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Heating Equipment Global Market Report 2022: Ukraine-Russia War Impact

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    Report

  • 175 Pages
  • December 2022
  • Region: Global
  • The Business Research Company
  • ID: 5709806

Major players in the heating equipment market are Danfoss A/S, United Technologies Corporation, Trane Technologies plc, Lennox International Inc., Robert Bosch GmbH, Johnson Controls, Emerson Electric Co., Honeywell International Inc., Siemens AG, Daikin Industries Ltd, Uponor Corporation, Mitsubishi Electric Corporation, Nortek Inc, Pentair, and Nexans.



The global heating equipment market is expected to grow from $34.73 billion in 2021 to $37.76 billion in 2022 at a compound annual growth rate (CAGR) of 8.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The heating equipment market is expected to grow to $47.88 billion in 2026 at a CAGR of 6.1%.

The heating equipment market consists of sales of heat distribution systems, small space heaters, wood and pellet heater and others. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Heating equipment is a device that generates heat to regulate a space's temperature using thermal energy. A freestanding stove, fireplace, or non-electric stove are some heating devices intended to generate heat for a room or indoor area. Heating equipment are also used in laboratories for experiments and other industrial purposes.

Europe was the largest region in the heating equipment market in 2021. The regions covered in the heating equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values - that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The main types of heating equipment are heat pumps, furnaces, boilers, unitary heaters, and others. A heat pump is a device that uses electric or mechanical methods to move heat from one location to another. Heat pumps are used to make the warm space warmer and the cool space cooler by transferring heat from one to the other. The different technologies include water source, and ground source that are used in residential, commercial, and industrial applications.

The growing demand from the construction industry is expected to propel the growth of the heating equipment market going forward. The construction sector refers to the organizations that deals with creating, maintaining, and repairing infrastructures. The growing construction industry uses heating equipment such as heat pumps to provide heating and cooling in large as well as medium-sized buildings. For instance, in June 2021, according to a report published by Canada’s national statistical agency, the investment in building construction increased from $14,294 million in April 2019 to $19,273 million in April 2021. Furthermore, in the 2022 US Construction Cost Trends report, the US total construction spending has increased by 16% since the pandemic’s onset. Therefore, growth in the global construction industry is driving the growth of the heating equipment market.

Technological advancements are a key trend gaining popularity in the heating equipment market. Major companies operating in the market are using advanced technologies such as machine learning to sustain their position in the market. For instance, in October 2019, Shell, a US-based oil company, and PassivSystems, a UK-based home technology company, launched B-Snug. This new intelligent hybrid heating system prioritises the usage of electric heat pumps over traditional boilers to reduce greenhouse gas emissions with PassivSystems' technology platform and machine learning technology. B-Snug's unique features handle a conventional home gas boiler and an air source heat pump in tandem, continuously monitoring the interior's temperature and local weather predictions to automatically transition between the two as needed.

In June 2021, Enerquip, a US-based manufacturer of sanitary and industrial heating and cooling solutions, acquired American Heating Co. Inc. for an undisclosed amount. With this acquisition, Enerquip aims to carry on American Heating Company's legacy of delivering a high-quality product in an ethical manner. American Heating Co. Inc. is a US-based manufacturer of heating equipment.

The countries covered in the heating equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The heating equipment market research report is one of a series of new reports that provides heating equipment market statistics, including heating equipment industry global market size, regional shares, competitors with a heating equipment market share, detailed heating equipment market segments, market trends and opportunities, and any further data you may need to thrive in the heating equipment industry. This heating equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.




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Frequently Asked Questions about the Global Heating Equipment Market

What is the estimated value of the Global Heating Equipment Market?

The Global Heating Equipment Market was estimated to be valued at $37.76 billion in 2022.

What is the growth rate of the Global Heating Equipment Market?

The growth rate of the Global Heating Equipment Market is 6.1%, with an estimated value of $47.88 billion by 2026.

What is the forecasted size of the Global Heating Equipment Market?

The Global Heating Equipment Market is estimated to be worth $47.88 billion by 2026.

Who are the key companies in the Global Heating Equipment Market?

Key companies in the Global Heating Equipment Market include Danfoss A/S, United Technologies Corporation, Trane Technologies plc, Lennox International Inc., Robert Bosch GmbH, Johnson Controls, Emerson Electric Co., Honeywell International Inc. and Daikin Industries Ltd..

Table of Contents

1. Executive Summary2. Heating Equipment Market Characteristics3. Heating Equipment Market Trends And Strategies
4. Heating Equipment Market - Macro Economic Scenario
4.1. COVID-19 Impact On Heating Equipment Market
4.2. Ukraine-Russia War Impact On Heating Equipment Market
4.3. Impact Of High Inflation On Heating Equipment Market
5. Heating Equipment Market Size And Growth
5.1. Global Heating Equipment Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Heating Equipment Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Heating Equipment Market Segmentation
6.1. Global Heating Equipment Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Heat Pumps
  • Furnaces
  • Boilers
  • Unitary Heaters
  • Other Products
6.2. Global Heating Equipment Market, Segmentation By Technology, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Air Source
  • Water Source
  • Ground Source
6.3. Global Heating Equipment Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Residential
  • Commercial
  • Industrial
7. Heating Equipment Market Regional And Country Analysis
7.1. Global Heating Equipment Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Heating Equipment Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
8. Asia-Pacific Heating Equipment Market
8.1. Asia-Pacific Heating Equipment Market Overview
  • Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Heating Equipment Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
8.3. Asia-Pacific Heating Equipment Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
9. China Heating Equipment Market
9.1. China Heating Equipment Market Overview
9.2. China Heating Equipment Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F,$ Billion
9.3. China Heating Equipment Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F,$ Billion
10. India Heating Equipment Market
10.1. India Heating Equipment Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
10.2. India Heating Equipment Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
11. Japan Heating Equipment Market
11.1. Japan Heating Equipment Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
11.2. Japan Heating Equipment Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
12. Australia Heating Equipment Market
12.1. Australia Heating Equipment Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
12.2. Australia Heating Equipment Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
13. Indonesia Heating Equipment Market
13.1. Indonesia Heating Equipment Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
13.2. Indonesia Heating Equipment Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
14. South Korea Heating Equipment Market
14.1. South Korea Heating Equipment Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
14.2. South Korea Heating Equipment Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
15. Western Europe Heating Equipment Market
15.1. Western Europe Heating Equipment Market Overview
15.2. Western Europe Heating Equipment Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
15.3. Western Europe Heating Equipment Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
16. UK Heating Equipment Market
16.1. UK Heating Equipment Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
16.2. UK Heating Equipment Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
17. Germany Heating Equipment Market
17.1. Germany Heating Equipment Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
17.2. Germany Heating Equipment Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
18. France Heating Equipment Market
18.1. France Heating Equipment Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
18.2. France Heating Equipment Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
19. Eastern Europe Heating Equipment Market
19.1. Eastern Europe Heating Equipment Market Overview
19.2. Eastern Europe Heating Equipment Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
19.3. Eastern Europe Heating Equipment Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
20. Russia Heating Equipment Market
20.1. Russia Heating Equipment Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
20.2. Russia Heating Equipment Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
21. North America Heating Equipment Market
21.1. North America Heating Equipment Market Overview
21.2. North America Heating Equipment Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
21.3. North America Heating Equipment Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
22. USA Heating Equipment Market
22.1. USA Heating Equipment Market Overview
22.2. USA Heating Equipment Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
22.3. USA Heating Equipment Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
23. South America Heating Equipment Market
23.1. South America Heating Equipment Market Overview
23.2. South America Heating Equipment Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
23.3. South America Heating Equipment Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
24. Brazil Heating Equipment Market
24.1. Brazil Heating Equipment Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
24.2. Brazil Heating Equipment Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
25. Middle East Heating Equipment Market
25.1. Middle East Heating Equipment Market Overview
25.2. Middle East Heating Equipment Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
25.3. Middle East Heating Equipment Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
26. Africa Heating Equipment Market
26.1. Africa Heating Equipment Market Overview
26.2. Africa Heating Equipment Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
26.3. Africa Heating Equipment Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
27. Heating Equipment Market Competitive Landscape And Company Profiles
27.1. Heating Equipment Market Competitive Landscape
27.2. Heating Equipment Market Company Profiles
27.2.1. Danfoss A/S
27.2.1.1. Overview
27.2.1.2. Products and Services
27.2.1.3. Strategy
27.2.1.4. Financial Performance
27.2.2. United Technologies Corporation
27.2.2.1. Overview
27.2.2.2. Products and Services
27.2.2.3. Strategy
27.2.2.4. Financial Performance
27.2.3. Trane Technologies plc
27.2.3.1. Overview
27.2.3.2. Products and Services
27.2.3.3. Strategy
27.2.3.4. Financial Performance
27.2.4. Lennox International Inc.
27.2.4.1. Overview
27.2.4.2. Products and Services
27.2.4.3. Strategy
27.2.4.4. Financial Performance
27.2.5. Robert Bosch GmbH
27.2.5.1. Overview
27.2.5.2. Products and Services
27.2.5.3. Strategy
27.2.5.4. Financial Performance
28. Key Mergers And Acquisitions In The Heating Equipment Market29. Heating Equipment Market Future Outlook and Potential Analysis
30. Appendix
30.1. Abbreviations
30.2. Currencies
30.3. Historic And Forecast Inflation Rates
30.4. Research Inquiries
30.5. The Business Research Company
30.6. Copyright And Disclaimer

Executive Summary

Heating Equipment Global Market Report 2022: Ukraine-Russia War Impact provides the strategists, marketers and senior management with the critical information they need to assess the global heating equipment market.

This report focuses on heating equipment market which is experiencing strong growth. The report gives a guide to the heating equipment market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.

Reasons to Purchase

  • Gain a truly global perspective with the most comprehensive report available on this market covering 12+ geographies.
  • Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
  • Assessment of Russia - War Impact on agriculture, energy and mineral commodities supply and their direct and indirect impact on the market analyzed in the report.
  • Impact of high global inflation on market growth.
  • Create regional and country strategies on the basis of local data and analysis.
  • Identify growth segments for investment.
  • Outperform competitors using forecast data and the drivers and trends shaping the market.
  • Understand customers based on the latest market research findings.
  • Benchmark performance against key competitors.
  • Utilize the relationships between key data sets for superior strategizing.
  • Suitable for supporting your internal and external presentations with reliable high quality data and analysis

Description:

Where is the largest and fastest growing market for the heating equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Heating Equipment market global report answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider heating equipment market, and compares it with other markets.
  • The market characteristics section of the report defines and explains the market.
  • The market size section gives the market size ($b) covering both the historic growth of the market, the influence of the COVID-19 virus and forecasting its growth.
  • Our forecasts are made after considering the major factors currently impacting the market. These include:
  • The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
  • The impact of higher inflation in many countries and the resulting spike in interest rates.
  • The continued but declining impact of covid 19 on supply chains and consumption patterns.
  • Market segmentations break down market into sub markets.
  • The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
  • Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
  • The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
  • The heating equipment market section of the report gives context. It compares the heating equipment market with other segments of the heating equipment market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, heating equipment indicators comparison.

Scope

Markets Covered:

1) By Product: Heat Pumps; Furnaces; Boilers; Unitary Heaters; Other Products
2) By Technology: Air Source; Water Source; Ground Source
3) By Application: Residential; Commercial; Industrial

Companies Mentioned: Danfoss A/S; United Technologies Corporation; Trane Technologies plc; Lennox International Inc.; Robert Bosch GmbH

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Danfoss A/S
  • United Technologies Corporation
  • Trane Technologies plc
  • Lennox International Inc.
  • Robert Bosch GmbH
  • Johnson Controls
  • Emerson Electric Co.
  • Honeywell International Inc.
  • Siemens AG
  • Daikin Industries Ltd.
  • Uponor Corporation
  • Mitsubishi Electric Corporation
  • Nortek Inc.
  • Pentair
  • Nexans.

Methodology

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