The global heating equipment market will be driven by the increase in energy efficient heating systems during the forecast period 2021-2026

Expert Market Research’s new report titled “Global Heating Equipment Market Size, Share, Price, Trends, Growth, Report and Forecast 2021-2026”, gives an in-depth analysis of the global market. heating equipment market, assessing the market based on its segments such as product, application, and major regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.

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Key highlights of the report include:

Market Overview (2016-2026):-

• Historical market size (2020): 35.1 billion USD
• Forecast CAGR (2021-2026): 5.8%

Advancements in technology, along with government attempts to increase energy efficiency across industries, are driving the heating equipment market. In the coming years, it is also expected that rising construction spending will increase the demand for products. Initiatives such as the US Leadership in Energy and Environmental Design (LEED) are expected to contribute to the development of the sector. Due to an increase in restoration and remodeling in the industrial sector, the demand for industrial ovens is expected to increase in the coming years in the United States. Presence of sound legislative structure regarding HVAC systems and building regulations is also expected to accelerate the expansion of the market throughout the forecast period. The global market is highly competitive and large companies are focusing their efforts on reducing the overall cost of the item by taking advantage of high technology prices and assembly expenses.

Industry definition and major segments

Heating equipment is a device that uses thermal energy to heat homes, offices or other living areas. It is frequently found as part of the HVAC (heating, ventilation, air conditioning) system.

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Industry can be divided based on product as follows:

• Heat pumps
• Ovens
• Boilers
• Unit radiators
• Others

The industry can be broadly categorized based on application into:

Residential
Commercial
Industrial

Based on Region, the market is segmented into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Market trends

The market is likely to be driven by government programs to improve energy efficiency across all sectors, as well as technical advancements, increasing the number of energy-efficient heating systems installed. Over the next few years, rising construction spending is expected to help increase product demand. Initiatives in the United States, such as Leadership in Energy and Environmental Design (LEED), are also expected to help the industry thrive. The demand for industrial furnaces in the United States is expected to increase in the coming years as the industrial sector undergoes more renovations and repairs. Additionally, the country’s stringent regulatory environment is likely to propel the expansion of the market during the projection period. The global market is fiercely competitive and major companies are focusing on reducing overall product costs by taking advantage of high technology costs and high installation costs. As a result, companies spend on research and development to develop efficient technologies, remote monitoring devices and control systems to increase their position in the market. Government programs that promote the green transition, such as the climate action program (COP21), should stimulate the development of energy-efficient products. For air conditioners and heat pumps, manufacturers must follow the US Department of Energy (DOE) energy conservation guidelines. Rising levels of disposable income in established and developing countries have led to an increase in demand for technologically advanced systems and pleasing housing solutions, which is expected to continue to grow. Moreover, increasing number of home improvement operations through easy credit or financial assistance is expected to boost the market growth.

Main market players

Major players in the market are Danfoss A/S, Carrier [United Technologies Corporation]Ingersoll Rand plc [NYSE: IR]Lennox International, Inc., Rotex Heating Systems GmbH [Daikin Industries, Ltd.], Robert Bosch GmbH, among others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.

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