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Residential Furnace Market Size

Report ID: GMI10947
Published Date: Aug 2024
Report Format: PDF

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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.

Residential Furnace Market

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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 Report Attributes
Report Attribute	Details
Base Year:	2023
Residential Furnace Market Size in 2023:	USD 7.1 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	5.5%
2024 – 2032 Value Projection:	USD 11.4 Billion
Historical Data for:	2021-2023
No. of Pages:	150
Tables, Charts & Figures:	45
Segments covered:	Fuel, Capacity, Temperature & Region
Growth Drivers:	Flourishing real estate sector Implementation of energy efficiency regulations Ongoing technological advancements
Pitfalls & Challenges:	High initial cost

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Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of residential furnace was valued at USD 7.1 billion in 2023 and is projected to grow at 5.5% CAGR through 2032, supported by a rising demand for energy-efficient solutions and advancements in smart home technologies.

The small residential furnace market segment is set to surpass USD 4.5 billion by 2032, augmented by growing demand for energy-efficient heating solutions and a move towards smaller family units.

North America residential furnace market is expected to reach over USD 9 billion by 2032, bolstered by government initiatives to promote energy efficiency and reduce emissions.

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, and Trane Technologies.