Furnace Market
Get a free sample of this report
Your inquiry has been received. Our team will reach out to you with the required details via email. To ensure that you don't miss their response, kindly remember to check your spam folder as well!
Form submitted successfully!
Error submitting form. Please try again.
Request Sectional Data
Your inquiry has been received. Our team will reach out to you with the required details via email. To ensure that you don't miss their response, kindly remember to check your spam folder as well!
Form submitted successfully!
Error submitting form. Please try again.
Furnace Market was valued at USD 16.6 billion in 2023 and is estimated to grow at a CAGR of over 5.3% between 2024 and 2032. Stringent energy efficiency regulations set by governments and regulatory bodies worldwide will positively impact the business landscape. Robust development of multi-story building along with increasing demand for space heating will favor the business scenario.
A furnace is an appliance or heating system designed to generate and distribute heat within a confined space. It burns fuel comprising of natural gas, oil and electricity to produce heat which is then circulated through ducts or pipes to warm the air or water in the space. Furnaces are commonly used for residential heating, providing warmth to homes as well as for commercial facilities. These systems play a vital role in keeping spaces warm and comfortable, as well as facilitating various industrial processes.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Furnace Market size in 2023: | USD 16.6 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 5.3 |
| 2023 Value Projection: | USD 26.4 Billion |
| Historical Data for: | 2021 to 2023 |
| No of Pages: | 140 |
| Tables, Charts & Figures: | 65 |
| Segments Covered: | Fuel, Capacity, Temperature, Application & Region |
| Growth Drivers: |
|
| Pitfalls Challenges: |
|
The growing focus on indoor comfort and air quality is driving demand for advanced heating systems including furnaces. Increasing industrialization and urbanization rate along with surging demand for energy-efficient heating solutions will fuel the industry outlook. The consumers are increasingly seeking furnaces with features including zoning capabilities, variable-speed operation, and humidity control to enhance comfort levels in their homes and workplaces, accelerating the business potential.
The residential furnace industry will exceed USD 10 billion by 2032. The growing trend toward smart home integration has led to the development of connected furnaces that can be remotely monitored and controlled via smartphones and other devices. Increasing awareness of energy efficiency and savings coupled with stringent government focus toward minimizing the carbon footprint will drive the business outlook. Growing need for reliable heating solutions in line with rising disposable incomes will fuel the product penetration.
The gas furnace market will witness growth rate of over 5.2% through 2032. The ongoing replacement of aging or inefficient heating systems with efficient systems will positively impact the business landscape. Increasing applicability across residential and commercial applications owing to their affordability, reliability, and effectiveness in heating spaces will amplify the industry growth. The transition toward eco-friendly heating solutions along with widespread availability of natural gas will propel the product deployment.
North America furnace market is set to reach over USD 20 billion by 2032. The growth of the automotive industry along with increasing consumer demand for vehicles and government initiatives will foster the business landscape. Government initiatives aimed at promoting energy efficiency and reducing emissions along with surging adoption of advanced furnace technologies will foster the product adoption. Increasing awareness of environmental issues in line with increasing investments across the manufacturing sector will energize the industry dynamic.
U.S. furnace market is set to gain an appreciable momentum on account of increasing consumer inclination toward high-efficiency furnaces to lower energy costs and reduce environmental impact. Government incentives and rebates for energy-efficient appliances will further stimulate the technological demand. The industry is driven by factors including replacement demand, energy efficiency standards and regional climate variations.
Trane Technologies stands as one of the leading providers of innovative solutions worldwide, catering to a diverse array of industries with a comprehensive portfolio spanning heating, ventilation, and air conditioning systems, as well as building automation and energy services. Renowned for its steadfast dedication to excellence, sustainability, and customer-centric approach, Trane Technologies continually sets the standard for pioneering advancements aimed at enhancing comfort, improving indoor air quality, and fostering environmental stewardship. With a legacy of innovation and a commitment to delivering superior products and services, Trane Technologies remains at the forefront of driving transformative solutions that optimize energy efficiency, promote sustainability, and create healthier, more comfortable environments for individuals and communities worldwide.
Eminent players operating in the furnace industry include:
Market, By Application
Market, By Fuel
Market, By Capacity
Market, By Temperature
The above information has been provided for the following regions and countries:
The market size of furnace was reached USD 16.6 billion in 2023 and is expected to register 5.3% CAGR from 2024 to 2032, owing to the stringent energy efficiency regulations set by governments and regulatory bodies worldwide.
Furnace industry from the residential furnace segment is expected to reach over USD 10 billion by 2032, due to growing trend toward smart home integration leading to the development of connected furnaces that can be remotely monitored and controlled via smartphones and other devices.
North America furnace industry is expected to record over USD 20 billion by 2032 due to increasing consumer demand for vehicles and government initiatives fostering the business landscape in the region.
Daikin, Emerson, Inductotherm, Ipsen, Johnson Controls, JR Furnace, Lennox, Lucifer Furnaces, NIPPON STEEL ENGINEERING CO., LTD., Rheem Manufacturing, Technotherma Pvt. Ltd, The Grieve Corporation, and Trane Technologies, are some of the major furnace companies worldwide.