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Heating Equipment Market Forecast: What Market Value Is Expected By 2030?
The heating equipment market size has seen substantial expansion in recent years. Projections show it will increase from $43.44 billion in 2025 to $46.07 billion in 2026, achieving a compound annual growth rate (CAGR) of 6.1%. The growth observed in the past can be linked to factors including urbanization and residential construction growth, the need for indoor thermal comfort, industrial process heating requirements, the availability of fossil fuel-based heaters, and the expansion of commercial buildings.
The market for heating equipment is anticipated to experience robust expansion over the coming years. This sector is projected to reach a valuation of $57.88 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 5.9%. This projected growth is driven by factors such as the increasing electrification of heating systems, more stringent energy efficiency rules, the widespread use of smart thermostats, the need to replace outdated heating infrastructure, and advancements in industrial automation. Key developments expected during this period involve a move towards energy-saving heating options, a greater uptake of electric heating devices, the incorporation of intelligent heating management systems, an increase in residential heating improvements, and the broader application of heating in industrial settings.
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#Heating Equipment Market Growth Drivers And Industry Catalysts
The increasing need for the construction industry is anticipated to boost the expansion of the heating equipment market moving ahead. The construction sector encompasses entities involved in the development, upkeep, and restoration of infrastructure. The expanding construction industry utilizes heating equipment, including heat pumps, to deliver heating and cooling solutions for both large and medium-sized structures. As an illustration, data from November 2024, provided by the Office for National Statistics (ONS), a UK-based government department, indicated that in 2023, the valuation of new construction work in Great Britain saw an uplift of 4.2%, reaching an unprecedented £139,029 million ($152,932 million). This rise was fueled by increments in both the private sector by £2,050 million ($2,255 million) and the public sector by £3,578 million ($3,936 million). Consequently, the escalating demand within the construction industry is stimulating the expansion of the heating equipment market.
Heating Equipment Market Segment Analysis: What Are The Major Market Categories?
The heating equipment market covered in this report is segmented –
1) By Product: Heat Pumps, Furnaces, Boilers, Unitary Heaters, Other Products
2) By Technology: Air Source, Water Source, Ground Source
3) By Application: Residential, Commercial, Industrial
Subsegments:
1) By Heat Pumps: Air Source Heat Pumps, Ground Source Heat Pumps, Water Source Heat Pumps,
2) By Furnaces: Gas Furnaces, Electric Furnaces, Oil Furnaces
3) By Boilers: Residential Boilers, Commercial Boilers, Industrial Boilers
4) By Unitary Heaters: Electric Unitary Heaters, Gas Unitary Heaters, Hydronic Unitary Heaters
5) By Other Products: Radiant Heating Systems, Infrared Heaters, Portable Heaters
Heating Equipment Market Industry Trends: What Changes Are Reshaping Demand?
Major enterprises in the heating equipment sector are rolling out innovative products, such as high-temperature heat pumps, to cater to broader customer segments, increase transactions, and enhance profits. These high-temperature heat pumps serve as heating and cooling apparatus designed for efficient operation across elevated temperature spectrums. For example, in September 2023, Carrier, a US-based manufacturer and distributor of heating, ventilating, and air conditioning (HVAC) systems, introduced a new range of high-temperature heat pumps. These units feature capacities between 30 kW and 735 kW and utilize hydrofluoroolefins as the refrigerant. In addition to extracting heat from ambient air and the ground, these heat pumps are also engineered to capture and repurpose waste heat from diverse sources, including data centers, leisure facilities, hotels, restaurants, process water, flue gases, and sewage systems. Within this product portfolio, the 410 kW AquaForce 61CA air-source heat pump is capable of achieving temperatures as high as 82°C. The AquaForce 61CW-Z water-source heat pump provides a power range from 410 kW to 735 kW, reaching temperatures up to 92°C. The third product, the AquaForce 61CWD water-source heat pump, covers a power range of 110 kW to 540 kW and can attain temperatures of up to 120°C. The smallest model in the lineup is the AquaSnap 61CG water-source heat pump, which has a capacity from 30 kW to 130 kW, extendable to 390 kW when cascaded.
Heating Equipment Market Leading Companies Driving Competitive Growth
Major companies operating in the heating equipment market are Danfoss A/S, United Technologies Corporation, Trane Technologies plc, Lennox International Inc., Robert Bosch GmbH, Johnson Controls, Emerson Electric Co., Honeywell International Inc., Siemens AG, Daikin Industries Ltd., Uponor Corporation, Mitsubishi Electric Corporation, Nortek Inc., Carrier Global Corporation, LG Electronics Inc., Panasonic Holdings Corporation, Samsung Electronics Co. Ltd., Rheem Manufacturing Company, A.O. Smith Corporation, Bradford White Corporation, Navien Inc., Rinnai Corporation, Viessmann Werke GmbH & Co. KG, Fujitsu General Ltd., Gree Electric Appliances Inc. of Zhuhai, Haier Group Corporation, Midea Group Co. Ltd., Nortek Global HVAC LLC, Ruud Manufacturing Company, Goodman Manufacturing Company L.P., York International Corporation
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Heating Equipment Market Geographic Analysis: Where Is Demand Growing The Fastest?
Europe was the largest region in the heating equipment market in 2025. The regions covered in the heating equipment market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Wasay has over a decade of experience in market research, data modelling, and analytics, with prior experience at GlobalData and Decision Tree Consulting Services. At The Business Research Company , he leads research operations across syndicated studies, customized consulting engagements, and the Global Market Model platform. His professional experience includes supporting organizations such as Boston Consulting Group, KPMG, and Ernst & Young. Wasay holds a degree in Electronics and Communications Engineering, postgraduate management qualifications from International Management Institute Belgium and Indian School of Business and Entrepreneurship, and completed the Integrated Program in Business Analytics from Indian Institute of Management Indore.
