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North American Heating Equipment Market, 2025 | Industry Report

North American Heating Equipment Market Analysis Report By Product, By Application And Segment Forecasts From 2018 To 2025

Report ID: MN17620050  |  Published: August 2020  |  No of Pages: 87
Format: Electronic (PDF)  |  Industry: HVAC (Heating, Ventilation, & Air Conditioning)  |  Publisher: Grand View Research

Industry Insights

The North American heating equipment market size was valued at USD 7.02 billion in 2017. It is projected to witness a CAGR of 5.6% over the forecasted years, 2018 to 2025. Surging need for adopting cost-effective and energy-efficient heating equipment for residential and commercial sectors are expected to drive the market growth.

Rising energy consumption coupled with stringent rules and regulations imposed by governing bodies is driving the demand for energy-efficient products. Moreover, increasing energy bills are also influencing many industrial and commercial organizations to adopt these energy-efficient devices on their working sites. These factors are triggering the demand for heating equipment across North America.       

U.S. heating equipment market

The replacement and repair of existing equipment are also gaining traction across North America. Moreover, the consumption of fossil fuels like oil, natural gas, and coal may prove hazardous to the environment. The rising awareness about its replacement with the energy-efficient fuels is also triggering the demand for advanced heating equipment.

Surging construction and housing sector are propelling the demand for heating equipment. Further, rising consumer spending on luxury lifestyles like restaurants and spas is driving the demand for heating equipment across the commercial sector. Thus, several key players operating in this market have started developing products as per the consumer preferences like price range, emerging trends in technology, customer service, and pricing. These factors are anticipated to boost the North American heating equipment market in the upcoming years.

Product Insights

The heat pumps are largely being used in spaces having moderate cooling and heating requirements. They can provide area conditioning (cooling or heating) with one-fourth operational costs as that of conventional cooling and heating equipment devices. Also, the implementation of zero-carbon and low emission technology is projected to bode well the demand for heat pumps.

The segment of the electric furnace is also anticipated to gain traction in the upcoming years. This can be attributed to the rising demand for heating equipment having higher efficiency and low maintenance cost. Also, as the heat required for such furnaces can be obtained by induction, electricity or by burning fuel, their deployment in industrial and household processes is gaining traction. Moreover, rapid technological advances have increased its waste recovery efficiency from 10% to 50% thereby facilitating its reuse.

Application Insights

The industrial application segment accounted for the highest share across the market in 2017. It is also projected to register the fastest growth over the forecasted period, 2018 to 2025. This can be attributed to the surging usage of heating equipment across aviation, marine, oil & gas, food & beverage, and mining industries. Further, district heating solutions are also anticipated to gain traction in the upcoming years.

North America heating equipment market

Equipment like boilers, heat pumps and furnaces are largely being used across the U.S. While, natural gas fireplaces and portable electric heaters are largely used for residential purposes. Further, rising insecurity regarding household energy consumption are projected to propel the market growth for energy-efficient products. Moreover, increasing number of renovation and repair activities are anticipated to trigger the demand for such equipment.

Regional Insights

The U.S. accounted for the largest share across the North America heating equipment market in 2017. Several initiatives being undertaken by governing authorities for curbing air pollution are anticipated to act as a major contributor towards market growth. Also, tax rebates and credits being given for the usage of energy-efficient products are proposed to further fuel up demand for heating equipment.

Canada acquired second-largest share across the market in 2017. This can be associated with the rising number of players operating across provinces like Quebec and Ontario coupled with the surging population density are expanding commercial and residential downstream markets. Moreover, cold climatic conditions and increasing replacement and repair activities are estimated to trigger the market growth.

COVID-19 Impact Insights

The market across North America is impacted negatively on account of the ongoing COVID-19 crisis. The imposition of lockdown across countries like the U.S. and Canada has stagnated the industrial demand for heating equipment. As the U.S. is one of the largely affected countries due to the COVID pandemic, the loss of jobs has resulted in reduced demand across the residential sector. Several organizations are also focusing on the repair of such equipment rather than buying new ones due to economic instability. However, rapid technological advances being undertaken by the manufacturers in the upcoming years are expected to propel the market growth over the post-pandemic period.

North America heating Equipment Market Share Insights

The market includes key players such as Whirlpool Corporation; Nortek Holdings; Johnson Controls; Lennox International; Siemens Corporation; Daikin Industries Ltd.; Danfoss; and United Technologies Corporation.They are constantly engaged in product development and innovation to gain a competitive advantage over other players.

They are launching several energy-efficient and energy-saving products for widening their global reach and product portfolio. Factors like operational ease and remote accessibility are being considered by them to carry out R&D activities. Thus, the market is witnessing stiff competition owing to the presence of factors like industry experience, technology, prices, and distribution channels.

Report Scope

Attribute

Details

Base year for estimation

2017

Actual estimates/Historical data

2014 - 2016

Forecast period

2018 - 2025

Market representation

Revenue in USD Million and CAGR from 2018 to 2025

Regional Scope

North America

Country Scope

U.S., Canada, Mexico

Report coverage

Revenue forecast, competitive landscape, growth factors and trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization


Segments Covered in the Report

This report forecasts revenue growth at theglobal, regional, and country levels and provides an analysis of the latest industry trends from 2014 to 2025 in each of the sub segments. For the purpose of this study, Million Insights has segmented the North American heating equipment market on the basis of product, application and region:

• Product Outlook (Revenue, USD Million, 2014 - 2025)
    • Heat Pumps
    • Furnaces
    • Boilers
    • Unitary Heaters

• Application Outlook (Revenue, USD Million, 2014 - 2025)
    • Residential
    • Commercial
    • Industrial

• Regional Outlook (Revenue, USD Million, 2014 - 2025)
    • North America
        • The U.S.
        • Canada
        • Mexico

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