The global heating equipment market is projected to reach almost USD 48.6 billion by 2025. Factors, such as obligatory government policies & incentives offered on energy-saving solutions in the industrial and commercial sectors may augment product demand. Rapid industrialization along with rising activities for repairs & renovations in the residential sector can augment the industry over the forecast period (2014 to 2025).
One of the key trends influencing the global industry for heating systems is the demand for “energy-efficient” products. Surging energy consumption in industrial and residential sectors could drive the markets for solutions that enhance energy savings and reduce operational costs.
The global heating equipment market is categorized as per products, applications, and regions. According to products, the categories are furnaces, heat pumps, unitary heaters, and boilers. Heat pumps occupied over 42.7% of the overall revenues in 2015. These are also known as 2-way air conditioners (ACs). These air conditioners, with the help of an electrical system take out heat from cold outdoors and release the extracted heat inside the houses. Heat pumps can register a high growth rate because of their operational efficiencies and low operating costs.
In-depth research report on global heating equipment market - http://www.grandviewresearch.com/industry-analysis/heating-equipment-market
Furnaces are by far the most extensively used heating systems in the residential sector worldwide. Global demand for furnaces is likely to surge remarkably due to factors, such as easy availability of substitute parts, excellent energy efficiency, and quick warming ability. The furnaces segment is projected to expand at a CAGR over 5.8% during the forecast period.
On the basis of applications, the industry is categorized into commercial, residential, and industrial. Industrial applications were the leading segment in 2015 with a demand share more than 55%. It is also expected to witness the highest growth rate over 5.7% in the forthcoming years.
Before purchasing a product, industrial buyers consider factors, like operational costs & energy savings, product lifespan, and maintenance costs. However, residential consumers seek power-saving solutions at reasonable prices. The residential segment uses heating systems for water & space and for several other utilities. Surging demand for water & space heating solutions may boost the heating equipment market for residential applications.
Geographically, the worldwide heating equipment industry is divided into Asia Pacific, the MEA (Middle East & Africa), North America, Europe, and Central & South America. Europe dominated the global industry in 2015 with a demand share exceeding 38.5%. Positive regulatory scenario fuels this regional market. Asia Pacific could expand at a CAGR over 6.2% because of the rapidly expanding manufacturing sectors in India and China. Additionally, the steadily growing mining & automotive industries in the region can augment overall demand for various heating solutions.
Some of the key companies operating in the global heating equipment industry are United Technologies Corp.; Lennox International Inc.; The Danfoss Group; Ingersoll-Rand PLC.; Robert Bosch GmbH; Johnson Controls International PLC.; and Daikin Industries Ltd. New investments and innovative product developments in the fledgling manufacturing facilities & supply channels are some of the key strategies adopted by most market players. The global industry has a favorable impact on product development in terms of remote accessibility, ease-of-operation, and energy efficiency.