The U.S. Heating Equipment Market is projected to value USD 6.09 billion until 2027. It is expected to register a CAGR of 6.02% over the forecasted years, 2020 to 2027. Rising demand for efficient heating equipment due to extreme climatic conditions prevailing across different zones and continuous growth of the manufacturing industry is anticipated to drive the market growth.
In 2019, the heat pump segment held the largest share across the U.S. market owing to the rising need for moderate warming temperatures to carry out several industrial processes. The product segment of furnace is projected to register significant growth in the upcoming years on account of its higher operational efficiency and quick warming capabilities.
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The industrial segment of application accounted for the highest share in 2019 across the U.S. market owing to their increasing usage of these systems across the automotive, food & beverage, and mining sectors. On the other hand, the residential segment is projected to witness a CAGR of 5.4% from 2020 to 2027 due to increasing renovation and repair activities for enhancing the design and comfort of homes.
The U.S. heating equipment market includes players such as Johnson Controls Inc., Emerson Electric, Robert Bosch LLC, Burnham Holdings, Inc., and Lennox International. They are implementing strategies such as mergers and capacity expansions for widening their geographical reach and product portfolio.
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Further key findings from the report suggest:
• The furnace segment is expected to register a CAGR of around 5.4% across the market from 2020 to 2027.
• In 2019, the heat pump product segment held the largest share across the global market.
• The industrial segment of application accounted for the highest share across the U.S. market in 2019.
• The key players in this market are Johnson Controls Inc., Emerson Electric, Robert Bosch LLC, Burnham Holdings, Inc., and Lennox International.
Million Insights has segmented the U.S. heating equipment market on the basis of product and application:
U.S. Heating Equipment Product Outlook (Revenue, USD Million, 2016 – 2027)
• Heat pumps
• U.S. boilers market product outlook
• Water boilers
• Steam boilers
• U.S. boilers market size outlook
• • 10-50 MMBtu/hr
• 50-100 MMBtu/hr
• 100-250 MMBtu/hr
• >250 MMBtu/hr
• U.S. boilers market technology outlook
• Water-tube boilers
• Fire-tube boilers
• Unitary Heaters
U.S. Heating Equipment Application Outlook (Revenue, USD Million, 2016 – 2027)
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