portland.or, Feb. 04, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global air heating appliance market was estimated at $12.58 billion in 2019 and is expected to hit $16.89 billion by 2027, registering a CAGR of 5.1% from 2020 to 2027. The report provides an all-inclusive analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rapid urbanization and industrialization, increase in need for installation of energy efficient heating appliance, and strict environmental regulations for mounting heating appliances drive the growth of the global air heating appliance market. On the other hand, competition from domestic manufacturers and fluctuations in foreign currencies and its influence over profit margins restrain the growth to some extent. Nevertheless, government initiatives to support air heating appliance products are projected to pave the way for lucrative opportunities in the industry.
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Covid-19 scenario-
- The outbreak of covid-19 led to delay in the manufacturing of modules required for fabricating air heating appliances. Accordingly, the global air heating appliance market has been affected to some extent.
- However, the worldwide lockdown has now loosened off and the existing regulations are also being eased off. Thus, the market is anticipated to retrieve soon.
The global air heating appliance market is analyzed across type, fuel type, end-user, and region. Based on type, the space heating appliance segment contributed to more than two-thirds of the total market share in 2019, and is anticipated to rule the roost by 2027. The same segment would also grow at the fastest CAGR of 5.3% during the forecast period.
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Based on end user, the residential segment accounted for nearly two-fifths of the total market revenue in 2019, and is expected to retain its dominance by the end of 2027. At the same time, the commercial segment would manifest the fastest CAGR of 5.7% from 2020 to 2027.
Based on geography, Asia-Pacific garnered the highest share in 2019, holding nearly half of the global market. Simultaneously, the market across LAMEA would showcase the fastest CAGR of 5.9% by 2027. The other two regions studied in the report include North America and Europe.
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Leading Players :
The key market players analyzed in the global air heating appliance market report include Alfa Laval Corporate AB, Daikin Industries, Ltd, Danfoss A/S, Emerson Electric Co., General Electric Company, Ingersoll-Rand Plc, Johnson Controls International Plc, Lennox International Inc, Robert Bosch GmbH, and Vaillant Group. These market players have implemented several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their status in the industry.
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