Dublin, Feb. 17, 2023 (GLOBE NEWSWIRE) -- The "U.S. Residential Heating Market- Industry Outlook and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The U.S. residential heating system market is expected to grow at a CAGR of 4.39% during 2022-2028. Many organization officials expect smart heating systems to take the most significant edge out of their electricity expenses. Smart IoT heating options provide a method to optimize energy consumption without any interruption in consumer service.
IoT has the advantage of impacting heating systems through its smart technologies, which allow manufacturers to increase productivity and optimize assets. Innovations in heating technology are currently in the growing stage. IoT in heating comes under the parallels of infrastructure IoT and consumer, which helps for greater flexibility and smart controls for consumers. Hence, modern technology expects to propel the demand for smart heating systems in the U.S. residential heating system market during the forecast period.
Market Dynamics
Market Opportunity & Trends
- Major Shift Toward Ductless Systems
- Emergence of Smart Heating Systems With IoT Technology
- Incorporation of Heat and Energy-Efficiency Zoning Technology
Market Growth Enablers
- Integration of Hydrogen Heating Technology
- Rising Demand for Geothermal Heating Systems
- Growing Demand for Vrf Systems
Market Restraints
- Lack of Skilled Labor
- Vulnerability to Covid-19
- Intractable Data Security Issues
SEGMENTATION INSIGHTS
INSIGHTS BY EQUIPMENT TYPE
The heat pump equipment market in the U.S. was valued at USD 4.87 billion in 2022. Heating pumps have been one of the most critical heating systems. They are mainly used in cold regions as their primary function is heating. However, heat pumps are also used for cooling by reversing the direction of heat flow. The demand for heat pumps mostly ensues from efficiency since their output is four times the amount of energy they consume. Heat pumps are a steady revenue generator for the industry and have witnessed high growth and constant innovation.
Segmentation by Heating Equipment
- Heat Pump
- Boiler Unit
- Furnace
- VRF
- Others
INSIGHTS BY APPLICATION TYPE
The single-family housing segment was valued at USD 7.92 billion in 2022. The single-family houses enjoy a larger industry share. Furthermore, the operational energy cost is higher for single-family houses than for multi-family houses. Various heating systems for single-family houses can be classified based on different parameters, such as heat-carrying medium, energy sources, and the heat-transmitting process. Over the past two-three years, disposable incomes and savings of consumers have increased, driving improvements in residential projects, particularly in the Midwest. The increasing number of skyscrapers and high-story residential construction projects in rapidly growing states like Florida, California, and New York also boosted industry growth.
Segmentation by End-User
- Single-Family Housing
- Multi-family Dwelling
INSIGHTS BY DISTRIBUTION CHANNEL
The offline distribution channel dominated the U.S. residential heating system market, accounting for a revenue share of 62.42%, and is expected to witness an incremental growth of USD 1.76 billion during the forecast period. Factors such as the broader reach in areas that lack better connectivity and high consumer trust associated with personally experiencing the quality of products are driving the growth of this segment.
Although the online channel holds a relatively lower U.S. residential heating system market share, it is expected to grow at a higher CAGR of 5.11% (by value) during the forecast period. The proliferation of e-commerce and raising awareness of the benefits of online purchases, such as heavy discounts, occasional offers, and rising demand for convenience, is driving the growth of the online segment.
Segmentation by Distribution Channel
- Online
- Offline
REGIONAL ANALYSIS
In 2022, the Southern region accounted for a revenue share of 34.27% and was the leader in the U.S. residential heating system market. The high share is attributed to the concentration of a large population base compared to other regions in the country. The presence of many household units across the region leads to high demand for space heating technology from the residential sector, thereby supporting market growth.
The residential heating system market in the western U.S. was valued at USD 2.8 billion in 2022. The western region of the U.S. includes major states such as Colorado, Wyoming, Montana, Idaho, Washington, Oregon, Utah, Nevada, California, Alaska, and Hawaii. Moreover, according to the US Bureau of Economic Analysis, from Q2-Q3 2021, Colorado and Utah witnessed the highest increase in personal income of around 5.9% and 5.7%, respectively, in the western region. Hence, such income growth is expected to shift consumer interest from conventional to space heating technology, thereby boosting the demand for heat pumps and boilers in the U.S. residential heating system market during the forecast period.
Segmentation by Region
- The U.S.
- South
- West
- Midwest
- Northeast
Key Company Profiles
- Samsung
- Systemair
- Johnson Controls
- Zehnder
- Aldes
- Bosch
- Daikin
- Mitsubishi Electric
- Rheem Manufacturing
Other Prominent Vendors
- LG
- Panasonic
- Carrier
- Midea
- Regal Rexnord
- Flakt Group
- Beijer Ref
- Flexit
- Grundfos
- Swegon
- VTS
- Nuaire
- Nortek
- Alfa Laval
- Hitachi
- Lu-Ve
- Vent-Axia
- S & P
- Wolf
- CIAT
- Al-Ko
- Dynair
- Danfoss
- Lennox
- Backer Springfield
- Dunhambush
- TCL
- Trox
- Ingersoll Rand
- Camfil
KEY QUESTIONS ANSWERED
- How big is the U.S. residential heating system market?
- What is the growth rate of the U.S. residential heating system market?
- What will be the U.S. residential heating system market share in terms of volume in 2027?
- Which region holds the most extensive U.S. residential heating system market share?
- Who are the key players in the U.S. residential heating system market?
| Report Attribute | Details |
| No. of Pages | 209 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $10800 Million |
| Forecasted Market Value (USD) by 2028 | $13975.68 Million |
| Compound Annual Growth Rate | 4.3% |
| Regions Covered | United States |
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
5 Report Assumptions & Caveats
6 Premium Insights
7 Market at a Glance
8 Introduction
9 Market Opportunity & Trends
10 Market Growth Enablers
11 Market Restraints
12 Market Landscape
13 Equipment
14 End-User
15 Distribution Channel
16 Geography
17 South
18 West
19 Midwest
20 Northeast
21 Competitive Landscape
22 Key Company Profiles
23 Other Prominent Vendors
24 Report Summary
25 Quantitative Summary
26 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/62epdb-s-residential?w=12
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