What Has Been The Evolution of the Warm Air Heating Equipment Market in Recent Years?
The warm air heating equipment market has seen considerable growth due to a variety of factors.
• In recent times, the warm air heating equipment market has seen robust growth. This market which is currently sitting at $128.87 billion in 2024, is estimated to expand to $138.54 billion in 2025, displaying a compound annual growth rate (CAGR) of 7.5%.
Factors such as energy efficiency, environmental legislations, economic elements and the replacement cycle have all contributed to the growth observed in the past years.
What Are the Future Growth Projections for the Warm Air Heating Equipment Market?
The warm air heating equipment market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipations are high for a robust expansion in the warm air heating equipment market in the upcoming years, with the market projected to reach $172.67 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.7%.
Various factors such as building efficiency standards, energy costs, and global economic conditions are contributing to the growth expected in the forecast period. Key trends expected to be observed during the forecast period incorporate smart heating systems, electrification and heat pumps, hybrid systems, customization and zoning, health and comfort considerations, and industry collaboration.
What Are The Core Factors Supporting Growth In The Warm Air Heating Equipment Market?
The growth of the warm air heating equipment market is likely to be fueled by advantageous steps taken to decrease the carbon footprint. Global countries are putting forth efforts towards decarbonization for preserving the environment and improving the world. Utilizing renewable energy, warm air heating equipment like heat pumps can decrease carbon footprints. For instance, in September 2022, Samsung Electronics Co. Ltd., located in South Korea, unveiled an environmental program with a plan to achieve net-zero carbon emissions by 2050, invest in renewable energy, increase resource circularity, and create innovative technologies to tackle climate change and spur sustainability. Similarly, in June 2022, Pfizer Inc., a pharmaceutical corporation based in the US, intends to meet the voluntary Net-Zero Standard by 2040, pledging to decrease GHG emissions by 95% and value chain emissions by 90% from 2019 levels by that timeline. Thus, company initiatives to decrease carbon footprints are propelling the warm air heating equipment market's expansion.
What Are The Major Segments Within The Global Warm Air Heating Equipment Market?
The warm air heating equipment market covered in this report is segmented –
1) By Product Type: Dehumidifiers, Heat Pumps, Humidifying Equipment
2) By Capacity: Small, Medium, Large
3) By Application: Residential, Commercial, Industrial
Subsegments:
1) By Dehumidifiers: Refrigerant Dehumidifiers, Desiccant Dehumidifiers, Thermoelectric Dehumidifiers
2) By Heat Pumps: Air Source Heat Pumps, Ground Source Heat Pumps, Water Source Heat Pumps
3) By Humidifying Equipment: Steam Humidifiers, Evaporative Humidifiers, Impeller Humidifiers, Ultrasonic Humidifiers
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How Are New Trends Impacting The Size Of The Warm Air Heating Equipment Market?
Focus is currently placed on the creation of intelligent devices by corporations in response to the necessary demands for inter-connected smart homes and offices. Companies and households globally are shifting towards smart appliances, and industry leaders are focusing on the innovation of such devices that promise efficient connectivity and preemptive upkeep. For instance, in June 2022, Trane Technologies (NYSE), an American firm renowned for its heating apparatus, released the Ascend Air-to-Water Heat Pump Model ACX. The novel device marks its initial air-to-water pump option in their offerings, providing both heating and cooling powered by electricity. This forward-thinking innovation provides property owners with an avenue toward decarbonisation through electrical consumption. The product possesses superior energy efficiency attributes and seamlessly incorporates into existing systems, thereby reducing dependence on fossil fuels and promoting environmental sustainability. The unique design of the pump allows it to operate effectively in diverse climate conditions, further emphasizing its adaptability and efficiency. Trane's dedication to sustainable practices is also displayed in their latest series of Precedent rooftop units, focusing on enhancing performance while streamlining traditional systems for optimum operational efficiency.
Who Are the Key Players In The Warm Air Heating Equipment Market?
Major companies operating in the warm air heating equipment market include:
• Danfoss
• Daikin
• Mitsubishi Electric Corporation
• WOLF GmbH
• Johnson Controls Inc.
• Honeywell International Inc.
• Haier Group (China)
• Hitachi Appliances Inc. (Japan)
• Viessmann Werke GmbH & Co. KG
• Bosch Thermotechnology
• Carrier
• Lucky Goldstar Electronics
• NIBE Group
• Lennox International Inc.
• Trane Technologies plc
• Rheem Manufacturing Company
• Goodman Manufacturing Company L.P.
• Fujitsu General Limited
• Samsung Electronics Co. Ltd.
• Nortek Global HVAC LLC
• Modine Manufacturing Company
• Amana Corporation
• Bryant Heating & Cooling Systems
• American Standard Companies Inc.
• Armstrong Air Conditioning Inc.
• Broan-NuTone LLC
• Burnham Holdings Inc.
• ClimateMaster Inc.
• Dunkirk Boilers
• ECR International Inc.
• Friedrich Air Conditioning Co. Ltd.
• Heat Controller Inc.
• Heil Heating & Cooling Products
• International Comfort Products LLC
What Is The Most Dominant Region In The Warm Air Heating Equipment Market?
Asia-Pacific was the largest region in the warm air heating equipment market in 2023. North America was the second largest region in the warm air heating equipment market analysis. The regions covered in the warm air heating equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
