Wilmington, Delaware, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Commercial Heating Equipment Market by Product Type (Heat Pumps, Furnaces, and Boilers), Fuel Type (Fossil Fuel and Electric), and End User (Offices, Restaurants & Hotels, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the "commercial heating equipment market" was valued at $15.1 billion in 2018, and is estimated to reach $25.6 billion by 2032, growing at a CAGR of 5.2% from 2023 to 2032.
Download PDF Sample Copy: https://www.alliedmarketresearch.com/request-sample/A323554
Prime determinants of growth
The commercial heating equipment market is expected to witness notable growth owing to rapid urbanization globally, increase in awareness of environmental issues, and expansion of the commercial sector. Moreover, the incorporation of IOT devices and smart technologies in heating systems and updating heating systems with modern, and energy-efficient alternatives are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, high initial costs and implementation of stringent government regulations toward environmental pollution limit the growth of the commercial heating equipment market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2018 |
| Market Size in 2018 | $15.1 billion |
| Market Size in 2032 | $25.6 billion |
| CAGR | 5.2% |
| No. of Pages in Report | 275 |
| Segments Covered | Product Type, Fuel Type, End User, and Region. |
| Drivers |
|
| Opportunities |
|
| Restraint |
|
The heat pumps segment is expected to grow faster throughout the forecast period.
The heat pumps segment is anticipated to experience faster growth in the commercial heating equipment market. The increase in focus on energy efficiency and sustainability prompts businesses to embrace heat pump technology, given its lower energy consumption and reduced environmental footprint compared to traditional heating systems. Moreover, advancements in heat pump technology, marked by enhanced efficiency and performance, enhance their appeal among commercial users seeking economical and dependable heating solutions. In addition, government incentives and rebates designed to promote energy-efficient heating systems present opportunities for businesses to mitigate the upfront costs associated with heat pump installations. Furthermore, the adaptability of heat pumps, which offer both heating and cooling functionalities, renders them suitable for diverse commercial settings, spanning from office complexes and hotels to retail outlets and healthcare facilities. Thus, the commercial heating equipment market is anticipated for substantial growth owing to the increase in adoption of heat pumps globally.
Buy This Research Report (275 Pages PDF with Insights, Charts, Tables, Figures) https://bit.ly/3XMmlUz
The electric segment is expected to grow faster throughout the forecast period.
The electric segment is anticipated to experience growth in the commercial heating equipment market. Electric-powered commercial heating equipment are preferred due to rise in concerns over energy efficiency and environmental sustainability. As businesses and industries aim to curtail their carbon footprint and operational expenses, electric heating systems emerge as a clean and efficient alternative to traditional fossil fuel-based options. In addition, advancements in electric heating technology, including enhancements in heat pump efficiency and the incorporation of smart controls and IoT functionalities, have reshaped the industry landscape. These innovations improve the performance, adaptability, and manageability of electric heating systems.
The restaurants and hotels segment is expected to grow faster throughout the forecast period.
The restaurants and hotels segment is anticipated to experience growth in the commercial heating equipment market. The demand for adaptable heating solutions in restaurants and hotels is growing, particularly for versatile options such as infrared heaters and portable units. These solutions effectively manage temperatures in diverse spaces such as outdoor dining areas and event venues. Their mobility and ease of installation make them ideal for temporary or seasonal use on terraces, patios, or banquet halls, enhancing guest comfort year-round. This adaptability boosts customer satisfaction and revenue by maximizing space utilization. Technological advancements, such as smart heating controls and building automation systems, offer precise temperature regulation and energy optimization, while evolving design trends call for efficient, aesthetically pleasing heating solutions.
Asia-Pacific to maintain its dominance by 2032.
Asia-Pacific accounted for the highest market share in 2018 and it is expected to grow with a highest CAGR during the forecast period. The Asia-Pacific commercial heating equipment market growth, primarily driven by the emergence of thriving economies in the region. These heating solutions are gaining traction across various sectors including automotive, metals & mining, electronics, and oil & gas in countries such as Japan and South Korea. Furthermore, the rapid industrialization rate in the region is anticipated to contribute significantly to the growth of the heating equipment market in Asia-Pacific during the forecast period. The rapid industrialization in the Asia-Pacific region presents a promising opportunity for the commercial heating equipment market. As countries across the region undergo significant industrial expansion, there is a rise in demand for heating solutions to support various industrial processes and facilities. This surge in industrial activities, coupled with the need for efficient heating systems, creates a favorable environment for market growth.
Inquire Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/A323554
Players: -
- Carrier
- Daikin Industries, Ltd.,
- Lennox International Inc.
- Mitsubishi Electric Corporation
- Uponor Corporation
- Johnson Controls
- Robert Bosch Gmbh.
- Fujitsu General.
- Panasonic Corporation (Panasonic Holdings Corporation)
- Rheem Manufacturing Company
The report provides a detailed analysis of these key players in the global commercial heating equipment market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Similar Reports:
About us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact us:
Wilmington, Delaware
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle, Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
