USD 40.1 billion
Heating Equipment Market Size, Share, Growth Analysis, By Product Type (Boilers, Heat Pumps), By Fuel Type (Oil, Natural Gas), By Application (Residential, Commercial), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG20I2128 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
65
|Figures:
75
Heating Equipment Market Insights
Heating Equipment Market size was valued at USD 41.82 Billion in 2023 and is poised to grow from USD 43.62 Billion in 2024 to USD 0 Billion by 2032, growing at a CAGR of 4.3% during the forecast period (2025-2032).
The global heating equipment market is witnessing steady growth due to increasing demand for efficient and sustainable heating solutions. Factors like urbanization, cold climatic conditions, and technological advancements are driving the market.
Residential and commercial sectors are major consumers, with a rising focus on energy-efficient and eco-friendly systems. HVAC systems, heat pumps, and electric heaters are prominent segments. North America, Europe, and Asia-Pacific dominate the market, with manufacturers emphasizing smart and connected devices.
As environmental concerns grow, the market is expected to shift towards renewable energy-based heating technologies, fostering innovation and competition among industry players.
US Heating Equipment Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Residential
Fastest Growth
Residential
Growth Rate
4.3% CAGR
Global Heating Equipment Market by region
Country Share for North America (%)
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Heating Equipment Market Segmental Analysis
Global Heating Equipment Market is segmented by product type, fuel type, application and region. Based on product type, the market is segmented into boilers, heat pumps, furnaces and unit heaters. Based on fuel type, the market is segmented into oil, natural gas, electricity, biomass and others. Based on application, the market is segmented into residential, commercial and industrial. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Heating Equipment Market Analysis By Type
Furnaces and heat pumps are likely to be among the largest segments. Furnaces, especially those that are energy-efficient and offer smart control features, tend to have consistent demand in residential and commercial sectors. Heat pumps have gained popularity due to their energy-efficient heating and cooling capabilities.
Heat pumps, particularly air-source and ground-source heat pumps, were experiencing rapid growth due to their energy efficiency and environmentally friendly nature. As there was a growing emphasis on reducing carbon emissions, many consumers and businesses were exploring heat pumps as alternatives to traditional heating methods.
Heating Equipment Market Analysis By Application
Historically, the residential heating equipment market has been one of the largest segments due to the sheer number of households requiring heating solutions. The demand for energy-efficient and eco-friendly heating systems has been growing, driving innovation in this sector.
The fastest-growing segment varies depending on factors such as technological advancements, government regulations, and market trends. However, the commercial segment was experiencing substantial growth due to the expansion of commercial spaces, coupled with increasing awareness about energy efficiency and sustainable heating solutions.
Global Heating Equipment Market by application
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Heating Equipment Market Regional Insights
The largest markets for heating equipment are often found in regions with colder climates and strong economies. North America, Europe, and parts of Asia-Pacific are generally considered the largest markets.
The fastest growing markets can vary based on economic growth, urbanization, and environmental considerations. In recent years, there has been a growing emphasis on energy efficiency and sustainability, leading to increased demand for modern, efficient heating solutions. Developing economies in Asia-Pacific, where urbanization is rapid, might see faster growth rates in the heating equipment market.
Global Heating Equipment Market by geography
- Largest
- Fastest
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Heating Equipment Market Dynamics
Heating Equipment Market Drivers
Need for Eco-Friendly Heating Solutions
- The increasing demand for energy-efficient and eco-friendly heating solutions, driven by growing environmental concerns and government regulations, is propelling the global heating equipment market's growth.
Heating Equipment Market Restraints
High Cost
- High initial costs and installation expenses, coupled with slow replacement rates of conventional heating systems, pose challenges for the widespread adoption of advanced heating equipment in the global market.
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Heating Equipment Market Competitive Landscape
The global heating equipment market features intense competition among key players. Established companies such as Carrier, Daikin, and Johnson Controls strive to maintain dominance through continuous technological advancements, energy-efficient solutions, and comprehensive service networks. New entrants like Mitsubishi Electric and Bosch Thermotechnology are innovating to capture market share, emphasizing smart and sustainable heating solutions. The competitive landscape is marked by mergers, acquisitions, and collaborations, enhancing product portfolios and expanding global reach. Energy efficiency, eco-friendliness, and cost-effectiveness are pivotal factors influencing consumer choices, prompting companies to focus on holistic, customer-centric strategies to thrive in this dynamic market.
Heating Equipment Market Top Player’s Company Profiles
- Carrier (United States)
- Trane (United States)
- Rheem Manufacturing Company (United States)
- Lennox International (United States)
- YORK (United States)
- Daikin Industries (Japan)
- Mitsubishi Electric (Japan)
- Bosch Thermotechnology (Germany)
- Viessmann Group (Germany)
- Vaillant Group (Germany)
- Ariston Thermo (Italy)
- Baxi (United Kingdom)
- Ferroli (Italy)
- Grundfos (Denmark)
- NIBE Industrier (Sweden)
- Viomi Technology (China)
- Haier Group (China)
- Gree Electric Appliances (China)
- LG Electronics (South Korea)
- Samsung Electronics (South Korea)
Heating Equipment Market Recent Developments
- In January 2022, Vattenfall and Feenstra Verwarming B.V. developed a straightforward and economical heat pump technology that could take the place of gas boilers.
Heating Equipment Key Market Trends
- The global heating equipment market has witnessed significant developments driven by growing demand for energy-efficient solutions and increasing adoption of smart technologies. Manufacturers are focusing on innovations in heat pumps, solar heating systems, and advanced HVAC systems to reduce carbon emissions and enhance energy conservation. Integration of Internet of Things (IoT) features into heating equipment enables remote monitoring and control. Additionally, stricter environmental regulations and consumer awareness are shaping the market, encouraging a shift towards sustainable heating solutions. These trends indicate a dynamic landscape with a strong emphasis on eco-friendly, smart, and efficient heating equipment.
Heating Equipment Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global heating equipment market is poised for promising growth due to increasing demand for energy-efficient and eco-friendly solutions. As climate concerns mount, consumers and industries are seeking innovative heating technologies that reduce carbon footprints. Smart thermostats, heat pumps, and solar heating systems are gaining traction. Additionally, stringent government regulations regarding energy efficiency are driving market expansion. Emerging economies' infrastructure development and rising disposable incomes further contribute to the market's potential. The integration of Internet of Things (IoT) capabilities and renewable energy sources will likely shape the market's future, fostering sustainable and intelligent heating solutions.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 41.82 Billion |
| Market size value in 2032 | USD 0 Billion |
| Growth Rate | 4.3% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Heating Equipment Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Heating Equipment Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Heating Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Heating Equipment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Heating Equipment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Heating Equipment Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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