Global Heating Equipment Market Size Study, By Product (Heat Pump, Unitary Heaters, Warm Air Furnaces), By Application (Residential, Industrial), and Regional Forecasts 2022-2032

Description

The Global Heating Equipment Market was valued at approximately USD 129.54 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 8.0% during the forecast period 2024-2032. The increasing focus on energy efficiency, cost-effectiveness, and environmental sustainability has significantly propelled the demand for advanced heating solutions across residential, commercial, and industrial applications. Governments worldwide are implementing stricter energy-efficiency regulations and offering financial incentives, including tax credits and rebates, for eco-friendly heating technologies, which further drive the adoption of energy-efficient heating systems such as heat pumps and unitary heaters.

With rapid urbanization and industrial expansion, the replacement and retrofitting of aging heating systems have gained momentum. The growing preference for smart heating solutions, including IoT-enabled thermostats and automated energy management systems, is reshaping the market landscape. Consumers and businesses are increasingly investing in low-emission, high-performance heating technologies, aligning with global sustainability goals. Furthermore, the integration of renewable energy sources, such as geothermal and solar-assisted heating, is expected to enhance market growth as energy-efficient solutions become more affordable and accessible.

Among product categories, heat pumps emerged as the dominant segment, accounting for the largest revenue share in 2024, owing to their dual functionality in heating and cooling, superior energy efficiency, and reduced operational costs. Meanwhile, unitary heaters are anticipated to witness the fastest growth, primarily due to their compact design, easy installation, and growing demand in commercial and residential buildings. The industrial sector is experiencing rising demand for high-efficiency heating systems to improve operational sustainability and reduce carbon footprints, further reinforcing the market's expansion.

Regionally, Asia Pacific held the largest market share in 2024, driven by expanding urban infrastructure, increased industrial activity, and government initiatives promoting energy-efficient systems. North America is poised to register the fastest CAGR, fueled by advancements in smart heating technologies, increasing demand for geothermal heating, and stringent energy regulations. Europe continues to be a key contributor, as the region focuses on upgrading outdated heating infrastructure and achieving carbon neutrality goals. Countries such as Germany, the UK, and Canada are particularly active in transitioning toward sustainable heating solutions, further boosting market growth.

Major Market Players Included in this Report:

Carrier
Mitsubishi Electric Corporation
Emerson Electric Co.
Daikin Industries, Ltd
Trane
Robert Bosch GmbH
Lennox International
Johnson Controls, Inc.
Midea Group
Hitachi, Ltd.
Rheem Manufacturing Company
Haier (General Electric)
Panasonic Holdings Corporation
Danfoss
Fujitsu
LG Electronics, Inc.
Samsung
Honeywell International Inc.
Ariston Thermo Group
Viessmann Group

The Detailed Segments and Sub-Segments of the Market are Explained Below:

By Product:

Heat Pump
Unitary Heaters
Warm Air Furnace
Space Heating Boilers

By Application:

Residential
Commercial
Industrial

By Region:

North America
U.S.
Canada
Mexico
Europe
Germany
France
Italy
Sweden
Norway
Spain
Finland
Rest of Europe
Asia Pacific
China
Japan
Australia
India
South Korea
Rest of Asia Pacific
Latin America
Brazil
Argentina
Rest of Latin America
Middle East & Africa
Saudi Arabia
UAE
South Africa
Rest of Middle East & Africa

Years Considered for the Study:

Historical Year: 2022
Base Year: 2023
Forecast Period: 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years (2022-2032)
Annualized revenues and regional-level analysis for each market segment
Detailed analysis of geographical landscape with country-level data
Competitive landscape and insights into major market players
Analysis of key business strategies and future market recommendations
Demand-side and supply-side analysis for in-depth market assessment

Chapter 1. Global Heating Equipment Market Executive Summary

1.1. Global Heating Equipment Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Product
- 1.3.2. By Application
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendations & Conclusion

Chapter 2. Global Heating Equipment Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory Frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Heating Equipment Market Dynamics

3.1. Market Drivers
- 3.1.1. Rising demand for energy-efficient heating solutions
- 3.1.2. Government incentives and regulatory support for green heating technologies
- 3.1.3. Increasing adoption of smart heating systems and IoT-based solutions
3.2. Market Challenges
- 3.2.1. High initial costs of advanced heating technologies
- 3.2.2. Infrastructure limitations in emerging economies
3.3. Market Opportunities
- 3.3.1. Expansion of district heating systems
- 3.3.2. Growth in smart home integration for heating solutions

Chapter 4. Global Heating Equipment Market Industry Analysis

4.1. Porter's Five Forces Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's Five Forces Model
- 4.1.7. Porter's Five Forces Impact Analysis
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economic
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top Investment Opportunities
4.4. Top Winning Strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspectives
4.7. Analyst Recommendations & Conclusion

Chapter 5. Global Heating Equipment Market Size & Forecasts by Product 2022-2032

5.1. Segment Dashboard
5.2. Global Heating Equipment Market: Product Revenue Trend Analysis, 2022 & 2032 (USD Million/Billion)
- 5.2.1. Heat Pump
- 5.2.2. Unitary Heaters
- 5.2.3. Warm Air Furnace
- 5.2.4. Space Heating Boilers

Chapter 6. Global Heating Equipment Market Size & Forecasts by Application 2022-2032

6.1. Segment Dashboard
6.2. Global Heating Equipment Market: Application Revenue Trend Analysis, 2022 & 2032 (USD Million/Billion)
- 6.2.1. Residential
- 6.2.2. Commercial
- 6.2.3. Industrial

Chapter 7. Global Heating Equipment Market Size & Forecasts by Region 2022-2032

7.1. North America Heating Equipment Market
- 7.1.1. U.S. Heating Equipment Market
  - 7.1.1.1. Product Breakdown Size & Forecasts, 2022-2032
  - 7.1.1.2. Application Breakdown Size & Forecasts, 2022-2032
- 7.1.2. Canada Heating Equipment Market
- 7.1.3. Mexico Heating Equipment Market
7.2. Europe Heating Equipment Market
- 7.2.1. Germany Heating Equipment Market
- 7.2.2. France Heating Equipment Market
- 7.2.3. Italy Heating Equipment Market
- 7.2.4. Sweden Heating Equipment Market
- 7.2.5. Norway Heating Equipment Market
- 7.2.6. Spain Heating Equipment Market
- 7.2.7. Finland Heating Equipment Market
- 7.2.8. Rest of Europe Heating Equipment Market
7.3. Asia-Pacific Heating Equipment Market
- 7.3.1. China Heating Equipment Market
- 7.3.2. Japan Heating Equipment Market
- 7.3.3. Australia Heating Equipment Market
- 7.3.4. India Heating Equipment Market
- 7.3.5. South Korea Heating Equipment Market
- 7.3.6. Rest of Asia-Pacific Heating Equipment Market
7.4. Latin America Heating Equipment Market
- 7.4.1. Brazil Heating Equipment Market
- 7.4.2. Argentina Heating Equipment Market
- 7.4.3. Rest of Latin America Heating Equipment Market
7.5. Middle East & Africa Heating Equipment Market
- 7.5.1. Saudi Arabia Heating Equipment Market
- 7.5.2. UAE Heating Equipment Market
- 7.5.3. South Africa Heating Equipment Market
- 7.5.4. Rest of Middle East & Africa Heating Equipment Market

Chapter 8. Competitive Intelligence

8.1. Key Company SWOT Analysis
- 8.1.1. Carrier
- 8.1.2. Daikin Industries, Ltd
- 8.1.3. Robert Bosch GmbH
8.2. Top Market Strategies
8.3. Company Profiles
- 8.3.1. Mitsubishi Electric Corporation
- 8.3.2. Emerson Electric Co.
- 8.3.3. Trane
- 8.3.4. Lennox International
- 8.3.5. Johnson Controls, Inc.
- 8.3.6. Midea Group
- 8.3.7. Hitachi, Ltd.
- 8.3.8. Rheem Manufacturing Company
- 8.3.9. Haier (General Electric)
- 8.3.10. Panasonic Holdings Corporation
- 8.3.11. Danfoss
- 8.3.12. Fujitsu
- 8.3.13. LG Electronics, Inc.
- 8.3.14. Samsung
- 8.3.15. Viessmann Group

Chapter 9. Research Process

9.1. Research Process
- 9.1.1. Data Mining
- 9.1.2. Analysis
- 9.1.3. Market Estimation
- 9.1.4. Validation
- 9.1.5. Publishing
9.2. Research Attributes