Residential & Industrial Heating Market size to exceed USD 24bn by 2026
Published Date: November 28, 2019 Authors: Ankita Bhutani, Abhigyan Tathagat
Residential & Industrial Heating size is expected to surpass USD 24 Billion by 2026, as reported in the latest study by Global Market Insights, Inc.
Rising integration of smart and sustainable technologies coupled with increasing regulating initiatives to reduce GHG emission will drive the global industrial & residential heating industry share. Growing demand for space heating owing to changing temperature range will complement the business demand. In addition, extreme climatic conditions having high temperatures coupled with increase in urban population will propel the industry potential.
Stringent regulations towards increasing carbon emissions will drive the residential & industrial heating industry demand
Strict government directives toward increasing GHG emission levels in line with growing measures subject to a highly energy efficient environment will augment the global heating systems demand. Incorporation of efficient and sustainable residential heating appliances to achieve the power conservation plans along with the rapid expansion of sustainable building technologies will thrust the business potential. The U.S. EPA, in 2016, under Clean Air Act introduced Central Pollution Standards to control and monitor the Sulphur and carbon emission across the nation.
Rapid industrialization & growing demand for energy across developing economies is set to drive the boiler industry outlook
Pellet or wood fired boiler market size is anticipated to witness a moderate growth in the coming years owing to rising energy demand and ongoing industrialization across developing economies. Refurbishment of existing industrial & residential facilities in line with product availability will escalate the technology growth over the forecast timeframe. Growing demand for effective hot water and steam generation technologies across extremely cold regions will further augment the business growth.
Browse key industry insights spread across 201 pages with 192 market data tables & 38 figures & charts from the report, “Industrial & Residential Heating Market Share By Wood & Pellet Heating (Fireplaces, Catalytic Wood Stoves, Masonry Heaters, Boilers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026”in detail along with the table of contents:
Ongoing industrialization and urbanization across developing nations will boost the industrial & residential heating market demand
Rapid industrialization & urbanization across developing countries owing to increasing living standards will stimulate the residential & industrial heating market share. Rising infrastructural fund flow coupled with government mandates toward the development of green building technologies will boost the industrial & residential heating market growth. As per UN 2017 statistics, urban population represented over 55% of global population and is predicted to exceed 68% by the end of 2050. Low thermal losses, economies of scale, ease of resource availability, better air quality are some of the eminent features possessed by these heating systems making its acceptance more preferable over other available counterparts.
Europe industrial & residential heating industry will lead the regional market share
The wood & pellet heating industry has witnessed significant increase in the demand for renewable energy sources owing to the sustainable integration targets undertaken by 195 nations in accordance with the UN Climate Change Conference, 2015. The regulators have introduced favorable policies including renewable heat incentives, subsidies, tax credits, and financial assistance to encourage the installation of efficient & clean energy sources. Moreover, certain policy enactments in alignment with renewable technology integration will escalate the residential & industrial heating market growth.
Eminent residential & industrial heating market participants include Tiileri, Tulikivi, Masonry Heater Builder Ltd., Ecco Stove, FeuerWerkstatt, Hearth + Timber, American Masonry Heaters, Stove Master, Jotul, Hurst Boiler & Welding Co, Inc., Babcock and Wilcox Enterprises, Inc., Forbes Marshall, NIBE, Mitsubishi Hitachi Power Systems and Ariston Thermo. Mergers & acquisitions along with innovative technologies are significant initiatives adopted by key market participants to sustain a competitive edge on other industry participants.