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Residential Furnace Market Trends

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

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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.

Authors: Avinash Singh, Sunita Singh

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.