Heating Equipment Market Share, Size, Growth, Forecast 2023-2028

Heating Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A3897

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Market Overview:

The global heating equipment market size reached US$ 40.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 53.1 Billion by 2028, exhibiting a growth rate (CAGR) of 4.3% during 2023-2028.

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.

Global Heating Equipment Market

Heating Equipment Market Trends:

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.

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global heating equipment market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product and application.

Breakup by Product:

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Heat Pumps
Furnaces
Boilers
Unitary Heaters
Others

Breakup by Application:

Residential
Commercial
Industrial

Breakup by Region:

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North America
- United States
- Canada
Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
Latin America
- Brazil
- Mexico
- Others
Middle East and Africa

Competitive Landscape:

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.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
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$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499
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)

Key Questions Answered in This Report

The global heating equipment market was valued at US$ 40.1 Billion in 2022.

We expect the global heating equipment market to exhibit a CAGR of 4.3% during 2023-2028.

The rising demand for energy-efficient heating systems across various industries, such as automotive, construction, healthcare, etc., is primarily driving the global heating equipment market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous end-use industries for heating equipment.

Based on the product, the global heating equipment market has been segregated into heat pumps, furnaces, boilers, unitary heaters, and others. Among these, heat pumps currently exhibit a clear dominance in the market.

Based on the application, the global heating equipment market can be bifurcated into residential, commercial, and industrial. Currently, residential holds the largest market share.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.

Some of the major players in the global heating equipment market 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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