Market Size of United States Air Furnaces Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 2.75 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Air Furnaces Market Analysis
The United States Air Furnaces market is estimated to grow at a CAGR of about 2.75% over the forecast period 2022 to 2027. Air furnaces generate heat in a controlled manner through the combustion of a fuel source. The thermal energy is then used to heat spaces such as rooms, buildings, or other structures.
- The increasing investments in the real-estate sector and growth in industrialization are the primary factors driving the market. The rapid increase in the construction of different commercial and residential buildings across the United States is creating significant demand for air furnaces as a common type of heating equipment.
- Rising energy consumption along with stringent rules and regulations imposed by governing bodies is driving the demand for energy-efficient heating equipment in the United States. Additionally, increasing energy bills are also influencing many industrial and commercial organizations to install these energy-efficient systems on their working sites.
- Moreover, the increasing adoption of advanced technologies like Internet of Things (IoT) and Artificial Intelligence (AI) is also having a positive impact on the market. The usage of these technologies in air furnaces can result in major energy savings and also prevent equipment failures.
- The impacts of the COVID-19 pandemic disrupted the supply chain for many heating and cooling equipment manufacturers in the United States. Further, with the outbreak of the pandemic, many housing construction projects started to be carried on at a slower pace, while some were cancelled, which also resulted in a stagnant demand for air furnaces.
- The high upfront cost related to the installation of gas furnaces can act as a market restraint. Additionally, slow government regulations to completly phase out fossil fuel powered furnaces in the country is also expected to hinder the growth of the market. For instance, accordin to the new proposed rue from the Enegry department under the the Biden Administration by 2029, the country will phase out manufacturing and imports of non-weatherized, less efficent, non condensing furncese.
