Heating Equipment Market Size, Share, Trends, Growth Outlook

The global Heating Equipment Market is poised to register a 5.9% CAGR from $47.6 Billion in 2024 to $67.1 Billion in 2030.

The global Heating Equipment Market Study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments -By Product (Heat Pump, Unitary Heaters, Warm Air Furnace, Space Heating Boilers), By Application (Residential, Industrial, Commercial).

An Introduction to Global Heating Equipment Market in 2024

Heating equipment encompasses a wide range of systems and devices used for space heating, water heating, and industrial processes, playing a critical role in maintaining comfort, safety, and productivity in residential, commercial, and industrial settings. One key trend shaping the future of the heating equipment industry is the transition towards energy-efficient and low-carbon heating solutions to reduce greenhouse gas emissions and combat climate change. Manufacturers are developing high-efficiency furnaces, boilers, heat pumps, and radiant heating systems that utilize renewable energy sources such as solar, geothermal, and biomass, enabling building owners and homeowners to reduce energy costs and environmental impact while maintaining indoor comfort. Additionally, advancements in smart heating controls, building automation systems, and predictive maintenance technologies are improving energy management and system performance, optimizing heating equipment operation, and reducing energy waste. Moreover, the growing demand for integrated heating and ventilation solutions in green building projects, energy-efficient retrofits, and zero-carbon developments is driving innovation in heating equipment design, installation, and commissioning practices, enabling holistic approaches to building energy management and indoor environmental quality. As governments worldwide implement policies and incentives to promote energy efficiency and decarbonization, the heating equipment industry is poised for innovation and growth, with opportunities for collaboration, research, and market expansion to meet the evolving needs of customers and regulatory requirements.

Heating Equipment Market Competitive Landscape

The market report analyses the leading companies in the industry including Carrier Global Corp, Daikin Industries Ltd, Danfoss A/S, Emerson Electric Co., Fujitsu Ltd, Haier Smart Home Co. Ltd, Hitachi Ltd, Johnson Controls International plc, Lennox International Inc, LG Electronics Inc, Midea Group Co. Ltd, Mitsubishi Electric Corp, Panasonic Corp, Rheem Manufacturing Company, Robert Bosch GmbH, Samsung Electronics Co. Ltd, Trane Technologies plc.

Heating Equipment Market Dynamics

Heating Equipment Market Trend: Adoption of Energy-Efficient Heating Solutions

A prominent trend in the market for Heating Equipment is the increasing adoption of energy-efficient heating solutions. With a growing focus on sustainability and environmental conservation, there is a rising demand for heating equipment that offers higher efficiency and lower energy consumption. Consumers and businesses are seeking heating systems and appliances that utilize advanced technologies such as condensing boilers, heat pumps, and radiant heating systems to reduce energy waste and operating costs. This is driven by regulatory mandates, energy efficiency incentives, and consumer preferences for environmentally friendly heating options, leading to significant growth opportunities for manufacturers and suppliers of energy-efficient heating equipment.

Heating Equipment Market Driver: Replacement and Upgrading of Aging Heating Infrastructure

The market for Heating Equipment is being driven by the replacement and upgrading of aging heating infrastructure in residential, commercial, and industrial buildings. As heating systems reach the end of their lifecycle or become obsolete due to technological advancements, property owners and facility managers are investing in new heating equipment to improve comfort, reliability, and energy efficiency. Factors such as rising energy costs, maintenance expenses, and the need for better indoor air quality drive the decision to upgrade heating systems with modern and more efficient alternatives. This driver is further fueled by government incentives, tax credits, and financing programs that encourage the adoption of energy-efficient heating solutions, driving market growth and innovation in the heating equipment industry.

Heating Equipment Market Opportunity: Integration of Smart Heating Technologies

An exciting opportunity within the market for Heating Equipment lies in the integration of smart heating technologies to enhance energy management and user comfort. Companies can develop smart thermostats, heating controls, and connected heating systems that enable remote monitoring, scheduling, and optimization of heating operations based on user preferences, occupancy patterns, and weather conditions. By leveraging IoT (Internet of Things) connectivity, data analytics, and machine learning algorithms, smart heating technologies can provide actionable insights into energy usage, predict equipment failures, and adjust heating settings dynamically to maximize efficiency and comfort. Additionally, there is potential to integrate smart heating solutions with home automation platforms, energy management software, and utility demand response programs to offer holistic energy-saving solutions and enhance the value proposition for customers. By embracing innovation and collaboration with technology partners, companies can capitalize on the growing demand for smart heating equipment and position themselves as leaders in the evolving market for energy-efficient building solutions.

Heating Equipment Market Ecosystem

The heating equipment market encompasses a diverse Market Ecosystem involving raw material suppliers including steel manufacturers, copper producers, plastic manufacturers, and semiconductor companies providing essential materials for component manufacturing. Component manufacturers, including those producing heat exchangers, pumps, valves, burners, compressors, and electronics, play a pivotal role in assembling heating systems. Equipment manufacturers including Rheem, Lennox, Trane, and Mitsubishi Electric utilize these components to produce residential and commercial heating systems, boilers, HVAC systems, heat pumps, and radiant heating systems.
Distribution channels, comprising wholesale distributors, online retailers, and HVAC contractors, facilitate the flow of products to end-users. Installation and after-sales services are provided by independent HVAC technicians, manufacturer-authorized service providers, and smart home integration companies, ensuring proper installation, maintenance, and integration of heating equipment for consumers. The synergy among these stages and players ensures a seamless flow of heating equipment from raw materials to end-users, meeting diverse heating needs efficiently.
 

Heating Equipment Market Share Analysis: Space Heating Boilers held the dominant revenue share in 2024

The largest segment in the Heating Equipment Market is the "Space Heating Boilers" segment. This is because space heating boilers are widely used in residential, commercial, and industrial buildings for heating purposes. Boilers are versatile heating devices that utilize water or steam to transfer heat energy to the surrounding space, providing efficient and comfortable heating in various applications. Space heating boilers are available in a wide range of sizes, configurations, and fuel types, including gas, oil, electric, and biomass, making them suitable for diverse heating requirements. Additionally, space heating boilers offer diverse advantages such as high efficiency, reliability, durability, and controllability, making them a preferred choice for building owners, contractors, and HVAC professionals. Further, the demand for space heating boilers is driven by factors such as population growth, urbanization, climate conditions, energy efficiency regulations, and retrofitting and renovation activities in existing buildings. In addition, advancements in boiler technology, such as condensing boilers, modulating burners, and smart controls, enhance the performance and efficiency of space heating boilers, further driving their adoption in the market. As a result of these factors, the Space Heating Boilers segment is the largest in the Heating Equipment Market due to its widespread use and versatility in meeting heating requirements in residential, commercial, and industrial buildings.

Heating Equipment Market Share Analysis: Residential is the fastest growing market segment over the forecast period to 2030

The fastest-growing segment in the Heating Equipment Market is the "Residential" segment. This growth is driven by there is a continuous demand for heating equipment in residential buildings due to population growth, urbanization, and new construction activities. As more people move into urban areas and new homes are built, there is a corresponding increase in the demand for heating systems to provide comfort during colder months. Additionally, rising standards of living and increasing disposable incomes in many regions drive the demand for residential heating equipment, as homeowners seek to improve their living conditions and upgrade their heating systems for better efficiency and comfort. In addition, the growing awareness of energy efficiency and environmental sustainability encourages homeowners to invest in modern and energy-efficient heating equipment, such as condensing boilers, heat pumps, and high-efficiency furnaces, to reduce energy consumption and lower utility bills. Further, government incentives, rebates, and regulations aimed at promoting energy-efficient home heating solutions contribute to the growth of the residential heating equipment market. Additionally, the COVID-19 pandemic has led to an increased focus on home comfort and indoor air quality, leading to a surge in demand for residential heating equipment as people spend more time indoors. As a result of these factors, the Residential segment in the Heating Equipment Market is expected to experience rapid growth, driven by increasing demand for efficient, reliable, and environmentally-friendly heating solutions in residential buildings.

Heating Equipment Market Report Scope-

By Product
Heat Pump
Unitary Heaters
Warm Air Furnace
Space Heating Boilers
By Application
Residential
Industrial
Commercial

Heating Equipment Market Companies Profiled

Carrier Global Corp
Daikin Industries Ltd
Danfoss A/S
Emerson Electric Co.
Fujitsu Ltd
Haier Smart Home Co. Ltd
Hitachi Ltd
Johnson Controls International plc
Lennox International Inc
LG Electronics Inc
Midea Group Co. Ltd
Mitsubishi Electric Corp
Panasonic Corp
Rheem Manufacturing Company
Robert Bosch GmbH
Samsung Electronics Co. Ltd
Trane Technologies plc
*- List Not Exhaustive

TABLE OF CONTENTS

1 Introduction to 2024 Heating Equipment Market
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Covered
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain

2 Research Methodology
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations

3 Executive Summary
3.1 Global Heating Equipment Market Size Outlook, $ Million, 2021 to 2030
3.2 Heating Equipment Market Outlook by Type, $ Million, 2021 to 2030
3.3 Heating Equipment Market Outlook by Product, $ Million, 2021 to 2030
3.4 Heating Equipment Market Outlook by Application, $ Million, 2021 to 2030
3.5 Heating Equipment Market Outlook by Key Countries, $ Million, 2021 to 2030

4 Market Dynamics
4.1 Key Driving Forces of Heating Equipment Industry
4.2 Key Market Trends in Heating Equipment Industry
4.3 Potential Opportunities in Heating Equipment Industry
4.4 Key Challenges in Heating Equipment Industry

5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Competitive Landscape
5.2.1 Global Heating Equipment Market Share by Company (%), 2023
5.2.2 Product Offerings by Company
5.3 Porter’s Five Forces Analysis
5.4 Pricing Analysis and Outlook

6 Growth Outlook Across Scenarios
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts

7 Global Heating Equipment Market Outlook by Segments
7.1 Heating Equipment Market Outlook by Segments, $ Million, 2021- 2030
By Product
Heat Pump
Unitary Heaters
Warm Air Furnace
Space Heating Boilers
By Application
Residential
Industrial
Commercial

8 North America Heating Equipment Market Analysis and Outlook To 2030
8.1 Introduction to North America Heating Equipment Markets in 2024
8.2 North America Heating Equipment Market Size Outlook by Country, 2021-2030
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Heating Equipment Market size Outlook by Segments, 2021-2030
By Product
Heat Pump
Unitary Heaters
Warm Air Furnace
Space Heating Boilers
By Application
Residential
Industrial
Commercial

9 Europe Heating Equipment Market Analysis and Outlook To 2030
9.1 Introduction to Europe Heating Equipment Markets in 2024
9.2 Europe Heating Equipment Market Size Outlook by Country, 2021-2030
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Heating Equipment Market Size Outlook by Segments, 2021-2030
By Product
Heat Pump
Unitary Heaters
Warm Air Furnace
Space Heating Boilers
By Application
Residential
Industrial
Commercial

10 Asia Pacific Heating Equipment Market Analysis and Outlook To 2030
10.1 Introduction to Asia Pacific Heating Equipment Markets in 2024
10.2 Asia Pacific Heating Equipment Market Size Outlook by Country, 2021-2030
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Heating Equipment Market size Outlook by Segments, 2021-2030
By Product
Heat Pump
Unitary Heaters
Warm Air Furnace
Space Heating Boilers
By Application
Residential
Industrial
Commercial

11 South America Heating Equipment Market Analysis and Outlook To 2030
11.1 Introduction to South America Heating Equipment Markets in 2024
11.2 South America Heating Equipment Market Size Outlook by Country, 2021-2030
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Heating Equipment Market size Outlook by Segments, 2021-2030
By Product
Heat Pump
Unitary Heaters
Warm Air Furnace
Space Heating Boilers
By Application
Residential
Industrial
Commercial

12 Middle East and Africa Heating Equipment Market Analysis and Outlook To 2030
12.1 Introduction to Middle East and Africa Heating Equipment Markets in 2024
12.2 Middle East and Africa Heating Equipment Market Size Outlook by Country, 2021-2030
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Heating Equipment Market size Outlook by Segments, 2021-2030
By Product
Heat Pump
Unitary Heaters
Warm Air Furnace
Space Heating Boilers
By Application
Residential
Industrial
Commercial

13 Company Profiles
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
Carrier Global Corp
Daikin Industries Ltd
Danfoss A/S
Emerson Electric Co.
Fujitsu Ltd
Haier Smart Home Co. Ltd
Hitachi Ltd
Johnson Controls International plc
Lennox International Inc
LG Electronics Inc
Midea Group Co. Ltd
Mitsubishi Electric Corp
Panasonic Corp
Rheem Manufacturing Company
Robert Bosch GmbH
Samsung Electronics Co. Ltd
Trane Technologies plc

14 Appendix
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise

By Product
Heat Pump
Unitary Heaters
Warm Air Furnace
Space Heating Boilers
By Application
Residential
Industrial
Commercial
Countries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)