The U.S. heating equipment market is anticipated to reach USD 4.98 billion by 2025, conferring to a new report by Grand View Research, Inc. Growing demand for energy efficient heating equipment and favorable government initiatives is projected to augment market demand over the coming years. The heat pumps segment occupied the largest share in 2015 on account of its increasing preference in the industrial and commercial sector. Heat pumps are very efficient in converting energy to heat at low operational cost.
Boilers and furnaces are extensively used heating system in the residential sector. Electric furnaces are gaining wide preference as they require less maintenance, are one of the least expensive, and are free from harmful emissions. Boilers are further categorized on the basis of product, size, and technology.
The growth of housing and construction sector for single and multi-unit dwelling is expected to boost the demand for over the coming years. The sluggish oil & gas prices have further facilitated the wide application of heating equipment in the U.S. industrial and residential segment
Favorable federal and state policies in the U.S. is projected to further drive the demand.Installing energy efficient heating system qualifies residential buyers to claim 10% of the cost of labor, professional preparation, and cost of installation. Rising awareness of greenhouse emissions has led to replacement of old heating equipment by new energy efficient solutions thereby facilitating the market growth.
Further key findings from the report suggest:
Heat pumps segment accounted for 33% of the market revenue in 2015
Heat pumps are used for temperatures with moderate heating and cooling requirements, thereby finds increased application in residential segment
Easy credit accessibility or financial support is anticipated to spur consumer spending on renovation and remodeling activities, which, in turn, will benefit the heating equipment market
Steam boilers accounted for the largest market share in 2015
ECO-Labelling of heating equipment is used to encourage and guide customers in their choice of products
The emergence of climate and energy as a political priority has spurred an increased interest in heating and energy efficiency gains to be realized within buildings
Key market players include Robert Bosch LLC, United Technologies Corporation, Emerson Electric, Ingersoll-Rand Plc, and Lennox International, American Heating Company Inc., Johnson Controls Inc., Honeywell International Inc., Burnham Holdings, Inc., and Rheem Manufacturing Company Inc.