New York, Feb. 17, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Warm Air Heating Equipment Global Market Report 2023" - https://www.reportlinker.com/p06282478/?utm_source=GNW
(Japan), Viessmann, and Bosch Thermotechnology.
The global warm air heating equipment market will grow from $124.43 billion in 2022 to $136.7 billion in 2023 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The warm air heating equipment market is expected to grow to $170.58 billion in 2027 at a CAGR of 5.7%.
The warm air heating equipment market consist of sales of hybrid heat pumps, air source heat pumps, ground source heat pumps and others.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The warm air heating equipment refer to equipment that produce warm air to provide space heating for warehouses, retail sheds, sports centres, factories, and other buildings containing similarly large spaces.
The Asia Pacific was the largest region in the warm air heating equipment market in 2022.North America was the second largest region in the warm air heating equipment market.
The regions covered in the warm air heating equipment report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main product types are dehumidifiers, heat pumps, and humidifying equipment.A heat pump refers to a heat engine running in the reverse direction.
The capacity is small, medium, and large. The various applications involved are residential, commercial, and industrial.
Favorable measures to reduce carbon footprint are expected to drive the warm air heating equipment market’s growth.Countries all over the world are working towards decarbonizing the environment for a sustainable environment and making the world a better place.
Warm air heating equipment like a heat pump reduces carbon footprints by using renewable energies.According to the World Resources Institute, in September 2020, China plans to achieve carbon neutrality by 2060.
Europe wants to become the world’s first climate-neutral continent by 2050, and the European Commission aims to reduce emissions by at least 55% by 2030.Moreover, Daikin, a global HVAC manufacturer expressed its support for Europe’s Green Deal and believes constant innovations in heat pump technology will help decarbonize Europe by combining decarbonization with sustainable economic growth.
Hence, favorable measures by companies and the government to reduce carbon footprints support the growth of the warm air heating equipment market.
The high upfront cost associated with warm air heating equipment is anticipated to hinder the warm air heating equipment market.The cost of installation includes equipment cost, installation cost, and other related costs.
For instance, the average cost of installation for a new heat pump is $5,613.The mid-quality heat pump costs range between $100 and $2,800.
Furthermore, the final costs can reach up to $20,000 that including labor, contractor’s fees, and permit costs. The high cost restricts individuals or small and medium enterprises from buying warm air heating equipment, thereby obstructing the market’s growth.
Companies are concentrating on developing smart devices to meet the requirements of the newly connected smart offices and homes.Homes and companies around the world are moving toward connected devices and industry players are engaged in developing smart devices, which enable optimized connectivity and preventive maintenance.
For instance, in October 2020, Daikin Applied expanded its line of SmartSource compact heat pumps for a broader range of applications making it ideal for new construction and retrofits where area and budgets are limited.Similarly, in April 2020, LG Electronics USA introduced an extended portfolio of energy-efficient residential air care products including LG PuriCare 50 Pint Dehumidifier with Drain Pump for smooth everyday use.
It is ergonomic and effective for residential use, controls humidity levels, and can be monitored or controlled from anywhere through the LG ThinQ smartphone app.
In March 2020, NIBE Group, a Sweden-based company that produces and builds intelligent, energy-efficient indoor comfort solutions for all kinds of properties acquired WATERKOTTE GmbH for an undisclosed amount.This acquisition is predicted to strengthen NIBE Group’s position in the European heat pump market, particularly in Germany, and also gives them access to expertise for managing larger projects as well as heat pumps.
WATERKOTTE GmbH Germany-based manufacturer of innovative, advanced heat pump systems and integrated sustainable energy solutions for both single-family homes and commercial applications.
The countries covered in the warm air heating equipment market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The warm air heating equipment market research report is one of a series of new reports that provides warm air heating equipment market statistics, including warm air heating equipment industry global market size, regional shares, competitors with a warm air heating equipment market share, detailed warm air heating equipment market segments, market trends and opportunities, and any further data you may need to thrive in the warm air heating equipment industry. This warm air heating equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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