Residential Furnace Market Size - By Fuel (Electric, Gas, Oil), By Capacity (Small, Medium, Large), By Temperature (Low, Medium, High), By Regional Outlook & Forecast, 2024 – 2032

Residential Furnace Market Size

Residential Furnace Market was valued at USD 7.1 billion in 2023 and is estimated to grow at a rate of 5.5% from 2024 to 2032. Rising demand for energy-efficient heating solutions along with advancements in smart home technologies will positively impact the industry landscape.
 

A residential furnace is a crucial component of a home's heating system designed to provide warmth and comfort during colder months. These furnaces generate heat through combustion or electrical resistance, which is then distributed throughout the home via ductwork or radiant systems. The modern units are engineered with advanced technology to enhance energy efficiency, such as variable-speed blowers and smart thermostats that optimize performance and reduce utility costs. These systems are built to operate quietly and maintain consistent indoor temperatures, ensuring a cozy environment for homeowners.
 

Residential Furnace Market Trends

The consumers are increasingly opting for furnaces that offer high efficiency, lower energy consumption and reduced environmental impact aligning with broader trends in green living. The industry is further seeing a shift towards electric and hybrid models as more homeowners seek alternatives to traditional gas fired units. The demand for environmentally friendly heating options comprising of electric and hybrid furnaces, driven by the shift toward renewable energy sources will in turn will fuel the furnace market.
 

Residential Furnace Market Analysis

The small residential furnace industry will exceed over USD 4.5 billion by 2032. Increasing demand for energy-efficient heating solutions in residential spaces along with shifting trend toward nuclear family will foster the industry scenario. Surging consumer focus toward reduction of energy costs and minimize the environmental impact will amplify the product deployment. Moreover, Additionally, the industry is influenced by regional climate variations, government incentives for energy-efficient appliances and rising awareness of the long-term cost benefits of upgrading to modern & efficient furnaces.
 

The electric residential furnace market size will witness growth rate of over 6% through 2032. Increasing demand for energy-efficient heating solutions along with shifting trend toward the adoption of cleaner energy sources will escalate the industry potential. In addition, government incentives along with implementation of stricter environmental regulations are encouraging the transition to electric heating, stimulating the industry expansion.
 

North America residential furnace market is set to surpass USD 9 billion by 2032. Government initiatives focused on promoting energy efficiency and reducing emissions coupled with the increasing adoption of advanced furnace technologies will drive the growth of product adoption. Government regulations and incentives promoting energy conservation, and the adoption of eco-friendly appliances will further support the industry expansion. Flourishing real estate sector in line with increasing disposable income will energize the industry dynamic.
 

U.S. residential furnace market will witness an appreciable momentum owing to increasing demand for energy-efficient heating systems and rising awareness of environmental concerns. Surging replacement of aging heating systems with energy-efficient units along with shifting focus toward the adoption of smart & automated systems will drive the industry potential. Growing preference for eco-friendly heating options coupled with rising emphasis on innovation and regulatory compliance will escalate the industry growth.
 

Residential Furnace Market Share

Carrier is one of the leading brands in the HVAC industry renowned for its innovative and reliable solutions for residential heating and cooling needs. With a legacy of over a century, the company offers a comprehensive range of residential furnaces designed to meet the diverse needs of homeowners. Its furnaces are known for their advanced technology, including variable-speed blowers and modulating gas valves, which provide precise temperature control and improved energy efficiency. Their systems are engineered to enhance indoor comfort while minimizing energy consumption and environmental impact.
 

Residential Furnace Market Companies

The key industry players include:

• Amana
• American Standard Heating and Air Conditioning
• Bryant
• Carbolite Gero Ltd.
• Carrier
• Daikin Industries Ltd.
• Emerson Electric Co.
• Goodman Manufacturing Company
• Heil
• Inductotherm
• Ipsen
• Johnson Controls
• Lennox International Inc.
• Rheem Manufacturing
• The Grieve Corporation
• Trane Technologies
   

Residential Furnace Industry News

• In August 2024, Carrier and Sibi have joined forces to revolutionize the HVAC industry by enhancing data-driven efficiency and developing a new, optimized supply chain management system. This collaboration will integrate Sibi’s flagship products with Carrier’s distribution channels, enabling home builders to connect directly with Carrier’s partners. Through Sibi’s interface, channel partners can now place orders for Carrier solutions more efficiently, streamlining the supply chain and saving valuable time. Additionally, Carrier will benefit from expanded access to networks across single-family rentals, multi-family rentals, home warranties, and new construction sectors.
   
• In August 2022, Daikin Industries confirmed to inaugurate its Sustainable Home Centre, a state-of-the-art ASHP showroom in England. The new facility is launched in association with a renewable energy specialist company called H2-ecO to boost the installation activities across a wide range of customer base including homeowners, builders, plumbing solution providers, and heating installers, among others.
   

This residential furnace market research report includes in-depth coverage of the industry with estimates & forecast in terms of “000 Units” & “USD Million” from 2021 to 2032, for the following segments:

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Market, By Fuel

• Electric
• Gas
• Oil
• Others

Market, By Capacity

• Small
• Medium
• Large

Market, By Temperature

• Low
• Medium
• High

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Portugal
  • Romania
  • Netherlands
  • Switzerland
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
• Latin America
  • Brazil
  • Argentina