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