The North American heating equipment market size is anticipated to value USD 10.81 billion until 2025. It is also expected to register a CAGR of 5.6% over the forecasted years, 2018 to 2025. The rising number of infrastructure and construction projects coupled with the need for replacement and repair activities is expected to trigger the market growth.
The heat pumps segment held the largest share across the market and is projected to register 5.7% CAGR from 2018 to 2025 due to its increasing usage in spaces having moderate cooling and heating requirements. On the other hand, the electric furnace is expected to hold a substantial share in the upcoming years owing to their benefits like higher efficiency and low maintenance cost.
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In 2017, the industrial segment dominated the market owing to its rising usage of heating equipment across aviation, marine, oil & gas, food & beverage and mining industrial sectors. It is also anticipated to witness the highest CAGR from 2018 to 2025 on account of the rising number of renovation and repair activities prevailing across several industrial sectors.
The U.S. accounted for dominant share across the North America market due to the initiatives being undertaken by governing authorities for curbing air pollution. The Canada also held second-highest share across the North American market in 2017 owing to the increasing number of players operating across provinces like Quebec and Ontario.
The North America heating equipment market includes key players such as Nortek Holdings; Johnson Controls; Whirlpool Corporation; Siemens Corporation; Daikin Industries Ltd.; and Danfoss. They are constantly investing in R&D activities for product development and innovation to gain a competitive advantage and to widen their geographical reach.
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Further key findings from the report suggest:
• The residential application segment is anticipated to register a CAGR of 5.3% over the forecasted years, 2018 to 2025.
• The application segment of industrial dominated the market in 2017.
• In 2017, the U.S. accounted for dominant share across the North America market.
• The key players in this market are Nortek Holdings; Johnson Controls; Whirlpool Corporation; Siemens Corporation; Daikin Industries Ltd.; and Danfoss.
Million Insights has segmented the North American heating equipment market on the basis of product, application and region:
North America Heating Equipment Product Outlook (Revenue, USD Million, 2014 – 2025)
• Heat Pump
• Unitary Heaters
North America Heating Equipment Application Outlook (Revenue, USD Million, 2014 – 2025)
North America Heating Equipment Regional Outlook (Revenue, USD Million, 2014 – 2025)
• North America
• The U.S.
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