London, April 19, 2024 (GLOBE NEWSWIRE) -- Predominantly fueled by sustainability concerns and technological advancements, the global home heating equipment market is experiencing a surge in growth, with a projected valuation of US$7.02 Bn by 2030. This translates to a steady yet promising CAGR of 5.6% from 2023 to 2030, according to a recent market research report by Fairfield Market Research.
Although boilers maintain a dominant position, the demand for sustainable options like solar heating, geothermal heat pumps, and biomass heating systems is rapidly growing. The prominence of natural gas as a preferred fuel prevails. However, with rising environmental concerns, the market share of renewable energy sources for heating is expected to rise.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$4.8 Bn | |
| Estimated Market Size in 2030 | US$7.02 Bn | |
| CAGR | 5.60% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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The home heating equipment market is poised for continued growth, driven by several factors. Urbanisation, and ageing populations will influence demand for compact, efficient heating systems and convenient, automated solutions. Fluctuations in energy prices and economic conditions will impact consumer buying behaviour, with a potential rise in energy-efficient systems during periods of high energy costs.
Extreme weather events are driving demand for reliable and efficient heating systems that can handle harsh weather conditions. As sustainability concerns and technological advancements continue to shape the landscape, the home heating equipment market is expected to witness a surge in eco-friendly and smart solutions, ensuring comfort and energy efficiency for homeowners worldwide.
Another important observation suggests that despite higher demand for replacement services, the growing awareness of energy efficiency is driving demand for energy audits, and retrofitting services as well.
“The home heating equipment market is undergoing a significant transformation. Consumers are increasingly prioritising sustainability and energy efficiency, driving demand for eco-friendly heating solutions and smart technologies,” says the company’s analyst.
For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/home-heating-equipment-market
Key Research Insights
- Boilers dominated the market in 2022, providing both heating and hot water for homes.
- Natural gas is currently the preferred fuel source due to its widespread availability, and cost-effectiveness.
- Replacement services dominated the market in 2022, as homeowners upgrade their existing heating systems for better efficiency and functionality.
Insights into Segmentation Analysis
Home Heating Boilers Take Centre Stage
The home heating equipment market is dominated by boilers, which efficiently heat water and distribute it through radiators for warmth.
Modern boilers boast advanced safety features, ensuring homeowner peace of mind.
Furnaces Gear up for Growth
While boilers rule the roost, furnaces are poised for the fastest growth.
These heating systems offer efficient and dependable warmth, making them a popular choice for many homeowners.
Natural Gas Reigns as King of Fuels
Natural gas is the undisputed champion in fuel type, favoured for its affordability and efficiency in powering furnaces and boilers.
Heating oil is also expected to witness significant growth, providing a dependable heating source.
Replacement Reigns Supreme in Services
When it comes to heating services, replacements lead the pack.
Homeowners are increasingly opting to upgrade their ageing or inefficient heating systems for better performance and lower energy costs.
Repair Services Set to Rise
The repair segment is forecasted for the fastest growth.
Regular maintenance and repairs are crucial for keeping heating systems running smoothly and efficiently.
Key Report Highlights
- Consumers are increasingly opting for eco-friendly heating solutions like solar, geothermal, and biomass systems to reduce their carbon footprint and comply with stricter environmental regulations.
- Rising energy costs are pushing homeowners towards energy-efficient heating systems like high-efficiency furnaces, smart thermostats, and modern insulation materials.
- Integration of smart technologies like smart thermostats and app-controlled heating systems is transforming the market, offering convenience, energy savings, and personalised comfort.
Insights into Regional Analysis
North America Takes the Heat
The North American market dominates with diverse climates and eco-conscious trends.
North America's diverse climate zones, from balmy south to frigid north, drive demand for a variety of heating systems.
This includes forced-air furnaces, boilers, heat pumps, and radiant heating, catering to specific regional needs.
Affordability and easy access make natural gas the fuel of choice for many North American homeowners.
Government regulations promoting energy efficiency further fuel the market for high-efficiency heating systems, offering cost savings and environmental benefits.
Asia Pacific Heats up with Sustainable Solutions
While winters bite hard in certain regions of Asia Pacific, the focus is shifting towards sustainable heating solutions.
This includes heat pumps, solar heating, and biomass systems, aligning with growing environmental concerns.
Several Asia Pacific governments are offering subsidies and tax breaks to encourage the adoption of energy-efficient heating systems.
This shift towards greener technologies benefits both homeowners and the environment.
In densely populated areas of Asia Pacific, district heating systems are gaining traction. These centralised systems provide efficient and reliable heating, catering to the needs of urban communities.
Key Industry Players in Global Home Heating Equipment Market
- Daikin Industries Ltd.
- Carrier Corporation Trane Technologies plc.
- Rheem Manufacturing Company
- NIBE Industrier AB
- AB Vaillant Group
- Lennox International Inc.
- Viessmann Group
- Smith Corporation
- Bosch Thermotechnology Ltd.
- BullsEye Plumbing Heating & Air of Colorado Springs
- Johnson Controls International
Global home heating equipment Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Product Coverage, By Fuel Coverage, By Service Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/home-heating-equipment-market
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