Heating Equipment (except Warm Air Furnaces)

Heating Equipment (except Warm Air Furnaces)

Global Heating Equipment Market to Reach $51 Billion by 2027

In the changed post COVID-19 business landscape, the global market for Heating Equipment estimated at US$36.5 Billion in the year 2020, is projected to reach a revised size of US$51 Billion by 2027, growing at a CAGR of 4.9% over the analysis period 2020-2027. Heat Pumps, one of the segments analyzed in the report, is projected to record a 5.2% CAGR and reach US$19.9 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Furnaces segment is readjusted to a revised 5.4% CAGR for the next 7-year period.

The U.S. Market is Estimated at $10 Billion, While China is Forecast to Grow at 11.7% CAGR

The Heating Equipment market in the U.S. is estimated at US$10 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$10.4 Billion by the year 2027 trailing a CAGR of 8.3% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.8% and 6.1% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.7% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$6.7 Billion by the year 2027.

Unitary Heaters Segment to Record 4.4% CAGR

In the global Unitary Heaters segment, USA, Canada, Japan, China and Europe will drive the 4.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$3.3 Billion in the year 2020 will reach a projected size of US$4.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Latin America will expand at a 4.7% CAGR through the analysis period.

Select Competitors (Total 42 Featured) -

• Daikin Industries Ltd.
• Ingersoll-Rand PLC
• Lennox International, Inc.
• Robert Bosch GmbH
• United Technologies Corporation (UTC)

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