CLEVELAND, May 9, 2017 /PRNewswire/ -- Warm air furnaces comprise the vast majority of overall demand, with 64% of total value sales in 2016. Forced air heating is preferred in the US, installed in both commercial and residential buildings. These and other trends are presented in Heating Equipment Market in the US, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Demand for warm air furnaces was $2.6 billion in 2016. Warm air furnace demand recorded strong growth during the 2011-2016 period as both the US economy and construction industry recovered from the Great Recession. Most buildings in the US are designed to utilize forced air heating, resulting in the widespread use of this equipment. Warm air furnaces are less expensive to install and operate than boilers, further promoting their use.
According to analyst Kyle Peters, "Natural gas is by far the leading energy source used, comprising 93% of demand in 2016." Natural gas is also expected to record the fastest increase in demand through 2021, followed by electricity and heating oil. Due to higher operating and/or energy prices, demand for electricity and heating oil furnaces is largely limited to buildings where natural gas is not available.
More information about the study is available at https://www.freedoniagroup.com/industry-study/heating-equipment-market-in-the-us-by-product-energy-source-market-and-region-3521.htm
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About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Industrial Components studies can be purchased at www.freedoniagroup.com, www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group