Heating Equipment Market Size, Growth and Forecast 2034
Heating Equipment Market Growth, Size, Trends Analysis - By Product, By Application - Regional Outlook, Competitive Strategies and Segment Forecast to 2034
| Published: Jun-2025 | Report ID: MACH2505 | Pages: 1 - 230 | Formats*: |
| Category : Equipment and Machinery | |||
Heating Equipment Market Introduction and Overview
According to SPER Market Research, the Global Heating Equipment Market is estimated to reach USD 302.58 billion by 2034 with a CAGR of 8.25%.
The report includes an in-depth analysis of the Global Heating Equipment, including market size and trends, product mix, Applications, and supplier analysis. The Global Heating Equipment Market was valued at USD 136.95 billion in 2024 and is expected to grow at a CAGR of 8.25% from 2025 to 2034. Consumers and companies are increasingly prioritising cost-effective and environmentally friendly heating solutions, resulting in a trend towards modern technology like heat pumps, smart thermostats, and infrared heating systems. Heating technology innovations improve energy efficiency, lower operational costs, and reduce environmental effect. As governments impose higher energy regulations and provide incentives for environmentally friendly systems, the industry sees increased adoption of highly efficient, cutting-edge technologies, accelerating its growth.
By Product Insights
Product-wise, the heat pump sector led the market in 2024 due to its adaptability and energy efficiency. Heat pumps' dual purpose of heating and cooling makes them appropriate for year-round use and adds to their allure. They make use of environmental renewable energy, which lowers running expenses and electricity usage and is consistent with the growing focus on sustainability. Their uptake has also been aided by stronger energy laws and government incentives. Heat pumps are becoming the go-to option for both residential and commercial heating systems as consumers and businesses place a greater emphasis on eco-friendly solutions and energy savings.
By Application Insights
Because of the growing need for comfortable and effective home heating solutions, the residential segment dominated the market in 2024 based on application. Smart thermostats, heat pumps, and unitary heaters are examples of energy-efficient devices that have become increasingly popular as homeowners seek to lower their energy costs and lessen their environmental effect. Advanced heating systems have also become more popular as a result of tighter construction codes and a greater focus on sustainability. This segment's growth is being driven by the continuous need for dependable, reasonably priced solutions to heat houses in a variety of climates.
Regional Insights
North America’s heating equipment market is emerging as one of the fastest-growing regions, driven by smart home integration and the development of advanced heating technologies, such as geothermal systems. As consumers increasingly prioritize convenience, energy efficiency, and control, smart thermostats and connected systems enable remote monitoring and optimization of heating performance. Additionally, geothermal heating which utilizes the earth’s natural heat is gaining traction for its sustainability and cost-effectiveness. These innovations are meeting the rising demand for eco-friendly, high-performance solutions, supporting market growth across both residential and commercial sectors.
Market Competitive Landscape
The Global Heating Equipment Market is dominated by established players such as Carrier, Daikin Industries, Ltd, Danfoss, Emerson Electric Co, Fujitsu, Haier (General Electric), Hitachi, Ltd, Johnson Controls, Inc, Lennox International, LG Electronics. With an emphasis on innovation and sustainability, Midea Group provides a broad range of home appliances, such as air conditioners, energy-efficient heating and cooling systems, and smart home solutions.
Recent Developments:
- Midea launched their Energy-Efficient Heat Pump Water Heater (HPWH) in North America in January 2025. This cutting-edge device emphasises switching from traditional water heating techniques to more environmentally friendly, energy-efficient air-source technology.
- A new range of residential air-to-water heat pumps for single-family homes using propane (R290) as the refrigerant was introduced by Daikin in December 2024. The growing demand for sustainable and energy-efficient heating technologies in residential markets is supported by this eco-friendly solution, which provides effective heating and hot water.
Scope of the report:
| Report Metric | Details |
| Market size available for years | 2021-2034 |
| Base year considered | 2024 |
| Forecast period | 2025-2034 |
| Segments covered | By Product, By Application |
| Regions covered | North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa |
| Companies Covered | Carrier, Daikin Industries, Ltd, Danfoss, Emerson Electric Co, Fujitsu, Haier (General Electric), Hitachi, Ltd, Johnson Controls, Inc, Lennox International, LG Electronics, Inc. |
Key Topics Covered in the Report
- Global Heating Equipment Market Size (FY’2021-FY’2034)
- Overview of Global Heating Equipment Market
- Segmentation of Global Heating Equipment Market by Product (Heat Pump, Unitary Heaters, Warm Air Furnaces)
- Segmentation of Global Heating Equipment Market by Application (Residential, Commercial)
- Statistical Snap of Global Heating Equipment Market
- Expansion Analysis of Global Heating Equipment Market
- Problems and Obstacles in Global Heating Equipment Market
- Competitive Landscape in the Global Heating Equipment Market
- Details on Current Investment in Global Heating Equipment Market
- Competitive Analysis of Global Heating Equipment Market
- Prominent Players in the Global Heating Equipment Market
- SWOT Analysis of Global Heating Equipment Market
- Global Heating Equipment Market Future Outlook and Projections (FY’2025-FY’2034)
- Recommendations from Analyst
1. Introduction
- 1.1. Scope of the report
- 1.2. Market segment analysis
2. Research Methodology
- 2.1. Research data source
- 2.1.1. Secondary Data
- 2.1.2. Primary Data
- 2.1.3. SPERs internal database
- 2.1.4. Premium insight from KOLs
- 2.2. Market size estimation
- 2.2.1. Top-down and Bottom-up approach
- 2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
- 4.1. Driver, Restraint, Opportunity and Challenges analysis
- 4.1.1. Drivers
- 4.1.2. Restraints
- 4.1.3. Opportunities
- 4.1.4. Challenges
5. Market variable and outlook
- 5.1. SWOT Analysis
- 5.1.1. Strengths
- 5.1.2. Weaknesses
- 5.1.3. Opportunities
- 5.1.4. Threats
- 5.2. PESTEL Analysis
- 5.2.1. Political Landscape
- 5.2.2. Economic Landscape
- 5.2.3. Social Landscape
- 5.2.4. Technological Landscape
- 5.2.5. Environmental Landscape
- 5.2.6. Legal Landscape
- 5.3. PORTERs Five Forces
- 5.3.1. Bargaining power of suppliers
- 5.3.2. Bargaining power of buyers
- 5.3.3. Threat of Substitute
- 5.3.4. Threat of new entrant
- 5.3.5. Competitive rivalry
- 5.4. Heat Map Analysis
6. Competitive Landscape
- 6.1. Global Heating Equipment Market Manufacturing Base Distribution, Sales Area, Product Type
- 6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Heating Equipment Market
7. Global Heating Equipment Market, By Product (USD Million) 2021-2034
- 7.1. Heat Pump
- 7.2. Unitary Heaters
- 7.3. Warm Air Furnace
- 7.4. Space Heating Boiler
8. Global Heating Equipment Market, By Application (USD Million) 2021-2034
- 8.1. Residential
- 8.2. Commercial
- 8.3. Industrial
9. Global Heating Equipment Market, (USD Million) 2021-2034
- 9.1. Global Heating Equipment Market Size and Market Share
10. Global Heating Equipment Market, By Region, (USD Million) 2021-2034
- 10.1. Asia-Pacific
- 10.1.1. Australia
- 10.1.2. China
- 10.1.3. India
- 10.1.4. Japan
- 10.1.5. South Korea
- 10.1.6. Rest of Asia-Pacific
- 10.2. Europe
- 10.2.1. France
- 10.2.2. Germany
- 10.2.3. Italy
- 10.2.4. Spain
- 10.2.5. United Kingdom
- 10.2.6. Rest of Europe
- 10.3. Middle East and Africa
- 10.3.1. Kingdom of Saudi Arabia
- 10.3.2. United Arab Emirates
- 10.3.3. Qatar
- 10.3.4. South Africa
- 10.3.5. Egypt
- 10.3.6. Morocco
- 10.3.7. Nigeria
- 10.3.8. Rest of Middle-East and Africa
- 10.4. North America
- 10.4.1.Canada
- 10.4.2. Mexico
- 10.4.3. United States
- 10.5. Latin America
- 10.5.1. Argentina
- 10.5.2. Brazil
- 10.5.3. Rest of Latin America
11. Company Profile
- 11.1. Carrier
- 11.1.1. Company details
- 11.1.2.Financial outlook
- 11.1.3. Product summary
- 11.1.4. Recent developments
- 11.2. Daikin Industries, Ltd
- 11.2.1. Company details
- 11.2.2. Financial outlook
- 11.2.3. Product summary
- 11.2.4. Recent developments
- 11.3. Danfoss
- 11.3.1. Company details
- 11.3.2. Financial outlook
- 11.3.3. Product summary
- 11.3.4. Recent developments
- 11.4. Emerson Electric Co
- 11.4.1. Company details
- 11.4.2. Financial outlook
- 11.4.3. Product summary
- 11.4.4. Recent developments
- 11.5. Fujitsu
- 11.5.1. Company details
- 11.5.2. Financial outlook
- 11.5.3. Product summary
- 11.5.4. Recent developments
- 11.6. Haier (General Electric)
- 11.6.1. Company details
- 11.6.2. Financial outlook
- 11.6.3. Product summary
- 11.6.4. Recent developments
- 11.7. Hitachi, Ltd
- 11.7.1. Company details
- 11.7.2. Financial outlook
- 11.7.3.Product summary
- 11.7.4. Recent developments
- 11.8. Johnson Controls, Inc
- 11.8.1. Company details
- 11.8.2. Financial outlook
- 11.8.3. Product summary
- 11.8.4. Recent developments
- 11.9. Lennox International
- 11.9.1. Company details
- 11.9.2. Financial outlook
- 11.9.3. Product summary
- 11.9.4. Recent developments
- 11.10. LG Electronics, Inc
- 11.10.1. Company details
- 11.10.2. Financial outlook
- 11.10.3. Product summary
- 11.10.4. Recent developments
- 11.11. Others
12. Conclusion
13. List of Abbreviations
14. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Heating Equipment Market is projected to reach USD 302.58 billion by 2034, growing at a CAGR of 8.25% during the forecast period.
Heating Equipment Market grew in Market size from 2025. The Market is expected to reach USD 302.58 billion by 2034, at a CAGR of 8.25% during the forecast period.
Heating Equipment Market CAGR of 8.25% during the forecast period.
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Heating Equipment Market size is USD 302.58 billion from 2025 to 2034.
Heating Equipment Market is covered By Product, By Application
The North America is anticipated to have the highest Market share in the Heating Equipment Market.
Carrier, Daikin Industries, Ltd, Danfoss, Emerson Electric Co, Fujitsu, Haier (General Electric), Hitachi, Ltd, Johnson Controls, Inc, Lennox International, LG Electronics, Inc.
The report includes an in-depth analysis of the Global Heating Equipment Market, including market size and trends, product mix, Applications, and supplier analysis
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