The global heating equipment market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 6% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Heating equipment refers to the devices used for warming or maintaining the desired temperature in an enclosed space. The equipment is usually centralized for heat, air and forced displacement of ventilation and consists of a heat pump that disseminated hot water, steam or air through the ducts. Some of the commonly available heating equipment includes heat pumps, boilers, furnaces and space heaters. These devices aid in conserving energy and maximizing comfort for the users. As a result, they are widely used across various industries, such as automotive, construction, steel fabrication, food processing and healthcare.
Significant growth in the construction industry across the globe is one of the key factors creating a positive outlook for the market. Moreover, the increasing requirement for energy-efficient heating systems is providing a thrust to the market growth. The heating equipment is widely used in countries with extreme cold temperatures to increase the ambient temperatures with minimal impact on the environment. Additionally, various technological advancements, such as the integration of connected devices with the Internet of Things (IoT) and artificial intelligence (AI), are acting as other growth-inducing factors. These technologies enable the user to remotely control the heating equipment through smartphones and wearable devices. Product manufacturers are also developing innovative and self-contained heating equipment units for residential and small business complexes and central heating systems for larger commercial spaces. Other factors, including rapid industrialization, along with the implementation of favorable government policies to promote the construction of sustainable and energy-efficient structures, are anticipated to drive the market further.
IMARC Group provides an analysis of the key trends in each sub-segment of the global heating equipment market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, product and application.
Breakup by Product:
Breakup by Application:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles 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.
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