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Residential Heating Equipment Market Trends

Report ID: GMI10306
Published Date: Jul 2024
Report Format: PDF

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Residential Heating Equipment Market Trends

The government regulations and incentives aimed at reducing carbon footprints are encouraging the adoption of advanced heating solutions. The industry is witnessing a rise in demand for retrofitting and upgrading existing systems to meet modern efficiency standards. These trends collectively indicate a robust expansion of the residential heating equipment industry, with a strong emphasis on innovation and sustainability. The introduction of several government incentives including renewable heat incentives, financial assistance, tax credits, and subsidies to promote the adoption of energy-efficient system will positively influence product penetration.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

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.

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.

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’s commitment to sustainability and decarbonization.

Bradford White Corporation, Carrier Corporation, Crane – USA, DAIKIN INDUSTRIES, Ltd., Ferroli S.p.A, GE Appliances, Havells India Ltd., Hoval, Johnson Control International, Lennox International Inc., and LG Electronics among others.