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Furnace Market Trends

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

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Furnace Market Trends

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.

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.