The global air heating equipment market size was valued at USD 11,929.4 million in 2020 and is expected to reach USD 16,894.6 million by 2027, growing at a CAGR of 5.1% during the forecast period from 2020 to 2027.Install air heating equipment to maintain the proper temperature at the desired level.This machine converts fuel into energy, which is heat.It includes all plumbing, wiring, controls and components required as part of the equipment to the appropriate standards mentioned in the building code.Growing market demand for energy efficient heating equipment is driving the demand for air heating equipment.In addition, technological developments in air heating plants and their mechanical systems provide the required ambient heat and achieve cost-effectiveness.
Factors such as rapid industrialization and urbanization are expected to cater to the growth of the air heating equipment market.In addition, increasing demand for installation of energy-efficient heating equipment is driving the market growth.However, competition from domestic manufacturers and the impact of foreign exchange fluctuations on profit margins hinder the growth of the market.Furthermore, government initiatives to support air heating equipment products provide lucrative opportunities to develop the air heating equipment market.
Furthermore, the surge in demand for easy-to-operate remote access control systems has fueled the growth of investment in the market by commercial, industrial, and residential end-users.This growth in market assets has led to the emergence of advanced heating equipment with various sensors that can be operated from remote locations.The development of residential, commercial and industrial building infrastructure has also increased the market demand for heating equipment.
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The novel coronavirus has spread rapidly in various countries and regions and continues to spread, causing huge impacts on people’s lives and the entire society.It originated as a human health crisis and now poses a major threat to global trade, economy and finance.In addition to the COVID-19 pandemic, major players are also facing growing business concerns related to the coronavirus outbreak, supply chain disruptions, and potentially reduced consumer spending.Furthermore, the spread of COVID-19 has negatively impacted the global air heating equipment market in the first quarter of 2020.This is expected to negatively impact the full-year growth of the smart waste management market.
For example, HVAC production continues to have a COVID-19 impact on sales of air heating products, with losses ranging from 56% to 60% from January 2020 to April 2020.Additionally, 54% of manufacturers noted supply chain disruptions for air heating products.Major demand for air heating equipment has arisen in several economies including the US, UK and UAE, which are now severely affected by the spread of the coronavirus, resulting in a halt in overall production activity; therefore, the reduction in demand for air heating in the short term equipment needs.
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According to reports, in 1960 the global urban population was 34%.This trend reveals potential growth in urban populations.According to estimates and forecasts by the World Health Organization, the global urban population is expected to grow at a rate of about 1.84% per year until 2020, or about 1.63% per year from 2020 to 2025, and from 2025 to 2030.According to current estimates, the urban population is expected to reach 4.3 billion by 2025, generating about 1.42 kg/person/day of municipal solid waste.According to UNESCAP (United Nations Economic and Social Commission for Asia and the Pacific), the ASEAN (Association of Southeast Asian Nations) region has experienced an annual growth rate of 2.6% in the urban population over the past five years.The adoption of data analytics and IoT by key players to help them make data-driven decisions to increase efficiency is driving the growth of the air heating equipment market.The growth of the urban population is expected to lead to an unprecedented increase in waste generation.Hence, for sustainable management of waste through the use of sensor-based services and IoT-based systems, the adoption of air heating devices in cities and smart cities is expected, which in turn will drive the growth of the market.
One of the major factors hindering the growth of the air heating equipment market is competition from domestic manufacturers.Air heating equipment is mainly used in industrial and commercial spaces.The presence of domestic manufacturers in various locations is expected to hinder the growth of the air heating equipment market.Prices for air heating equipment from domestic manufacturers range from $100 to $200.
However, air heating appliances from major players range in price from $100 to $2,500, depending on functionality and features.Therefore, customers pay more attention to adopting air heating equipment from domestic manufacturers.All such scenarios are expected to hinder the growth of the air heating equipment market.
Continued technological advancements in the global air heating equipment market are expected to provide ample growth opportunities for furnace manufacturers and suppliers over the next few years.Major players in the market have shifted their focus towards innovation and technological advancements to remain competitive and gain major market share.In addition, the introduction of new heating technologies, interactive furnace interfaces, and high-speed convection furnaces are expected to provide potential opportunities for market expansion.Such advancements are expected to provide lucrative opportunities for market growth.
In addition, industrialists aim to design machines and technologies that simplify production, reduce maintenance costs, provide production flexibility, and reduce waste and lead times.In addition, they work hard to reduce the operating and production costs of air heating equipment in order to improve its quality.In addition, countries such as the United States, Germany, and Japan have highly advanced technological operations, well-developed processing facilities, high-quality labor, and increasing R&D programs.As a result, the proliferation of applications and increased competition has motivated companies to focus on technological advancements to meet consumer demands.This is expected to provide lucrative opportunities for market expansion.
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On the basis of type, the global air heating appliances market is segmented into space heating appliances and water heating appliances.Space heating equipment is the largest contributor to the market with a market share of 71.1% in 2020, growing at a CAGR of 5.3% during the forecast period.A space heater is a device used to heat small spaces.Space heaters are powered by electricity or combustible fuels such as wood pellets, natural gas, etc.Heating equipment is used to heat buildings or properties at a specific temperature in cold countries such as Europe and North America, which is expected to drive the growth of the space heating equipment market.
Furthermore, increasing construction activities and rising population are expected to cater to the market growth.For example, Japan’s construction industry is expected to grow by 5.4% from 2020 to 2024.Rising demand for energy efficient solutions and growing trend in smart homes are important factors driving the advancement of the global space heating equipment market. Major players are citing acquisitions as a key development strategy to improve the product footprint of heating and air conditioning systems.In addition, in June 2017, Daikin Industries acquired Australia-based Airmaster Corporation Pty Ltd, which is engaged in the business of air conditioning and heating systems.The acquisition is expected to improve the product portfolio of space heating systems.All these scenarios are expected to drive the growth of the global space heating equipment market.
The global air heating equipment market is analyzed for North America, Asia Pacific, Europe, South America, and the Middle East and Africa.Globally, the Middle East and Africa is expected to experience rapid growth over the forecast period.Strong manufacturing activity, stable economic development, and robust construction activity are the key drivers for the Middle East and Africa market.The demand for air heating equipment is increasing in emerging regions such as South Africa.Foreign trade in the Central African region is growing due to industrialization, which is driving the demand for air heating equipment.In addition, Middle Eastern countries are witnessing technological advancements such as industrial automation, IoT, and robotics.
Furthermore, Africa is witnessing industrialization as it has become a new investment channel for global investors and multinational manufacturing companies.In September 2018, business-to-business (B2B) spending in African manufacturing was expected to reach $500 billion by 2030, according to the London School of Economics.In addition, in March 2018, the African Union launched the African Continental Free Trade Area (AfCFTA), one of the largest free trade areas, aimed at unlocking the potential of manufacturing and promoting industrialization to drive sustainable growth and employment in Africa.These factors are expected to boost the growth of the air heating equipment market in the region over the forecast period.In addition, the development of industries such as automotive, electronics, etc. is expected to increase the demand for air heating equipment.This is due to their multiple features, such as cost savings and time savings over oil powered air heating equipment furnaces.
Major companies profiled in the report include Daikin Industries, Ltd, Danfoss A/S, Emerson Electric Co., Alfa Laval Corporate AB, General Electric Company, Johnson Controls International Plc, Lennox International Inc, Robert Bosch GmbH, Ingersoll-Rand Plc, and Vaillant Group.Each company follows its own business strategy to gain maximum market share