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Residential Heating Equipment Market Analysis

Report ID: GMI10306 Published Date: July 2024Report Format: PDF
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Residential Heating Equipment Market Analysis

Residential Heating Equipment Market Size, By Technology, 2022 - 2032 (USD Billion)

The heat pump residential heating equipment industry is set to exceed over USD 120 billion by 2032. Growing investments in the green building infrastructure along with introduction of stringent energy building codes and standards will boost product penetration. For instance, recent updates to the F-gas regulation underscore the imperative to phase out the utilization of F-gases in cooling and heating systems in line with the REPowerEU initiative's goal to deploy over 60 million heat pumps across the EU by 2030.

esidential Heating Equipment Market Revenue Share, By Application, 2023

The single family residential heating equipment market size will witness growth rate of over 8.5% by 2032. The integration of smart technology for remote monitoring, predictive maintenance, and optimization of heating processes. Surging demand for customizable furnace solutions that can adapt to different heating needs and process requirements further augmenting the product deployment. Furthermore, flourishing real estate sector in line with shifting consumer interest toward energy efficient systems to reduce energy bills will accelerate the business dynamics.

Europe Residential Heating Equipment Market Size, 2022 - 2032 (USD Billion)

Europe residential heating equipment market is set to surpass USD 160 billion by 2032, driven by the favorable policies, technological advancements, and increasing demand for clean energy solutions. The region's commitment to sustainability and decarbonization have led these systems as a key enabler to a low-carbon economy. Regulations focused on technology have stimulated product adoption across the region.

Rising energy consumption along with growing energy security concerns will fuel the growth of U.S. residential heating equipment industry. Rapid investment across real estate in line with introduction of schemes and programs lay favorable grounds for industry expansion. In addition, the growing need to sustainably cater to energy requirements with an increasing focus on reducing carbon emissions will stimulate the product demand.

Author: Ankit Gupta, Shubham Chaudhary
Frequently Asked Question(FAQ) :

Why is heat pump technology in residential heating equipment market witnessing high demand?+

The heat pump residential heating equipment market segment is set to exceed USD 120 billion by 2032, owing to the growing investments in the green building infrastructure along with introduction of stringent energy building codes and standards.

What is the size of the global residential heating equipment market?+

The market size of residential heating equipment was reached USD 168.9 billion in 2023 and is estimated to record a CAGR of 9% through 2032, backed by the increasing awareness of energy efficiency and environmental sustainability among consumers.

How big is Europe residential heating equipment industry?+

Europe residential heating equipment market is set to surpass USD 160 billion by 2032, supported by favorable policies, technological advancements, and increasing demand for clean energy solutions owing to the region

Which are the main contenders in residential heating equipment market?+

Bradford White Corporation, Carrier Corporation, Crane

Residential Heating Equipment Market Scope

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