growing Need to Reduce Carbon Emissions

June 09, 2023 | Construction and Manufacturing

As per the latest report by IMARC Group, titled "Heating Equipment Market Report by Product (Heat Pumps, Furnaces, Boilers, Unitary Heaters, and Others), Application (Residential, Commercial, Industrial), and Region 2024-2032," the global heating equipment market size reached US$ 42.0 Billion in 2023. Heating equipment serves as a crucial component in multiple industries, contributing to energy conservation and enhanced comfort for users. These devices help maintain optimal temperatures and provide warmth in diverse settings. By efficiently regulating heating requirements, they enable businesses to minimize energy consumption, reducing costs and promoting sustainability. It is typically manufactured using high-quality materials to ensure durability and efficient performance. Its primary components include heat exchangers, burners, and controls that are carefully assembled to create a reliable system. These systems can operate on various fuel sources, including natural gas, propane, oil, or electricity. The functioning of heating equipment involves the combustion or conversion of fuel into heat energy. One of its significant advantages includes its ability to provide consistent warmth and comfort. Furthermore, advanced controls and thermostats allow for precise temperature regulation, ensuring optimal comfort levels. Currently, different types of product variants are available in the market catering to varying needs, which include forced air systems, such as furnaces and heat pumps, radiant heating systems, including underfloor heating and radiators, and boilers.

Global Heating Equipment Market Trends:

Increasing urbanization and rapid industrialization are facilitating the demand for heating equipment across residential, commercial, and industrial sectors, which represents one of the primary factors bolstering the market growth. Moreover, rising awareness about energy efficiency and the need to reduce carbon emissions are acting as other growth-inducing factors. In line with this, governments of various nations are undertaking initiatives to combat climate change and are encouraging the use of energy-efficient heating equipment, which, in turn, is fueling the market growth. Apart from this, the growing trend of smart homes and the integration of heating systems with the internet of things (IoT) technology are propelling the market growth. Additionally, the surging adoption of renewable energy sources, such as solar and geothermal, and the escalating replacement of aging heating infrastructures are creating a positive outlook for the market. Furthermore, the increasing demand for district heating systems and the shifting emphasis on sustainable building practices and green construction are favoring the market growth. Besides this, the inflating disposable income and escalating use of biomass and bioenergy for heating purposes are supporting the market growth. Other factors, such as rapid technological advancements, including the development of compact and energy-efficient heating systems, and the surging need for reliable and efficient heating solutions, are providing an impetus to the market growth. Looking forward, the market value is projected to reach US$ 61.4 Billion by 2032, expanding at a CAGR of 4.2% during 2024-2032.

Market Summary: 

  • By the product, the market is segmented into heat pumps, furnaces, boilers, unitary heaters, and others. Currently, heat pumps dominate the market.
  • Based on the application, the market is segregated into residential, commercial, and industrial. Among these, residential holds the largest market share.
  • By the region, the market has been categorized into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. At present, Europe is leading the global market.
  • The competitive landscape of the industry has also been examined with some of the key players being Daikin Industries Ltd., Emerson Electric Co., Honeywell International Inc., Johnson Controls, Lennox International Inc., Mitsubishi Electric Corporation, Panasonic Corporation, Robert Bosch GmbH, Schneider Electric SE, Siemens AG and The Danfoss Group.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product, Application, Region
Region Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Daikin Industries Ltd., Emerson Electric Co., Honeywell International Inc., Johnson Controls, Lennox International Inc., Mitsubishi Electric Corporation, Panasonic Corporation, Robert Bosch GmbH, Schneider Electric SE, Siemens AG and The Danfoss Group
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

134 N 4th St.
Brooklyn, NY 11249, USA
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Heating Equipment Market to Reach US$ 61.4 Billion by 2032, Accelerated by Growing Need to Reduce Carbon Emissions
Purchase options

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-713-2163


Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More