세계의 난방 장비 시장 : 용도별, 제품 유형별, 연료 유형별, 국가별 분석 및 예측(2023-2033년)

The Global Heating Equipment Market Expected to Reach $206.50 Billion by 2033

Introduction to the Global Heating Equipment Market

The global heating equipment market has experienced remarkable growth, with Asia-Pacific taking the lead in adopting and advancing the heating equipment technology. The global shift toward sustainability is a key driver in the global heating equipment market, driving both innovation and investment in heating equipment solutions. This includes improvements in traditional heating systems such as furnaces and boilers, as well as the emergence of alternative options such as heat pumps and solar heating. Increasing emphasis on energy efficiency and environmental sustainability has led to the implementation of regulations and incentives favoring the adoption of high-efficiency heating equipment. This has stimulated demand for newer, more efficient heating systems, particularly in regions with stringent energy standards.

Governments worldwide are implementing policies and incentives to promote renewable heating equipment solutions. In December 2023, the Province of British Columbia (B.C.), U.S., embarked on the development of a policy aimed at enacting the Highest Efficiency Equipment Standards (HEES) for space and water heating commitment as delineated in the CleanBC Roadmap to 2030. Upon their implementation in 2030, these standards will serve as catalysts for the widespread adoption of high-efficiency, low-carbon equipment within residential, small-to-medium commercial, and institutional buildings across British Columbia.

The global heating equipment market is projected to reach $206,505.0 million by 2033 from $110,939.1 million in 2023, growing at a CAGR of 6.41% during the forecast period 2023-2033.

Industrial Impact

Carrier, Johnson Controls, DAIKIN INDUSTRIES, Ltd., Hitachi, Ltd., and LG Electronics are some of the leading players globally in the heating equipment market. Vornado Air, LLC, Dyson, and FUJITSU GENERAL are some of the emerging companies that have remained in the limelight for the last few years in the heating equipment market.

Some of the strategies adopted by heating equipment manufacturers are new product launches, business expansions, mergers and acquisitions, partnerships, and collaborations.

Mergers and acquisitions, partnerships, and collaborations have been the most preferred strategies in the market. The electrification of heating equipment systems is expected to gain momentum, especially in regions where electricity generation is becoming cleaner due to the growing share of renewable energy sources. Electric heat pumps could see significant growth as efficiency improves and costs decrease. There's likely to be a continued shift toward renewable energy sources for heating, driven by concerns about climate change and the desire to reduce carbon emissions.

Market Segmentation:

Segmentation 1: by Application

• Residential
• Commercial
• Industrial

Residential Application to Dominate the Global Heating Equipment Market (by Application)

Increasingly stringent energy efficiency regulations worldwide have driven homeowners to replace older, less efficient heating equipment with newer, more efficient models. This trend is particularly evident in regions where governments offer incentives or rebates for upgrading energy-efficient appliances.

Consumers are increasingly prioritizing comfort, convenience, and environmental sustainability when choosing heating equipment for their homes. This shift in preferences has led to greater demand for smart, connected heating equipment solutions that can be controlled remotely and integrated with other home automation systems.

The renovation and retrofitting of existing residential buildings with modern heating equipment have also fueled market growth.

Segmentation 2: by Product Type

• Heat Pumps
• Furnaces
• Boilers
• Others

Heat Pumps to Dominate the Global Heating Equipment Market (by Product Type)

Heat pumps are known for their high energy efficiency compared to traditional heating systems such as furnaces or boilers. They can extract heat from the air, ground, or water sources, making them a more sustainable option for heating homes and buildings.

With increasing awareness of climate change and the need to reduce carbon emissions, there's a growing demand for eco-friendly heating equipment solutions. Heat pumps produce fewer greenhouse gas emissions compared to fossil fuel-based heating systems, making them an attractive choice for environmentally conscious consumers and policymakers.

Advances in heat pump technology have led to improvements in efficiency, performance, and reliability. Modern heat pumps can operate effectively even in colder climates, making them suitable for a broader range of applications.

Segmentation 3: by Fuel Type

• Natural Gas
• Oil
• Electricity
• Others

Natural Gas to Dominate the Global Heating Equipment Market (by Fuel Type)

Natural gas is often more cost-effective compared to other fuel types, such as oil or electricity, making it an attractive option for heating equipment, especially in regions where natural gas is abundant and relatively cheap.

In many regions, there is already an existing infrastructure for natural gas distribution, making it easier and more convenient for consumers to access natural gas for heating purposes. This established infrastructure encourages the adoption of natural gas heating equipment.

Segmentation 4: by Region

• North America - U.S., Canada, Mexico
• Europe - Germany, France, U.K., Italy, and Rest-of-Europe
• Asia-Pacific - Japan, China, India, South Korea, and Rest-of-Asia-Pacific
• Rest-of-the-World - South America and Middle East and Africa

The heating equipment market in the Asia-Pacific region is expected to continue growing steadily, fueled by urbanization, economic development, government support for energy efficiency, and technological advancements.

The Asia-Pacific region has been undergoing rapid urbanization and industrialization, leading to increased demand for heating equipment in residential, commercial, and industrial sectors. As more people move to urban areas and industries expand, the need for heating systems for buildings, factories, and other infrastructure has grown substantially.

Economic growth in countries such as China, India, Japan, South Korea, and Southeast Asian nations has resulted in rising disposable income levels and increased construction activities. This has fueled demand for heating equipment in both residential and commercial sectors, including offices, hotels, malls, and residential complexes.

Manufacturers are increasingly focusing on innovating heating equipment to meet the region's diverse needs, including high-performance systems tailored to specific climatic conditions.

Recent Developments in the Global Heating Equipment Market

• In July 2023, Budapest, Hungary, hosted the Midea Building Technologies New Product Launch. The next-generation M thermal R290 Nature Series Heat Pump was unveiled by Midea Building Technologies, showcasing the company's ongoing dedication to innovation and sustainable development.
• In June 2023, the Vaillant Group, a heating equipment technology supplier based in Remscheid, revealed that the company saw significant growth in its heat pump business in 2022, with sales rising by more than 75%. As a consequence, the company has expanded considerably faster than the European market as a whole, thus strengthening its position in the industry. Currently, one of the top three providers of heat pumps in Europe is the Vaillant Group. The Vaillant Group achieved market shares in China and Europe while increasing its sales of gas-fired boilers by 6% in a market that was typically falling.
• In December 2021, Mitsubishi Electric Corporation introduced Ecodan Hydrodan, a newly developed, effective water-to-water heat pump. The packed plug & play solution is made especially to meet residential apartment needs for heating equipment and hot water while maximizing the considerable sustainable energy savings that the upcoming generation of heat networks offers. Additionally, it uses a small amount of low-GWP R32 refrigerant in order to minimize its negative effects on the environment.
• In June 2023, the Triton Super and Light Duty water heaters were introduced by Rheem Manufacturing Company. The commercial units can identify and stop water heater issues before they arise, eliminating downtime with up to 98% thermal efficiency. Triton Light Duty, designed with small business owners in mind, provides a more intelligent and durable option than regular units. However, organizations that require maximum hot water supply capacity can benefit from Triton Super Duty's increased capacity. Light Duty and Triton Super complement the current Rheem Manufacturing Company's Triton lineup, which consists of heavy-duty models. The long-term demand currently surpasses production capabilities, positioning them as leaders in the sustainable heating equipment sector.

Demand - Drivers, Challenges, and Opportunities

Market Demand Drivers: Rapid Expansion of Global Construction Projects

The global construction industry is experiencing a substantial expansion, buoyed by economic growth, urbanization, and increased infrastructure investment. This broad-scale development serves as a significant catalyst for the heating equipment market, driving demand for state-of-the-art heating solutions across residential, commercial, and industrial sectors.

For instance, the residential construction boom, particularly in emerging economies, necessitates the deployment of efficient heating systems to meet the needs of new housing developments. Companies such as Robert Bosch GmbH and Lennox International Inc. are expanding their product ranges to include energy-efficient boilers and heat pumps that cater to this burgeoning market. These systems are designed to provide optimal thermal heat with minimal environmental impact, aligning with the global push toward sustainability.

Market Challenges: High Initial Capital Expenditure

High initial capital expenditure constitutes a significant restraint in the heating equipment market, posing a barrier to both adoption and technological advancement. This is particularly evident in the case of state-of-the-art systems, which, despite their long-term operational savings and environmental benefits, require substantial upfront investment.

For example, while geothermal heat pumps offer considerable energy savings over time, their initial installation is capital-intensive. The requirement for extensive underground piping and the drilling process can be cost-prohibitive for many homeowners and small businesses.

Large-scale heating systems, such as variable refrigerant flow (VRF) systems, which are highly efficient and offer superior control, are associated with hefty installation and material costs. This is sometimes exacerbated by the need for specialized labor and training for installation and maintenance.

Market Opportunities: Investment in Sustainable and Energy Efficient Heating Equipment Products

Investment in sustainable and energy-efficient heating products is creating substantial market opportunities within the heating equipment industry. The global push toward sustainability and the increasing focus on reducing carbon emissions are prompting both consumers and businesses to seek out greener, more energy-efficient heating equipment solutions.

This shift in demand is catalyzing innovation and opening new avenues for growth in the sector. One prime example of this trend is the rising investment in heat pump technology. Heat pumps offer a cleaner alternative to traditional heating systems by utilizing electricity to move heat from the air or ground into buildings.

How can this report add value to an organization?

Product/Innovation Strategy: The product segment helps the reader understand the different applications of the heating equipment products available in the market, which is poised for significant expansion with ongoing technological advancements, increased investments, and growing awareness of sustainable heating equipment solutions. Therefore, the heating equipment business is a high-investment and high-revenue generating model.

Growth/Marketing Strategy: The global heating equipment market has been growing at a rapid pace. The market offers enormous opportunities for existing and emerging market players. Some of the strategies covered in this segment are mergers and acquisitions, product launches, partnerships and collaborations, business expansions, and investments. The strategies preferred by companies to maintain and strengthen their market position primarily include partnerships and collaborations.

Competitive Strategy: The key players in the heating equipment market analyzed and profiled in the study include heating equipment manufacturers. Additionally, a comprehensive competitive landscape such as partnerships, agreements, and collaborations are expected to aid the reader in understanding the untapped revenue pockets in the market.

Research Methodology

Factors for Data Prediction and Modeling

• The scope of this report has been focused on heating equipment only.
• The base currency considered for the market analysis is US$. Currencies other than the US$ have been converted to the US$ for all statistical calculations, considering the average conversion rate for that particular year.
• The currency conversion rate has been taken from the historical exchange rate of the Oanda website.
• Nearly all the recent developments from January 2021 to December 2023 have been considered in this research study.
• The information rendered in the report is a result of in-depth primary interviews, surveys, and secondary analysis.
• Where relevant information was unavailable, proxy indicators and extrapolation were employed.
• Any economic downturn in the future has not been taken into consideration for the market estimation and forecast.
• Technologies currently used are expected to persist through the forecast with no major technological breakthroughs.

Market Estimation and Forecast

This research study involves the usage of extensive secondary sources, such as certified publications, articles from recognized authors, white papers, annual reports of companies, directories, and major databases to collect useful and effective information for an extensive, technical, market-oriented, and commercial study of the global heating equipment market.

The process of market engineering involves the calculation of the market statistics, market size estimation, market forecast, market crackdown, and data triangulation (the methodology for such quantitative data processes is explained in further sections). The primary research study has been undertaken to gather information and validate the market numbers for segmentation types and industry trends of the key players in the market.

Primary Research

The primary sources involve industry experts from the heating equipment market and various stakeholders in the ecosystem. Respondents such as CEOs, vice presidents, marketing directors, and technology and innovation directors have been interviewed to obtain and verify both qualitative and quantitative aspects of this research study.

The key data points taken from primary sources include:

• validation and triangulation of all the numbers and graphs
• validation of reports segmentation and key qualitative findings
• understanding the competitive landscape
• validation of the numbers of various markets for market type
• percentage split of individual markets for geographical analysis

Secondary Research

This research study involves the usage of extensive secondary research, directories, company websites, and annual reports. It also makes use of databases, such as Hoovers, Bloomberg, Businessweek, and Factiva, to collect useful and effective information for an extensive, technical, market-oriented, and commercial study of the global market. In addition to the aforementioned data sources, the study has been undertaken with the help of other data sources and websites, such as GFI and Delft University of Technology.

Secondary research was done to obtain crucial information about the industry's value chain, revenue models, the market's monetary chain, the total pool of key players, and the current and potential use cases and applications.

The key data points taken from secondary research include:

• segmentations and percentage shares
• data for market value
• key industry trends of the top players of the market
• qualitative insights into various aspects of the market, key trends, and emerging areas of innovation
• quantitative data for mathematical and statistical calculations

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and heating equipment market penetration.

Some of the prominent names in thie global heating equipment market are:

• Carrier
• DAIKIN INDUSTRIES, Ltd.
• Johnson Controls
• Midea Group
• Lennox International Inc.

Companies that are not a part of the aforementioned pool have been well represented across different sections of the report (wherever applicable).

Table of Contents

Executive Summary

Scope and Definition

1 Markets

• 1.1 Trends: Current and Future Impact Assessment
  • 1.1.1 Trends: Overview
  • 1.1.2 Rising Focus on IoT- Enabled Heating Equipment Market
  • 1.1.3 Focus on Energy Efficiency
• 1.2 Supply Chain Overview
  • 1.2.1 Value Chain Analysis
  • 1.2.2 Market Map
• 1.3 Research and Development Review
  • 1.3.1 Patent Filing Trend (by Country, by Year)
• 1.4 Regulatory Landscape
• 1.5 Market Dynamics: Overview
  • 1.5.1 Market Drivers
    • 1.5.1.1 Rapid Expansion of Global Construction Projects
    • 1.5.1.2 Environmental Consequences of the Greenhouse Effect
    • 1.5.1.3 Incorporation of Renewable Energy Sources
  • 1.5.2 Market Restraints
    • 1.5.2.1 High Initial Capital Expenditure
    • 1.5.2.2 Fluctuations in Energy Costs
  • 1.5.3 Market Opportunities
    • 1.5.3.1 Investment in Sustainable and Energy Efficient Heating Equipment Products
    • 1.5.3.2 Rise in Partnerships and Collaborations Globally

2 Application

• 2.1 Application Segmentation
• 2.2 Application Summary
• 2.3 Global Heating Equipment Market (by Application)
  • 2.3.1 Applications
    • 2.3.1.1 Residential
    • 2.3.1.2 Commercial
    • 2.3.1.3 Industrial

3 Products

• 3.1 Product Segmentation
• 3.2 Product Summary
• 3.3 Global Heating Equipment Market (by Product Type)
  • 3.3.1 Product Types
    • 3.3.1.1 Heat Pumps
    • 3.3.1.2 Furnaces
    • 3.3.1.3 Boilers
    • 3.3.1.4 Others
• 3.4 Global Heating Equipment Market (by Fuel Type)
  • 3.4.1 Fuel Types
    • 3.4.1.1 Natural Gas
    • 3.4.1.2 Oil
    • 3.4.1.3 Electricity
    • 3.4.1.4 Others

4 Regions

• 4.1 Regional Summary
• 4.2 Drivers and Restraints
• 4.3 North America
  • 4.3.1 Regional Overview
  • 4.3.2 Driving Factors for Market Growth
  • 4.3.3 Factors Challenging the Market
  • 4.3.4 Application
  • 4.3.5 Product
  • 4.3.6 North America (by Country)
    • 4.3.6.1 U.S.
    • 4.3.6.2 Canada
    • 4.3.6.3 Mexico
• 4.4 Europe
  • 4.4.1 Regional Overview
  • 4.4.2 Driving Factors for Market Growth
  • 4.4.3 Factors Challenging the Market
  • 4.4.4 Application
  • 4.4.5 Product
  • 4.4.6 Europe (by Country)
    • 4.4.6.1 France
    • 4.4.6.2 Germany
    • 4.4.6.3 U.K.
    • 4.4.6.4 Italy
    • 4.4.6.5 Rest-of-Europe
• 4.5 Asia-Pacific
  • 4.5.1 Regional Overview
  • 4.5.2 Driving Factors for Market Growth
  • 4.5.3 Factors Challenging the Market
  • 4.5.4 Application
  • 4.5.5 Product
  • 4.5.6 Asia-Pacific (by Country)
    • 4.5.6.1 China
    • 4.5.6.2 India
    • 4.5.6.3 Japan
    • 4.5.6.4 South Korea
    • 4.5.6.5 Rest-of-Asia-Pacific
• 4.6 Rest-of-the-World
  • 4.6.1 Regional Overview
  • 4.6.2 Driving Factors for Market Growth
  • 4.6.3 Factors Challenging the Market
  • 4.6.4 Application
  • 4.6.5 Product
  • 4.6.6 Rest-of-the-World (by Region)
    • 4.6.6.1 South America
    • 4.6.6.2 Middle East and Africa

5 Markets - Competitive Benchmarking & Company Profiles

• 5.1 Next Frontiers
• 5.2 Geographic Assessment
  • 5.2.1 DAIKIN INDUSTRIES, Ltd.
    • 5.2.1.1 Overview
    • 5.2.1.2 Top Products/Product Portfolio
    • 5.2.1.3 Top Competitors
    • 5.2.1.4 Target Customers
    • 5.2.1.5 Key Personnel
    • 5.2.1.6 Analyst View
    • 5.2.1.7 Market Share, 2022
  • 5.2.2 Johnson Controls
    • 5.2.2.1 Overview
    • 5.2.2.2 Top Products/Product Portfolio
    • 5.2.2.3 Top Competitors
    • 5.2.2.4 Target Customers
    • 5.2.2.5 Key Personnel
    • 5.2.2.6 Analyst View
    • 5.2.2.7 Market Share, 2022
  • 5.2.3 LG Electronics
    • 5.2.3.1 Overview
    • 5.2.3.2 Top Products/Product Portfolio
    • 5.2.3.3 Top Competitors
    • 5.2.3.4 Target Customers
    • 5.2.3.5 Key Personnel
    • 5.2.3.6 Analyst View
  • 5.2.4 Robert Bosch GmbH
    • 5.2.4.1 Overview
    • 5.2.4.2 Top Products/Product Portfolio
    • 5.2.4.3 Top Competitors
    • 5.2.4.4 Target Customers
    • 5.2.4.5 Key Personnel
    • 5.2.4.6 Analyst View
  • 5.2.5 SAMSUNG ELECTRONICS CO., LTD.
    • 5.2.5.1 Overview
    • 5.2.5.2 Top Products/Product Portfolio
    • 5.2.5.3 Top Competitors
    • 5.2.5.4 Target Customers
    • 5.2.5.5 Key Personnel
    • 5.2.5.6 Analyst View
    • 5.2.5.7 Market Share, 2022
  • 5.2.6 Hitachi, Ltd.
    • 5.2.6.1 Overview
    • 5.2.6.2 Top Products/Product Portfolio
    • 5.2.6.3 Top Competitors
    • 5.2.6.4 Target Customers
    • 5.2.6.5 Key Personnel
    • 5.2.6.6 Analyst View
  • 5.2.7 FUJITSU GENERAL
    • 5.2.7.1 Overview
    • 5.2.7.2 Top Products/Product Portfolio
    • 5.2.7.3 Top Competitors
    • 5.2.7.4 Target Customers
    • 5.2.7.5 Key Personnel
    • 5.2.7.6 Analyst View
  • 5.2.8 Carrier
    • 5.2.8.1 Overview
    • 5.2.8.2 Top Products/Product Portfolio
    • 5.2.8.3 Top Competitors
    • 5.2.8.4 Target Customers
    • 5.2.8.5 Key Personnel
    • 5.2.8.6 Analyst View
    • 5.2.8.7 Market Share, 2022
  • 5.2.9 Midea Group
    • 5.2.9.1 Overview
    • 5.2.9.2 Top Products/Product Portfolio
    • 5.2.9.3 Top Competitors
    • 5.2.9.4 Target Customers
    • 5.2.9.5 Key Personnel
    • 5.2.9.6 Analyst View
  • 5.2.10 Lennox International Inc.
    • 5.2.10.1 Overview
    • 5.2.10.2 Top Products/Product Portfolio
    • 5.2.10.3 Top Competitors
    • 5.2.10.4 Target Customers
    • 5.2.10.5 Key Personnel
    • 5.2.10.6 Analyst View
  • 5.2.11 Ingersoll Rand
    • 5.2.11.1 Overview
    • 5.2.11.2 Top Products/Product Portfolio
    • 5.2.11.3 Top Competitors
    • 5.2.11.4 Target Customers
    • 5.2.11.5 Key Personnel
    • 5.2.11.6 Analyst View
  • 5.2.12 Emerson Electric Co.
    • 5.2.12.1 Overview
    • 5.2.12.2 Top Products/Product Portfolio
    • 5.2.12.3 Top Competitors
    • 5.2.12.4 Target Customers
    • 5.2.12.5 Key Personnel
    • 5.2.12.6 Analyst View
  • 5.2.13 Mitsubishi Electric Corporation
    • 5.2.13.1 Overview
    • 5.2.13.2 Top Products/Product Portfolio
    • 5.2.13.3 Top Competitors
    • 5.2.13.4 Target Customers
    • 5.2.13.5 Key Personnel
    • 5.2.13.6 Analyst View
  • 5.2.14 Vaillant Group International GmbH
    • 5.2.14.1 Overview
    • 5.2.14.2 Top Products/Product Portfolio
    • 5.2.14.3 Top Competitors
    • 5.2.14.4 Target Customers
    • 5.2.14.5 Key Personnel
    • 5.2.14.6 Analyst View
  • 5.2.15 Rheem Manufacturing Company
    • 5.2.15.1 Overview
    • 5.2.15.2 Top Products/Product Portfolio
    • 5.2.15.3 Top Competitors
    • 5.2.15.4 Target Customers
    • 5.2.15.5 Key Personnel
    • 5.2.15.6 Analyst View

6 Research Methodology

• 6.1 Data Sources
  • 6.1.1 Primary Data Sources
  • 6.1.2 Secondary Data Sources
  • 6.1.3 Data Triangulation
• 6.2 Market Estimation and Forecast