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Commercial Heating Equipment Market Size
Commercial Heating Equipment Market was valued at USD 57.5 billion in 2023 and is estimated to grow at a CAGR of 8.5% from 2024 to 2032. Stringent regulatory mandates and regimes concerning energy efficiency & carbon emissions have led the manufacturers to develop environment friendly and upgraded designs. For instance, in 2023, the commercial real estate industry witnesses a growth rate of over 2.5% across the Europe.
Commercial heating equipment refers to the systems & devices used to provide heating in commercial buildings and facilities. These systems are designed to maintain comfortable indoor temperatures and ensure a suitable working environment during colder months. These units vary in size, capacity, and complexity depending on the specific requirements of the commercial space they serve. The selection of the appropriate type of equipment depends on factors including building size, layout, insulation, and specific heating needs.
How much is the commercial heating equipment market worth?
The market size of commercial heating equipment was crossed USD 57.5 billion in 2023 and is estimated to grow at 8.5% CAGR during 2024 to 2032, driven by stringent regulatory mandates and regimes concerning energy efficiency & carbon emissions.
Why is the demand for heat pumps rising?
The heat pump segment in the commercial heating equipment market will reach over USD 40 billion by 2032, owing to its higher efficiency, environment friendliness, and limited installation costs.
Why is the commercial heating equipment industry booming in Asia Pacific?
Asia Pacific commercial heating equipment market size is set to surpass USD 30 billion by 2032, driven by ongoing government support and promotions for adoption of energy efficient appliances.
Who are the major commercial heating equipment industry players?
A.O. Smith, Ariston Holding N.V, BDR Thermea Group, Carrier Corporation, Cleaver-Brooks, DAIKIN INDUSTRIES, Ltd, Danfoss, Emerson Electric Co, Fulton Boiler Works, Goodman Manufacturing Company, Honeywell International Inc, and Johnson Controls International among others.