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Residential Heating Equipment Market Size - By Technology (Heat Pump, Boiler, Furnace, Water Heater), By Application (Single-Family, Multi-Family), By Regional Outlook & Forecast, 2024 – 2032

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Residential Heating Equipment Market Size

The residential heating equipment market size in 2023 was valued at USD 168.9 billion and is estimated to grow at a rate of 9% by 2032. Increased perception of energy conservation and environmental protection is motivating customers to adopt new heating technologies. For instance, in 2023, the investments in the construction of multi-family buildings in the U.S. are expected to exceed 5% year-on-year.
 

Residential Heating Equipment Market

The collection of residential heating equipment includes various systems and devices which provide thermal comfort in housing units. There have been tremendous technological advancements in this industry in the form of eco-friendly and energy-efficient devices that result in lower wastage of fuel and a decrease in carbon footprint. More and more, smart features are built into heating equipment which provides home owners with greater flexibility and control over their heating systems, greater energy efficiency and lower costs. As energy efficiency standards become more demanding, and consumers become more aware of environmental problems the market for new and environmentally friendly residential heating technologies becomes larger.

Residential Heating Equipment Market Trends

The government policies and incentives in place for the mitigation of carbon emissions are facilitating the switch to modern and energy efficient heating systems. There is an increasing requirement in the industry for the retrofitting and modernization of the existing units to contemporary efficiency criteria. Such trends cumulatively suggest strong growth of residential heating equipment industry based 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.
 

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, the latest developments concerning the F-gas regulation in this regard highlight the importance of the complete discontinuation of use of F-gases in cooling and heating systems in connection with the REPowerEU plan to put into service more than 60 million heat pumps across the EU by the year 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 deployment of smart technology for remote monitoring, predictive maintenance, and the optimization of heating processes deployment is on the rise. The increasing furnace solutions which are custom made for specific heating needs and process requirements are increasing the deployment of the product. In addition, the emerging real estate industry coupled with the changing consumer trend towards energy saving systems to lower energy costs is going to improve the business landscape.
 

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

The Europe residential heating equipment market is set to surpass USD 160 billion by 2032. The sector is expected to expand largely due to the existing market enabling policies, favourite technologies, and a rise in clean energy technologies demand. The active drive of the region towards sustainability and decarbonization has positioned these systems as a feasible link in a low carbon economy. There has been a great focus on technology regulations that have accelerated the region’s product uptake. In addition to this, toward the end of 2024, measures comprising the European deal on green policy and the horizon program will aid investments and incentives in achieving heating technologies in the earlier period.
 

Rising energy consumption along with growing energy security concerns will fuel the growth of U.S. market. 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.
 

Residential Heating Equipment Market Share

Daikin Industries is amongst the top air conditioning, heating, and refrigeration systems producers throughout the world. The company has established itself as a pioneer in the HVAC industry offering a comprehensive range of residential heating solutions. The company’s systems include state-of -the art heat pumps, air-to-water systems, and gas furnaces. Their technology is meant to be effective, dependable, and environmentally friendly for all sorts of heating, considering the needs of customers and other regions. Daikin aims to strengthen its position through the provision of high end technologies like inverter driven compressors and intelligent control systems which guarantee user comfort but also optimize energy consumption. Furthermore, the business does not only promote eco-friendly refrigerants but also green manufacturing so that it fulfills its role as an innovated industry leader.
 

Residential Heating Equipment Market Companies

The key industry players include:

  • A.O. Smith
  • Ariston Holding N.V.
  • Arovast Corporation
  • BDR Thermea Group
  • 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.
  • LG Electronics
  • Panasonic Corporation
  • Rheem Manufacturing Company
  • Rinnai America Corporation
  • Robert Bosch GmbH
  • SAMSUNG
  • Trane Technologies
  • Vaillant Group
  • VIESSMANN
  • Whirlpool
     

Residential Heating Equipment Industry News

  • In March 2024, the latest developments in water heating and storage technology were unveiled by Bradford White Water Heaters and Laars at The Canadian Mechanical and Plumbing Exposition. Among the products displayed are the AeroTherm Series–Heat Pump Water Heater by Bradford White, the new Bradford White ElectriFLEX HD, the Bradfor White Infiniti GR Tankless water heaters and the Bradford White eF Series Ultra High Efficiency Gas Water Heater. Laars will showcase, FT Series Floor Boiler and Combi, FT series Wall Hung Boiler and LT series Tankless Water Heater. Such products demonstrate the companies’ capacity to meet the requirements of the plumbing and mechanical fitting sectors with reliable, self-contained and energy efficient products.
     
  • In January 2024, Robert Bosch unveiled both New GreenTronic hybrid electric water heater and IDS Heat Pump during the AHR Expo. The company has announced low CO2 emission of the model and features of IDS Ultra that is expected to come out by the third quarter of 2024. The model is expected to comprehensively fit all heating and cooling needs for European and northern American areas. The product is backed with a warranty period of 10 years and integrated with grid inclusive demand management and response systems. Meanwhile, the new efficient GreenTronic 7000 T model has an output efficiency of 3-4 times that of traditional electric storage water heaters.
     

The residential 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:

Market, By Technology

  • Heat pump
  • Boiler
  • Furnace
  • Water heater
  • Others

Market, By Application

  • Single-family
  • Multi-family

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 Question(FAQ) :
Which are the main contenders in residential heating equipment market?
Bradford White Corporation, Carrier Corporation, Crane
Why is heat pump technology in residential heating equipment market witnessing high demand?
How big is Europe residential heating equipment industry?
What is the size of the global residential heating equipment market?
Residential Heating Equipment Market Scope
  • Residential Heating Equipment Market Size
  • Residential Heating Equipment Market Trends
  • Residential Heating Equipment Market Analysis
  • Residential Heating Equipment Market Share
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    Premium Report Details

    Base Year: 2023

    Companies covered: 24

    Tables & Figures: 54

    Countries covered: 22

    Pages: 150

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