According to the latest report by IMARC Group, titled “Heating Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global heating equipment market size reached US$ 38.1 Billion in 2021. Heating equipment refers to devices that use thermal energy to heat up or maintain an enclosed space at a desired temperature. In this system, hot water, steam or air is distributed through the ducts by a heat pump. A radiating surface is generally attached to a steel tube or cast-iron waterway whose back can be insulated from rear admission to reduce re-entry or can be left open to induce convection. Alternatively, the framework can be a series of channels attached to a radiant surface. The use of these machines is common in cold-weather countries in order to raise ambient temperatures, maximize comfort for the users, and save energy. A variety of end-use industries utilize heating equipment, so they can be mobile or massive, depending on their application. They are extensively utilized in areas having high ventilation rates, waterways, and spot heating applications.
Global Heating Equipment Market Trends:
The global market is majorly driven by the escalating demand for energy-efficient heating equipment, particularly boilers and furnaces, in various end-use industries. This can be attributed to the rising requirement for continuous and stable energy sources. In line with this, a considerable rise in oil and gas exploration and production activities across the globe is impacting the market positively. Additionally, the rapid utilization of steam boilers in construction activities is providing an impetus to the market. Besides this, continual technological advancements, such as connecting linked devices with the Internet of Things (IoT) and artificial intelligence (AI) enabling users to operate heating equipment via smart devices remotely are also propelling the market. Moreover, rising investments by large-scale manufacturers and government bodies toward increasing power generation capacity are creating a positive market outlook. Also, favorable government initiatives promoting the usage of renewable energy sources to limit greenhouse gas emissions are fueling the demand for value-adding and sustainable heating equipment. The market is further driven by numerous product innovations, such as the introduction of self-contained heating equipment units meant for residential and small-scale commercial use. Some of the other factors contributing to the market include rapid industrialization, inflating disposable income levels, and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 52.8 Billion by 2027, exhibiting a CAGR of 5.66% during 2022-2027.
- Based on the product, the market has been segmented into heat pumps, furnaces, boilers, unitary heaters, and others.
- On the basis of the application, the market has been divided into residential, commercial, and industrial.
- On the geographical front, the market has been segregated 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.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include 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.
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