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Commercial Heating Equipment Market Size - By Technology (Heat Pump, Boiler, Furnace, Water Heater), By Channel (Online, Dealer, Retail), By End Use, By Regional Outlook & Forecast, 2024 – 2032

  • Report ID: GMI9737
  • Published Date: Jun 2024
  • Report Format: PDF

Commercial Heating Equipment Market Size

Commercial Heating Equipment Market was valued at USD 57.5 billion in 2023 and is estimated to grow at a CAGR of 8.5% from 2024 to 2032. Stringent regulatory mandates and regimes concerning energy efficiency & carbon emissions have led the manufacturers to develop environment friendly and upgraded designs. For instance, in 2023, the commercial real estate industry witnesses a growth rate of over 2.5% across the Europe.

Commercial Heating Equipment Market

Commercial heating equipment refers to the systems & devices used to provide heating in commercial buildings and facilities. These systems are designed to maintain comfortable indoor temperatures and ensure a suitable working environment during colder months. These units vary in size, capacity, and complexity depending on the specific requirements of the commercial space they serve. The selection of the appropriate type of equipment depends on factors including building size, layout, insulation, and specific heating needs.

Commercial Heating Equipment Market Trends

Rising energy costs and growing environmental concerns are pushing businesses to invest in equipment’s including boilers, heat pumps, water heaters and radiant heating systems that minimizes fuel consumption and lowers emissions. Additionally, smart controls and building automation systems are gaining traction, allowing for optimized heating schedules and remote monitoring, leading to further energy savings. Moreover, the industry is moving toward building the cost effective and sustainable energy solutions, which in turn will offer significant opportunities for business expansion.

Commercial Heating Equipment Market Analysis

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

Based on technology, the heat pump segment will reach over USD 40 billion by 2032, owing to its higher efficiency, environment friendliness, and limited installation costs. The demand for these products is gaining momentum across large-scale buildings owing to its ability to reduce the delay time. It also utilizes huge volumes of coal mine water at a relatively constant temperature.

Commercial Heating Equipment Market Revenue Share, By Application, 2023

The healthcare commercial heating equipment market size will witness growth rate of over 8.5% through 2032. The positive outlook for the service sector across several nations has resulted in growing investments toward new hospital and diagnostic centers will stimulate the business dynamics. The upgrading of existing facilities owing to the replacement of traditional boiler systems will further drive the industry growth. Additionally, increasing focus on temperature control and energy efficiency will create a significant opportunity for industry expansion.

Asia Pacific Commercial Heating Equipment Market Size, 2022 - 2032 (USD Billion)

Asia Pacific commercial heating equipment market is set to surpass USD 30 billion by 2032. Significant shift toward renewable heating sources have led to the adoption of enhanced technologies, as countries in the region prioritize renewable energy initiatives, accelerating the business potential. Ongoing government support and promotions for adoption of energy efficient appliances along with improvements in infrastructure and piping facilities will further stimulate the technology adoption.

The U.S. commercial heating equipment is witnessing significant growth driven by the seasonal temperature from sub-zero cold in winters as several states on account of their dense population and extreme cold climatic conditions holds majority of the product deployment. For instance, according to the U.S. climate data in Illinois, the low temperature goes to an average of -3°C. Favorable tendencies toward the expansion of renewable technologies coupled with expeditious expansion of commercial based renewable infrastructure will further proliferate the business landscape.

Commercial Heating Equipment Market Share

Commercial Heating Equipment Company Market Share Analysis, 2023

Trane Technologies is a leading innovator in the heating equipment market, renowned for its high-performance and energy-efficient solutions. The company focuses on creating sustainable and reliable heating systems that cater to both residential and commercial needs. Its product portfolio includes advanced heat pumps, furnaces, and hybrid systems, all designed to enhance indoor comfort while minimizing environmental impact. Leveraging cutting-edge technology and a commitment to reducing carbon footprints, Trane integrates smart controls and IoT capabilities into their products, ensuring optimal performance and user convenience. Through continuous research and development, Trane aims to drive the transition towards greener heating solutions, reinforcing their position as a market leader in the HVAC industry.

Commercial Heating Equipment Market Companies

Some major players operating in the commercial heating equipment industry is mentioned below:

  • A.O. Smith
  • Ariston Holding N.V.
  • BDR Thermea Group
  • Carrier Corporation
  • Cleaver-Brooks
  • Danfoss
  • Emerson Electric Co.
  • Fulton Boiler Works
  • Goodman Manufacturing Company
  • Honeywell International Inc.
  • Johnson Controls International
  • Lennox International
  • LG Electronics
  • Mitsubishi Electric Corporation
  • Miura America
  • NIBE Industrier AB
  • Panasonic Corporation
  • Rheem Manufacturing Company
  • Robert Bosch GmbH
  • Siemens
  • Thermax Limited
  • Trane Technologies
  • Vaillant Group
  • Viessmann Group
  • WOLF GmbH

Commercial Heating Equipment Industry News

  • In February 2024, Viessmann Climate Solutions UK introduced the Vitocal 200-A Pro, an air source heat pump tailored for residential, small- to mid-scale commercial, and public sector use. With outputs of 32 kW, 64 kW, and 128 kW, expandable to 1024 kW, it offers heating and cooling capabilities in a single unit. Featuring efficient scroll compressors and enhanced EVI technology, it achieves a high flow temperature of 65°C at -7°C. With a SCOP of 4.4 and using non-flammable R407C refrigerant, it offers versatile placement options. Its quiet operation and simplified maintenance make it ideal for various applications.
  • In November 2023, LG Electronics has forged a collaboration with the University of Alaska Anchorage to establish the Association for Advanced Heat Pump Research. This partnership aims to delve into both laboratory experimentation and field testing of heat pump technologies and electrification solutions. Specifically targeting Alaska's challenging climate conditions, the initiative seeks to innovate heat pump applications for extreme temperatures. Through this venture, LG and the University Anchorage aspire to advance sustainable heating solutions tailored to harsh environments.

This commercial heating equipment market research report includes in-depth coverage of the industry with estimates & forecast in terms of “000 Units” & “USD Million” from 2021 to 2032, for the following segments:

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Market, By Technology

  • Heat Pump
  • Boiler
  • Furnace
  • Water Heater
  • Others

Market, By End Use

  • Offices
  • Healthcare Facilities
  • Educational Institutions
  • Lodgings
  • Retail Stores
  • Others

Market, By Channel

  • Online
  • Dealer
  • Retail

The above information has been provided for the following regions and country:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Portugal
    • Romania
    • Netherlands
    • Switzerland
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
  • Latin America
    • Brazil
    • Argentina


Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of commercial heating equipment was crossed USD 57.5 billion in 2023 and is estimated to grow at 8.5% CAGR during 2024 to 2032, driven by stringent regulatory mandates and regimes concerning energy efficiency & carbon emissions.

The heat pump segment in the commercial heating equipment market will reach over USD 40 billion by 2032, owing to its higher efficiency, environment friendliness, and limited installation costs.

Asia Pacific commercial heating equipment market size is set to surpass USD 30 billion by 2032, driven by ongoing government support and promotions for adoption of energy efficient appliances.

A.O. Smith, Ariston Holding N.V, BDR Thermea Group, Carrier Corporation, Cleaver-Brooks, DAIKIN INDUSTRIES, Ltd, Danfoss, Emerson Electric Co, Fulton Boiler Works, Goodman Manufacturing Company, Honeywell International Inc, and Johnson Controls International among others.

Commercial Heating Equipment Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 27
  • Tables & Figures: 54
  • Countries covered: 22
  • Pages: 140
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