New York, March 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Heating Equipment Global Market Report 2023" - https://www.reportlinker.com/p06433798/?utm_source=GNW
, Honeywell International Inc., Siemens AG, Daikin Industries Ltd., Uponor Corporation, Mitsubishi Electric Corporation, Nortek Inc., Pentair, and Nexans.
The global heating equipment market grew from $36.35 billion in 2022 to $40.16 billion in 2023 at a compound annual growth rate (CAGR) of 10.5%. 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, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, causing inflation across goods and services and affecting many markets across the globe. The heating equipment market is expected to grow to $51.08 billion in 2027 at a CAGR of 6.2%.
The heating equipment market consists of sales of heat distribution systems, small space heaters, wood and pellet heater.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.
Heating equipment is a device that generates heat to regulate a space’s temperature using thermal energy.A freestanding stove, fireplace, or non-electric stove are some heating devices intended to generate heat for a room or indoor area.
Heating equipment are also used in laboratories for experiments and other industrial purposes.
Europe was the largest region in the heating equipment market in 2022. The regions covered in the heating equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of heating equipment are heat pumps, furnaces, boilers, unitary heaters, and others.A heat pump is a device that uses electric or mechanical methods to move heat from one location to another.
Heat pumps are used to make the warm space warmer and the cool space cooler by transferring heat from one to the other. The different technologies include water source, and ground source that are used in residential, commercial, and industrial applications.
The growing demand for construction industry is expected to propel the growth of the heating equipment market going forward.The construction sector refers to the organizations that deals with creating, maintaining, and repairing infrastructures.
The growing construction industry uses heating equipment such as heat pumps to provide heating and cooling in large as well as medium-sized buildings.For instance, in June 2021, according to a report published by Canada’s national statistical agency, the investment in building construction increased from $14,294 million in April 2019 to $19,273 million in April 2021.
Furthermore, in the 2022 US Construction Cost Trends report, the US total construction spending has increased by 16% since the pandemic’s onset. Therefore, growth in the global construction industry is driving the growth of the heating equipment market.
Technological advancements are a key trend gaining popularity in the heating equipment market.Major companies operating in the market are using new technologies such as injection technology to sustain their position in the market.
For instance, in January 2021, M-TEC GmbH, an Austrian manufacturer, launched efficient heat pumps for large-scale operations. The power series heat pumps are more efficient due to their larger evaporators, larger fans, and innovative injection technology.
In June 2021, Enerquip, a US-based manufacturer of sanitary and industrial heating and cooling solutions, acquired American Heating Co. Inc. for an undisclosed amount. With this acquisition, Enerquip aims to carry on American Heating Company’s legacy of delivering a high-quality product in an ethical manner. American Heating Co. Inc. is a US-based manufacturer of heating equipment.
The countries covered in the heating equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The heating equipment market research report is one of a series of new reports that provides heating equipment market statistics, including heating equipment industry global market size, regional shares, competitors with a heating equipment market share, detailed heating equipment market segments, market trends and opportunities, and any further data you may need to thrive in the heating equipment industry. This heating equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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