Heating equipment market to reach a size of $65.15 billion by 2032 - growing demand for homes with central air conditioning.

Newark, Oct. 9, 2023 (GLOBE NEWSWIRE) - Brainy Insights estimates that the global heating equipment market, which was $40 billion in 2022, will reach $65.15 billion by 2032. The introduction of smart homes equipped with heating, ventilation and air conditioning (HVAC) systems that automatically adjust indoor temperatures based on analyzing data about consumers' past habits is gaining popularity in today's world. Integration of such systems with central heating systems of new real estate projects to provide better services to consumers and expand market share is driving the market growth. Similarly, the popularity of smart offices and temperature-controlled public facilities at subway stations, railway stations, airports, and other public places to provide better services to citizens will drive the market growth.

Overall Heating Equipment Market Forecast

Overall, Asia Pacific is expected to dominate the market during the forecast period. The demand for heating equipment is driven by the large number of people living spread across a multitude of climates, including the coldest places. The world's fastest growing economies are also located in this region, which is leading to an increase in energy demand from commercial and residential sectors, contributing to the market expansion. The market will respond to the growing demand for housing, offices and public infrastructure. Thriving manufacturing, industrial, and automotive sectors are particularly favorable for market expansion.

In 2022, the heat pump segment dominated the market with the largest market share of 44% and revenue of $17.6 billion. The product type segment is divided into heat pumps, heat furnaces, versatile heaters, space heating boilers, and others. In 2022, the heat pump segment dominated the market with the largest market share of 44% and revenue of $17.6 billion.

In 2022, the residential segment dominated the market with the largest market share of 58% and revenue of $23.2 billion. The application segment is divided into residential, commercial and industrial properties.