Press Releases

Heating Equipment Manufacturing to See 4.1% Annual Growth Through 2023

November 30, 2018

WELLESLEY, Mass., Nov 30,2018 –The growth of public and building construction worldwide is helping to fuel expansion of the heating equipment manufacturing market, according to a new report just published by BCC Research.

The industry expects to see a compound annual growth rate (CAGR) of 4.1% through 2023, when it is forecast to reach nearly $31.6 billion, according to the report Heating Equipment Manufacturing: Global Markets to 2023.

Major players in the market include United Technologies (UTX), Ingersoll Rand (IR), Robert Bosch, Ariston Thermo, Daikin Industries (DKILF), Valliant Group, Melrose Industries (MLSPF), Lennox International, Danfoss Group and Uponor (UPNRF).

Research Highlights

  • Boilers lead the market by size, with a market value in 2018 of $11.0 billion and 42.5% of the market. Stoves captured 24.2% of the market, followed by central heating systems and furnaces.
  • Going forward, boilers will lead the market by growth, with a CAGR through 2023 of 4.8%, followed by stoves at 3.9%, furnaces at 3.2% and central heating systems at 2.9%.
  • Western Europe led the market by size in 2018, with a value of $12.3 billion and 47.4% of the market. North America’s market was worth $7.6 million, while the market in the Asia-Pacific region was valued at $2.9 billion and Eastern Europe was valued at $2.6 billion.

“Economic growth in emerging markets drove residential, commercial, public and industrial building construction, thereby increasing the demand for heating equipment such as central heating systems, solar water heating equipment and others, in the historic period,” the report notes. “The demand for heating equipment for space heating is mostly from Northern China, the far north of India and Russia and for water heating from southern China, South East Asia and southern India, much of South America, the Middle East and Africa.”

Market Restraints Include Global Warming, Trade Protectionism

Chief market restraints include global warming and trade protectionism, the report adds. With temperatures on the rise, it is expected that demand for heating equipment will cool. Meanwhile, trade barriers around the world will also slow growth. Brexit is likely to lead to more trade restrictions between the U.K. and other European countries, while the U.S. is also implementing trade restrictions, especially with China.

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Heating Equipment Manufacturing: Global Markets to 2023( ENV047A )
Publish Date:     

Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. For media inquiries, email press@bccresearch.com or visit www.bccresearch.com/media to request access to our library of market research.