The global heating equipment market is expected to grow at noteworthy CAGR around 5.2 % throughout the forecast period and reach around US$ 52 billion by 2026.
The need for efficient heating systems has resulted to the growth of mechanical devices that are cost-effective in providing the necessary heating atmosphere. With fast technological growth, heating equipment delivers effective and cost-effective solutions to decrease carbon emissions. These systems can be categorized as unit packages or as key systems, either self-contained. The packages are generally used in private and private areas. The packages are autonomous. In big commercial buildings where access to external air is limited, central heating systems are used. Many building standards directly affect the market for heating equipment.
The report provides analysis of global Heating Equipment market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
The main driver of investment in the heating equipment industry is the need for energy-efficient alternatives. The growing energy and environmental standards have compelled many industrial and business organisations, in their premises, to install efficient heating facilities. Investments in this industry have also drawn on the growing need for remote access control systems. With the growth of sophisticated heating equipment that has sensors to control from distant locations, investment in heating equipment has further expanded. The lack of differentiation between products increases the competitiveness between the different market players, thus limiting the entry of businesses into the heating machinery industry. In future years, however, growth opportunities could be created by developing fresh product sections within that industry.
Government-based power efficiency initiatives across sectors combined with technological developments are anticipated to drive the market as well. In future years, increased expenditure in the construction industry is also expected to add to product demand. The sector development is also anticipated to benefit from initiatives like the Leadership in Energy and Environmental Design(LEED).
In the next few years the demand for industrial furnace in the US will increase due to the increase in industrial renovations and refurbishments. Furthermore, a strict regulatory framework is anticipated to lead to market growth in the nation over the forecast period. The worldwide market is extremely competitive and major businesses are focused on reducing product general costs by leveraging the high technological price and high assembly costs.
Companies are therefore investing in R&D in order to develop effective systems, remote surveillance equipment and control systems to enhance their market position. Advantageous public projects such as the Climate Action Program (COP21) are contributing to the shift to greening and are planned to increase energy-efficient product development. Producers are obliged to meet U.S. requirements. Energy department (DOE) for air conditioning and heat pumps energy conservation requirements.
Increases in disposable incomes have led in growing demand for high technological standards and comfortable residential solutions in advanced countries as well as in developing ones, which is expected to further increase demand. Furthermore, growing amount of restructuring operations are projected to have a beneficial effect on market development as a result of simple loan availability or economic support.
In 2018, the thermal pumps segment had the largest share of the project, and in the projected period it was valued at around 14 billion. Heat pumps are popular because of their capacity to move efficiently at low operating expenses. Because of their fast heating capacity and ease of replacement, furnaces are the most popular heating systems. Electric furnace prides itself on its reduced maintenance requirements, its emissions are no longer dangerous and its affordability is reduced. Increased demand for upgraded heating devices that fulfill the necessary regulatory requirements is anticipated to increase in traction in the next seven years, which will in turn lead to development in sector over the forecast period.
For multiple applications boiler products are used for water heating, generation of electricity, cooking and hygiene. They are commonly used in the business, institutional, industrial and education sectors. Increased residential boiler use is anticipated to increase consumer demand in the next few years.
Due to manufacturing of sophisticated heating systems for residential and commercial building, significant profits are anticipated by the sector. Furthermore, increased demand for electrically powered products is anticipated to drive the development of the sector over the forecast period due to the easy installation combined with low emissions.
The market is divided into the residential, commercial and industrial sectors based on implementation. The industries were the biggest share of revenues in 2018 and are expected to grow by about 5.5% from 2019 to 2026 at the fastest CAGR. Heating systems are commonly used in the energy, mining, automotive and food & drink sectors. Rapid industrialization is one of the main variables that has a positive impact on the sector development in the Asia Pacific area. Further demand is anticipated to increase favorable public policies and tax discounts on installation of energy efficient goods. Increasing product demand is also expected to boost segment development in processing, manufacture and smelting in the next few years.
In 2018 Europe was the biggest regional market and the dominance over the prediction years will probably remain. Rapidly recovering the building industry in the area and rehabilitation and repair work are planned to drive demand in the housing sector for technologically sophisticated and compact heating alternatives. The increasing demand for products is anticipated to increase more in Europe's automotive industry. Asia Pacific is projected to be the fastest growing local CAGR market of about 6 percent between 2019 and 2025. The market in the region's developing nations is projected to expand with an increasing amount of housing and commercial buildings.
Moreover, increased awareness of the use of these products is anticipated to further stimulate market growth. In addition, incentives for power efficiency alternatives and compulsory public laws are said to increase market development in the business and industrial industries. Rapid industrialisation and comprehensive R&D are also expected to boost market growth for developing environmentally friendly alternatives. The expensive building industry and the increasing amount of repair and substitution operations for current structures also estimates powerful development in North America.
Global Heating Equipment Market, By Product
Global Heating Equipment Market, By Application
Global Heating Equipment Market, By Geography
The market research study on “Heating Equipment Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global Heating Equipment market segments with market dynamics and their impact. The report also covers basic technology development policies.
This study offers an assessment of the recent developments in each sub-segment from 2054 to 2026 and estimates income and volume growth in the worldwide, regional and national levels. ARC divided the worldwide report for the market for heating facilities on the grounds of the item, implementation and area for the purpose of this research.
Key Players & Strategies
Firms adopt policies for reducing costs and focus on improving product range through the various apps of end-users and the acquisition of several distributory centres.
Company invest to expand manufacturing capacity and acquire certifications to meet the growing demand. They also comply with multiple regulatory authorities ' power efficiency criteria.
Some of the key players in this market are Johnson Controls; Ingersoll-Rand Plc; United Technologies Corporation; The Danfoss Group; Lennox International, Inc.; and Robert Bosch GmbH. Some other companies are Uponor Corporation; Honeywell International Inc.; Emerson Electric Co.; Schneider Electric SE; Mitsubishi Electric Corporation; Siemens AG; and Nortek, Inc.