How Will Heating Equipment (Except Warm Air Furnaces) Market Grow Through 2024-2033?
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
The Business Research Company’s Heating Equipment (Except Warm Air Furnaces) Global Market Report 2024 offers crucial insights into the heating equipment (except warm air furnaces) market help businesses analyse and build stronger strategies.
Understanding the Market Dynamics
The heating equipment (except warm air furnaces) market has witnessed robust growth in recent years, with notable projections for the future. Here’s a closer look at the factors driving this growth and the key trends shaping the industry landscape.
Market Growth Trajectory
- From $49.2 billion in 2023, the market is expected to reach $53.04 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%.
- By 2028, the market size is forecasted to hit $69.45 billion, with a CAGR of 7.0%.
Factors Fueling Growth
- Energy efficiency regulations
- Population growth and urbanization
- Industrialization and commercial construction
- Government incentives and subsidies
- Consumer preferences for comfort
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Residential Construction Boom: Catalyst for Surging Demand
Driving Forces Behind Residential Construction
The surge in residential construction projects is poised to drive the demand for heating equipment. With a focus on providing thermal comfort and indoor air quality, the demand for heating equipment in residential projects is on the rise.
Statistics Speak
- In January 2023, 1.4 million residential houses were constructed in the U.S., marking a 12.8% increase from January 2022.
- This increase in residential construction directly correlates with the demand for heating equipment.
Key Players in the Market
- Heatstar Limited
- Red Dot Corporation
- Thermal Solutions Products LLC
- New Yorker Boiler Company Inc.
- And more…
Heat Battery Revolutionizes the Market
Innovative Product Offerings
Product innovation is a prominent trend in the heating equipment market. Companies are introducing groundbreaking products to maintain their market position. One such innovation is the Rondo Heat Battery (RHB), which promises zero-carbon heat for various industrial processes.
Rondo Heat Battery (RHB): A Game-Changer
- Stores heat energy at temperatures up to 1500°C for hours or days
- Fast charging and high-temperature capabilities
- Long service life and enhanced site efficiency
Industry Acquisition: Enerquip LLC and American Heating Company Inc.
In a strategic move, Enerquip LLC acquired American Heating Company Inc., leading to an entry into the industrial carbon steel market. This acquisition highlights the industry’s drive for expansion and innovation.
Segmentation and Regional Insights
Segmentation Overview
- By Type: Fireplaces, Wood-Burning Stoves, Supplemental Heaters, Low-Pressure Steam, Hot Water Boilers, Furnaces
- By Business Type: New Construction, Retrofits
- By Applications: Household, Commercial, Industrial
Regional Dominance
- North America emerged as the largest region in the heating equipment market in 2023.
Conclusion: Riding the Wave of Growth
The heating equipment market is experiencing a period of substantial growth, fueled by a combination of regulatory measures, technological advancements, and market expansion efforts. As the industry continues to innovate and adapt to changing consumer needs and environmental concerns, opportunities abound for both established players and emerging startups to make their mark in this thriving sector.
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The Heating Equipment (Except Warm Air Furnaces) Global Market Report 2024 provides a comprehensive outlook of the heating equipment (except warm air furnaces) market for the historic years (2010 -2021) and ten years forecast (2023 – 2032).The heating equipment (except warm air furnaces) market forecast offers a thorough analysis onheating equipment (except warm air furnaces)market size, heating equipment (except warm air furnaces) market share,prominent players and their strategies.
The Table Of Content For The Heating Equipment (Except Warm Air Furnaces) Market Include:
1. Heating Equipment (Except Warm Air Furnaces) Market Executive Summary
2. Heating Equipment (Except Warm Air Furnaces) Market Segments
3. Heating Equipment (Except Warm Air Furnaces) Market Size And Heating Equipment (Except Warm Air Furnaces) Market Growth Rate
4. Key Heating Equipment (Except Warm Air Furnaces) Market Trends
5. Major Heating Equipment (Except Warm Air Furnaces) Market Drivers
……
25. Key Mergers And Acquisitions In The Heating Equipment (Except Warm Air Furnaces) Market
26. Top Heating Equipment (Except Warm Air Furnaces) Companies
27. Heating Equipment (Except Warm Air Furnaces) Market Opportunities And Strategies
28. Heating Equipment (Except Warm Air Furnaces) Market, Conclusions And Recommendations
29. Appendix
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