Global Heating Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Global Heating Equipment Market is segmented by Product Type (Heat Pumps, Furnaces, Boilers, Unitary Heaters), End-User Industry (Residential, Commercial, Industrial), Geography

Heating Equipment Industry Overview

Heating Equipment Market Summary
Study Period: 2018 - 2028
Fastest Growing Market: Asia-Pacific
Largest Market: Asia-Pacific
CAGR: 5.9 %

Major Players

Heating Equipment Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Heating Equipment Market Analysis

Global Heating Equipment Market is expected to register a CAGR of 5.9% over the forecast period (2022-2027).

  • Heating equipment is commonly utilized in cold-weather countries to raise ambient temperatures while minimizing environmental effects. Various technological advancements, such as connecting linked devices with the Internet of Things (IoT) and artificial intelligence (AI), are also driving growth. These technologies, which allow users to operate heating equipment via smartphones and wearable devices remotely, are expected to drive the market.
  • Based on the end-user segment, the heating equipment market is segmented into residential and non-residential. The residential sector is expected to garner substantial growth through the forecasted timeline, owing to the increased consumer demand for enhanced comfort levels in homes worldwide.
  • The demand for steam boilers from various end-use industries such as chemical, pharmaceutical, and others drives the industrial heating equipment market. With the industrialization and urbanization of rising countries in LAMEA and Asia-Pacific, demand for steam boilers has expanded dramatically in recent years. In addition, an increase in investment by the governments and large-scale manufacturers toward adding power generation capacity has also surged the demand for industrial heating equipment in the market and, in turn, is leading to the industrial heating equipment market growth.
  • Covid-19 heavily impacted the global supply chain and manufacturing industry of the Heating Equipment Market. led to a halt in logistics services, and The sharp decline in the industrial and commercial business is negatively impacting the growth of the global heating equipment market
  • Because of the presence of established vendors, market competition is tough. One of the primary concerns for global manufacturing is energy efficiency. Many players, including Daikin and Carrier, have already begun to launch energy-efficient products, and as a result, they have become market price setters. As a result, smaller players lack the financial resources to match the technological innovation in these items, forcing them to sell their products at a lower price point.

Heating Equipment Industry Segments

Global Heating Equipment Market is segmented by Product Type (Heat Pumps, Furnaces, Boilers, Unitary Heaters), End-User Industry (Residential, Commercial, Industrial), Geography. Unit shipment data for heatpumps is included as part of the scope includes various heat pumps, such as air source, water source, and geothermal sources, across various end-user industries, such as industrial, commercial, and residential, among others, considered in key regions, such as North America, Europe, Asia-Pacific, and the Rest of the World. The competitive landscape has been taken to calculate the heat pump penetration and how players involve themselves in organic and inorganic growth strategies.​ Additionally, these companies continuously innovate their products to increase their market share and profitability.​ Furthermore, the market study has also focused on the impact of the COVID-19 pandemic on the market ecosystem.​ Also, the recent changes in the trade scenario are analyzed in the study.

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Heating Equipment Market Trends

This section covers the major market trends shaping the Heating Equipment Market according to our research experts:

Heat Pump is Expected to Hold a Major Market Share

  • Energy is a critical power source in homes, hospitals, and schools. However, its manufacturing and use result in large greenhouse gas emissions. As a result, major economies worldwide are attempting to minimize their reliance on nonrenewable energy sources while progressively shifting toward renewable energy sources to limit greenhouse gas emissions. Heat pump technology is a viable way to reduce greenhouse gas emissions. Aerothermal and geothermal heat pumps provide an energy-efficient solution to space heating.
  • The heat pump is often considered sustainable when used in heating, ventilation, and air conditioning (HVAC) systems. Heat pumps are widely utilized in the residential, commercial, and industrial sectors for space heating, cooling, and water heating.
  • Heat pumps powered by the Internet of Things (IoT) provide real-time monitoring, predictive maintenance, and remote component diagnostics. The Internet of Things-based heat pumps consists of smart thermostats that help monitor environmental changes and communicate with their water heater equipment. Heat pumps are becoming more popular among end-users in a variety of industries.
  • United States Department of Energy Announces Breakthrough in Residential Heat Pump Technology by Lennox’s Cold Climate Heat Pump Unlocks Potential for Domestic Manufacturing of Clean Energy Heating Products that Slash Energy Bills for Americans. maintaining an efficiency rating up to 24 Seasonal Energy Efficiency Ratio (SEER) and 11.8 Heating Seasonal Performance Factor (HSPF) supported by the United States Environmental Protection Agency.
Heating Equipment Market - Investments in Residential Heat Pumps Worldwide in 2020, In USD Billion, by region

Asia Pacific region is Expected to Hold a Major Market Share

  • China's vast geographic area is officially divided into five primary climate zones with different thermal design requirements. Northern China, which comprises the two coldest climate zones, requires space heating in winter. The urban areas rely on district heating systems, whereas rural regions mostly utilize individual household heating systems. Another climate zone with rising demand for heating is the hot summer and cold winter climate zone. Due to historical reasons, there is no public infrastructure or services to provide district heating systems for buildings in this climate zone, and buildings generally lack effective heating services. Therefore, China's northern and southern regions face different heating challenges and need tailored solutions.
  • The Asia Pacific will have the highest revenue share. This is mostly due to the rising construction sector in nations such as China and India, which are witnessing huge infrastructure investments, particularly in retail spaces, commercial office buildings, manufacturing facilities, and metro train lines. Additionally, increased demand for boilers in the thermal power industry is driving market expansion.
  • Many of China’s households still depend on small coal stoves for heat, which causes air pollution that damages health. To address these problems, the Chinese government launched a five-year “Clean Heating Plan” in 2017 to transition 70% of northern households away from coal and toward cleaner heating options. In 2022, as the plan reaches its final year, a novel study by Princeton University researchers offered policy guidance: Increase the usage of heat pumps in rural households. Among the options studied, the researchers found air-to-air heat pumps provide the most air quality, health, and climate benefits.
  • China aims for carbon neutrality by 2060 and has engaged in a successful effort to reduce air pollution. According to Denise Mauzerall, professor of civil and environmental engineering and international affairs, replacing coal stoves in urban and rural residences with clean heaters dramatically improves air quality throughout northern China in winter while decreasing premature deaths. Also, given that China plans to be carbon neutral by 2060, “decarbonizing” their power grid or the system that delivers electricity is critical. One way to achieve this is by moving away from coal and toward more non-fossil energy.
Global Heating Equipment Market - Growth by Region

Heating Equipment Market Competitor Analysis

The competitive rivalry in the Global Heating Equipment Market is fragmented in nature due to high competition. The high owing to the presence of some key players such as Easco Boiler Corporation, Robert Bosch GmbH, Daikin industries ltd, Klima-Therm, Johnson Controls and many more.

  • January 2022 - Vattenfall and Feenstra Verwarming B.V. teamed up to introduce a simple and cost-effective heat pump technology that may be used to replace gas boilers. It is powered by electricity and has been implemented in the Netherlands. This heat pump system can heat water to temperatures ranging from 60 to 80 degrees Celsius, removing the requirement for underfloor heating or radiator adaptations, which are both necessary when utilizing traditional air heat pumps.
  • December 2021 - Daikin has released an updated version of its FAA-B wall-mounted heat pump indoor unit for retailers. Lowering its environmental impact becomes increasingly important, with the decarbonization of building premises being one of the primary goals. Daikin’s new wall-mounted indoor unit offers an appealing package of advanced technology and elegant design. It is easy to operate and install, making energy-saving heat pump technology available to all retail shops to replace old boiler systems.

Heating Equipment Market Top Players

  1. Robert Bosch GmbH

  2. Daikin industries ltd

  3. Johnson Controls

  4. Easco Boiler Corporation

  5. Klima-Therm

*Disclaimer: Major Players sorted in no particular order

Heating Equipment Market Concentration

Heating Equipment Market Recent Developments

  • April 2022 - Klima-Therm launched the Engie Refrigeration Spectrum Water heat pump, which is ideal for industrial and commercial applications and integration into heat networks and district heating in housing developments. The series' 12 versions have nominal heat outputs ranging from 350 to 3,100kW, a condenser leaving water temperature of up to 65° Celcius, and a choice of four refrigerants: R1234ze, R515B, R513A, and R134a.
  • March 2022 - In Japan, Panasonic has launched a new product. The Eco Cute solution incorporates a heat pump and a hot water storage unit to save energy by keeping bathwater temperatures constant. It also helps households save energy at night by utilizing the heat from their bathwater. Furthermore, the device saves electricity and water. The product has a solar charging function that uses excess electricity generated and stored by PV sources. It can use electricity to boil water at any time of day or night.
  • February 2022 - Lennox Industries Introduces a New Cold Climate SL25XPV Heat Pump at the International Builders' Show (IBS) in Orlando, FL. The variable-capacity SL25XPV heat pump extends Lennox's commitment to accelerating environmental sustainability with continual product innovation, energy usage, and emission reduction improvements. The SL25XPV heat pump is renowned as one of the most efficient energy star certified products for reducing carbon emissions and meeting rigorous energy efficiency levels maintained by the United States Environmental Protection Agency, with an efficiency rating up to 24 Seasonal Energy Efficiency Ratio (SEER) and 11.8 Heating Seasonal Performance Factor (HSPF).

Heating Equipment Market Report - Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Market Overview

    2. 4.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.2.1 Bargaining Power of Suppliers

      2. 4.2.2 Bargaining Power of Consumers

      3. 4.2.3 Threat of New Entrants

      4. 4.2.4 Threat of Substitutes Products and Services

      5. 4.2.5 Intensity of Competitive Rivalry

    3. 4.3 Supply Chain Analysis

    4. 4.4 Government Policies and Regulations


    1. 5.1 Drivers

    2. 5.2 Restraints


    1. 6.1 Product Type

      1. 6.1.1 Heat Pumps

      2. 6.1.2 Furnaces

      3. 6.1.3 Unitary Heaters

      4. 6.1.4 Boilers

    2. 6.2 End User

      1. 6.2.1 Residential

      2. 6.2.2 Commercial

      3. 6.2.3 Industrial

    3. 6.3 Geography

      1. 6.3.1 North America

        1. US

        2. Canada

        3. Others

      2. 6.3.2 Europe

        1. Germany

        2. UK

        3. France

        4. Russia

        5. Spain

        6. Others

      3. 6.3.3 Asia Pacific

        1. India

        2. China

        3. Japan

        4. Others

      4. 6.3.4 Rest of the World

  7. 7. Company Profiles

    1. 7.1 Daikin Industries Ltd

    2. 7.2 Klima-Therm

    3. 7.3 Robert Bosch GmbH

    4. 7.4 Carrier Global Corporation [United Technologies Corp.]

    5. 7.5 Panasonic Corporation

    6. 7.6 Johnson Controls

    7. 7.7 Lennox International, Inc.

    8. 7.8 Easco Boiler Corporation

    9. 7.9 Ariston Thermo Group

    10. 7.10 Danfoss A/S



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Heating Equipment Market Research FAQs

The Global Heating Equipment Market is studied from 2018 - 2028.

The Global Heating Equipment Market is growing at a CAGR of 5.9% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2018 - 2028.

Asia-Pacific holds highest share in 2021.

Robert Bosch GmbH, Daikin industries ltd, Johnson Controls, Easco Boiler Corporation, Klima-Therm are the major companies operating in Global Heating Equipment Market.

Global Heating Equipment Industry Reports

In-depth industry statistics and market share insights of the Global Heating Equipment sector for 2020, 2021, and 2022. The Global Heating Equipment research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Global Heating Equipment report PDF.

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