Market Size of United States Residential Heating Equipment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Residential Heating Equipment Market Analysis
The United States Residential Heating Equipments Market is expected to register a CAGR of above 5.5%, during the forecast period (2022-2027). The growing demand for energy-efficient systems to reduce electricity bills and green building standards and codes is boosting the overall residential heating equipment market.
- Growing residential construction expenditure with increasing restructuring & replacement activities are predicted to boost heating equipment growth. The construction sector in the country is focused on developing sustainable and energy-efficient structures.
- The introduction of favorable regulatory policies and rebates for homeowners by policymakers in the country to integrate heating equipment and systems in their new houses are augmenting the demand for heating equipment. In addition, the rising energy consumption in the residential sectors is projected to drive the preference for technologically advanced residential heating equipment that reduces overall operational costs and improves energy savings.
- For instance, according to IEA, most heat pumps are installed in new buildings. In the United States, the share of heat pump sales for newly constructed buildings exceeds 40% for single-family dwellings and is near 50% for new multi-family buildings.
- The increasing need to curb dependence on fossil fuels and look for an energy-efficient alternative to the furnace is driving the demand for residential heating equipment over the forecast period. However, the availability of substitutes for this equipment and the cost of installation is hindering the growth of the market.
- The COVID- 19 pandemic has adversely affected the United States economy. Lockdowns across various states have resulted in the closure of multiple business activities and infrastructure development projects across the country. This has resulted in a decrease in demand for residential heating equipment.
