U.S. Heating Equipment Market Analysis Report By Product, By Application, Competitive Landscape And Segment Forecasts From 2020 To 2027

Industry Insights

The U.S. heating equipment market size was accounted for USD 3.60 billion in 2019. It is projected to witness a CAGR of 6.02% over the forecasted years, 2020 to 2027. Rapid industrialization and huge investments across the real estate sector are estimated to augment market growth.

The demand for energy-efficient and certified products is increasing at a rapid pace. This can be attributed to the surging energy consumption across residential and industrial sectors. Thus, the need for reducing operational costs and energy saving has been on the rise for the last few years.

The heating equipment market across the U.S. is driven by the U.S. federal & state policies that provide tax rebates, credits, and additional incentives for promoting the installation of energy-efficient systems. Moreover, huge investments for carrying out replacement and repair activities across the construction sector are expected to augment the market growth over the forecasted period, 2020 to 2027.

Product Insights

The heat pump product segment dominated the U.S. market in 2019. It is also anticipated to witness the fastest growth in the upcoming years. The requirement of moderate warming temperature is expected to drive the demand for heat pumps across the U.S. Also, their feature of providing enhanced air conditioning at very low operational costs as compared to other HVAC systems is driving the market growth.

The furnace product segment is also estimated to witness significant growth with a 5.4% CAGR in the upcoming years. This can be associated with its higher energy efficiency, instant warming capability, and ease of replacing parts. A report by CEE (Consortium for Energy Efficiency) stated that around 50.0% of U.S. households majorly rely on natural gases for warming purposes.

The boiler segment can be classified into steam and water boilers. It is expected to hold a substantial share across the market owing to the rising usage of these boilers for applications like cooking, power generation, sanitation, and water heating purposes. Moreover, an increasing number of construction activities and projects coupled with the rising population is expected to trigger market growth.

Application Insights

The market can be segmented into industrial, residential, and commercial applications. In 2019, the industrial application segment held the largest share across the market. This can be associated with the rising usage of these systems across the automotive, food & beverage, and mining industries. Moreover, surging investments being undertaken by the governing bodies for the development of the manufacturing sector are estimated to propel the demand for heating equipment over the years to come.

The residential application segment is expected to register significant growth with around 5.4% CAGR in the upcoming years. This can be associated with the rising number of renovation and repair activities undertaken by house owners. Moreover, the shifting trend towards the adoption of upgraded equipment prevailing across the millennial population is expected to trigger market growth.

COVID-19 Impact Insights

The U.S. heating equipment market is negatively impacted due to the ongoing COVID-19 crisis. Lockdown imposition and travel restrictions across several states have affected the production and supply chain. This has brought economic stagnancy and instability across the industrial sector. Moreover, school and office shutdowns owing to work-from-home policies have reduced the commercial demand for heating equipment. But, initiatives undertaken by the key players for product development and innovation are expected to register substantial growth in the years to come.

U.S. Heating Equipment Market Share Insights

The key players in the market are Emerson Electric, Robert Bosch LLC, Lennox International, United Technologies Corporation, Johnson Controls Inc., Burnham Holdings, Inc., and Honeywell International Inc. They are constantly engaged in innovation and product development.

Several strategies like capacity expansions and mergers are being undertaken by these players for widening their geographical reach and product portfolio. They are also complying with the requirements of energy efficiency as prescribed by the governing authorities.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the country level and provides an analysis of the latest industry trends from 2016 to 2027 in each of the sub-segments. For this study, Million Insights has segmented the U.S. heating equipment market based on product, and application:

• Product Outlook (Revenue, USD Million, 2016 - 2027)
    • Heat Pumps
    • Furnaces
    • Boilers
        • The U.S. boilers market product outlook
            • Water boilers
            • Steam boilers
        • The U.S. boilers market size outlook
            • <10 MMBtu/hr
            • 10-50 MMBtu/hr
            • 50-100 MMBtu/hr
            • 100-250 MMBtu/hr
            • >250 MMBtu/hr
        • The U.S. boilers market technology outlook
            • Water-tube boilers
            • Fire-tube boilers
    • Unitary heaters
    • Others

• Application Outlook (Revenue, USD Million, 2016 - 2027)
    • Residential
    • Commercial
    • Industrial