LONDON, Jan. 30, 2017 /PRNewswire/ -- The global heating equipment market is expected to reach USD 48.58 billion by 2025, according to a new report by Grand View Research, Inc. Mandatory government regulations and incentives provided on energy saving solutions in the commercial as well as industrial sector is projected to boost the demand for heating equipment.
Growing disposable income coupled with low-interest rates in several countries has given companies more cash in hand to upgrade their capital equipment in offices, production facilities, and stores. Low-interest rates are expected to augment the growth of this market as it makes it easier to invest in costly equipment upgrades.
Rapidly growing space and water heating requirement in North America, Europe, and Asia Pacific is projected to boost the demand for heating equipment in these regions.Industrial buyers focus on factors such as energy and operational cost savings, maintenance cost, and product lifespan. However, residential buyers seek energy-saving solutions at economical prices.
Further key findings from the report suggest:
Technological upgradations and development of energy efficient solutions are anticipated to drive market demand
Heat pumps were the largest product segment and accounted for over 40% of total revenue in 2015. Heat pumps are of the most efficient as compared to other fuel, gas, and other electric heating systems. Furnaces are expected to witness the highest growth of 5.8% over the forecast period.
Industrial was the largest application segment with demand share exceeding 55% in 2015. It is also expected to witness the highest growth of 5.7% over the forecast period.
The growing demand for space and water heating products is expected to aid products growth in residential sector
Europe led the global industry with demand share estimated at 38.5% in 2015. The favorable regulatory scenario is expected to drive the regional market.
Asia Pacific is projected to witness the highest growth of 6.2% on account of increasing manufacturing activities in China and India
Acquiring certifications such as ENERGY STAR, AHRI, and CEE is expected to benefit manufacturers as customer prefer solutions that help reduce their energy consumption cost
Companies work continuously with their supply base to ensure sourcing of quality raw materials at reasonable prices
Companies pursue cost reductions through strategies such as consolidating purchases, bidding among potential suppliers, and global strategic sourcing
Major companies identified in this industry include Danfoss, United Technologies Corporation, Ingersoll-Rand Plc, Lennox International, Inc., Daikin Industries Ltd., Johnson Controls, Robert Bosch GmbH among others
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