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Furnace Market Size

Report ID: GMI9458
Published Date: May 2024
Report Format: PDF

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Furnace Market Size

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.

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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.

Furnace Market Report Attributes
Report Attribute	Details
Base Year:	2023
Furnace Market Size in 2023:	USD 16.6 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	5.3%
2032 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:	Stringent regulations aimed at reducing energy consumption Increasing demand for energy efficient heating solutions Surging urbanization and the construction of new buildings
Pitfalls & Challenges:	High initial costs

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Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

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.