Residential Heating Equipment Market Size
Residential Heating Equipment Market was valued at USD 168.9 billion in 2023 and is estimated to grow at a CAGR of over 9% from 2024 to 2032. Increasing awareness of energy efficiency and environmental sustainability is prompting consumers to shift toward advanced heating systems.
Heating systems and gadgets for homes are a wide range of things that are meant to keep indoor temperatures comfortable. New technologies in this field have made it possible to choose options that are both extremely efficient and good for the environment. These options use much less energy and have a much less impact on the environment. Smart technologies are being added to heating equipment more and more, giving homeowners more control over their heating systems, making them more energy efficient, and saving them money. As energy efficiency rules get higher and more people learn about environmental issues, the need for new and eco-friendly ways to heat homes keeps growing.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Residential Heating Equipment Market Size in 2023 | USD 168.9 Billion |
| Forecast Period | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR | 9% |
| 2032 Value Projection | USD 369.3 Billion |
| Historical Data for | 2021 to 2023 |
| No. of Pages | 150 |
| Tables, Charts & Figures | 54 |
| Segments covered | Technology, Application & Region |
| Growth Drivers |
|
| Pitfalls & Challenges |
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Residential Heating Equipment Market Trends
Government rules and incentives to lower carbon footprints are making people more likely to use modern heating systems. There is a growing need in the industry to retrofit and upgrade old systems so that they meet today's efficiency standards. All of these factors point to a strong growth in the residential heating equipment business, with a strong focus on new ideas and long-term solutions. The implementation of many government incentives, such as renewable heat incentives, financial support, tax credits, and subsidies, to encourage the use of energy-efficient systems will have a favorable effect on product penetration.
Residential Heating Equipment Market Analysis
By 2032, the market for heat pumps for home heating will be worth more than $120 billion. More money is being put into green building infrastructure, and stricter energy construction norms and standards are being put in place. This will help more people use the products. For example, the most recent changes to the F-gas legislation make it clear that we need to stop using F-gases in heating and cooling systems. This is in keeping with the REPowerEU initiative's ambition to install over 60 million heat pumps across the EU by 2030.
By 2032, the market for heating equipment for single-family homes will expand by more than 8.5%. The use of smart technology to monitor things from afar, predict when repair is needed, and improve heating processes. Surging demand for configurable furnace solutions that can adapt to diverse heating needs and process requirements further enhancing the product adoption. Also, the real estate market is doing well, and as more people get interested in energy-efficient technologies to lower their energy expenses, the industry will move faster.
The market for home heating equipment in Europe is expected to reach more than USD 160 billion by 2032. This is due to good legislation, new technologies, and a growing need for clean energy solutions. These technologies are a big part of the region's efforts to become more sustainable and reduce carbon emissions. Rules that focus on technology have led to more people using products around the region.
The U.S. residential heating equipment business will rise because people are using more energy and are worried about energy security. Rapid investment in real estate, along with the launch of new plans and schemes, creates good conditions for the growth of the business. Also, the growing desire to meet energy needs in a way that doesn't hurt the environment, along with the growing focus on lowering carbon emissions, will drive up demand for the product.
Residential Heating Equipment Market Share
Daikin Industries is one of the best companies in the world when it comes to air conditioning, heating, and refrigeration systems. The business has become a leader in the HVAC field by delivering a wide choice of heating solutions for homes. Their technologies include cutting-edge heat pumps, air-to-water systems, and gas furnaces. They are known for being innovative and committed to sustainability. These systems are made to deliver heating that is efficient, reliable, and good for the environment, no matter what the weather is like or what the customer needs. Daikin's commitment on using the latest technologies, such inverter-driven compressors and smart control systems, makes sure that its products are as energy-efficient and comfortable as possible.
Residential Heating Equipment Market Companies
The key industry players include
- A.O. Smith
- Ariston Holding N.V.
- Arovast Corporation
- BDR Thermea Group
- Bradford White Corporation
- Carrier Corporation
- Crane – USA
- DAIKIN INDUSTRIES, Ltd.
- Ferroli S.p.A
- GE Appliances
- Havells India Ltd.
- Hoval
- Johnson Control International
- Lennox International Inc.
- LG Electronics
- Panasonic Corporation
- Rheem Manufacturing Company
- Rinnai America Corporation
- Robert Bosch GmbH
- SAMSUNG
- Trane Technologies
- Vaillant Group
- VIESSMANN
- Whirlpool
Residential Heating Equipment Industry News
- In March 2024, Bradford White Water Heaters and Laars introduced their latest water heating and storage innovations at the Canadian Mechanical and Plumbing Exposition (CMPX) in Toronto. The showcased products include the Bradford White AeroTherm Series Heat Pump Water Heater, Bradford White ElectriFLEX HD, Bradford White Infiniti GR Tankless Water Heaters, and Bradford White eF Series Ultra High Efficiency Gas Water Heater. Laars will also present its FT Series Floor Boiler and Combi, FT Series Wall Hung Boiler, and LT Series Tankless Water Heater. These offerings underscore the companies' dedication to delivering dependable, high-efficiency solutions for the plumbing and mechanical industry.
- In January 2024, Robert Bosch GmbH introduced the GreenTronic hybrid electric water heater and IDS Heat Pump at the AHR Expo. The model IDS Ultra is set to be available in third quarter of 2024, promises high efficiency in heating and is suitable for almost all European and North American climates. It comes with a 10-year warranty and is compatible with utility demand response systems. Meanwhile, the GreenTronic 7000 T offers 3-4 times the efficiency of traditional electric storage water heaters.
This residential heating equipment market research report includes in-depth coverage of the industry with estimates & forecast in terms of “000 Units” & “USD Million” from 2021 to 2032, for the following segments
Market, By Technology
- Heat Pump
- Boiler
- Furnace
- Water Heater
- Others
Market, By Application
- Single-Family
- Multi-Family
The above information has been provided for the following regions and country
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Portugal
- Romania
- Netherlands
- Switzerland
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Latin America
- Brazil
- Argentina
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