Heating Appliances Market Size to Hit USD 68.93 Billion by 2029

According to the latest study by Fortune Business Insights, the global heating appliances market size stood at USD 49.72 billion in 2021. The market is estimated to surge from USD 51.38 billion in 2022 to USD 68.93 billion by 2029 at a 4.3% CAGR during the forecast period. Fortune Business Insights™ has deep-dived these inputs in its latest research report, titled, “Heating Appliances Market, 2022-2029.”

According to the analysis, commercial heating solutions, including water heaters, space heating appliances, and cooking appliances have become sought-after across emerging and advanced economies. Heating devices, including cloth dryers, ovens, and water heaters have become trendier across commercial and residential applications.

COVID-19 Impact

Production Sites Shut Down Dented Growth Prospects

The imposition of lockdowns and social distancing norms due to the onslaught of the COVID-19 pandemic did not bode well for the industry outlook. Major companies, including Daikin Industries Ltd. and Hitachi Ltd. witnessed major disruptions due to the pandemic. To illustrate, Rinnai Corporation reported a 1.7% dip in its total sales revenues, reaching USD 3.13 billion in 2021. The reduction in sales revenue was majorly attributed to COVID-19-induced lockdowns. Meanwhile, the next few years could provide promising opportunities with manufacturing operations resuming and robust policies.

Report Coverage

The report offers a comprehensive perspective of the market size, share, revenue, and volume. It has deep-dived into SWOT analysis. Quantitative and qualitative assessments have provided a holistic view of the market. The primary interviews validate assumptions, findings, and the prevailing business scenarios. The report also includes secondary resources such as annual reports, press releases, white papers, and journals.

Fortune Business Insights™ lists out all the heating appliances market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:

Hitachi Ltd. (Japan)
Electrolux AB (Sweden)
Haier Smart Home Co. Ltd. (China)
Samsung Electronics Co. Ltd. (South Korea)
Panasonic Corporation (Japan)
Robert Bosch GmbH (Germany)
Honeywell International Inc. (U.S.)
LG Electronics Inc. (South Korea)
Inductotherm Corp. (U.S.)
Rinnai Corporation (Japan)

Drivers and Restraints

Soaring Installation of Energy-efficient Heating Systems to Trigger Investments

Stakeholders expect the heating appliances market share will observe an upward growth trajectory in the wake of strong demand for cost-effective and energy-efficient gas-powered appliances, including cooktops and water heaters. Moreover, consumers have exhibited traction for appliances that need less maintenance and repair costs. The growing prominence of ranges, water heaters, and burners for heating and cooking applications could encourage leading companies to expand their penetration across emerging and advanced economies. According to the U.S. Energy Information Administration (EIA)’s Winter Fuels Outlook 2021 report, approximately half of U.S. households that use natural gas-powered appliances were estimated to spend 30% more than the winter in 2020.

Meanwhile, escalating demand for electric appliances could dent the industry outlook in the ensuing period.

Segments

Natural Gas to Remain Dominant with Rising Demand for Electricity Generation

In terms of fuel type, the heating appliances (gas fuel-based) market is segmented into LPG, natural gas, and butane/propane. The natural gas segment will account for a significant share of the global market due to increasing demand for generating electricity. Besides, the prevalence of natural gas will encourage leading companies to invest in the portfolio.

Residential Settings to Exhibit Notable Growth Due to Expanding Infrastructural Activities

Based on end-user, the market is segregated into commercial and residential. The residential segment will depict a notable CAGR in the global market during the forecast period. The growth is partly linked to expanding infrastructural settings and a surging middle-class population.

Regional Insights

North America to Exhibit Promising Opportunities with Surging Investments in Smart Home Accessories

The U.S. and Canada have emerged as happy hunting grounds following the traction for cooking and baking appliances. End-users have exhibited a profound inclination for large-sized appliances. Furthermore, smart home accessories have become trendier across the region, prompting major players to inject funds into the landscape.

The Asia Pacific heating appliances market growth will be noticeable with bullish demand for innovative and energy-efficient appliances. According to the International Journal of Innovative Technology and Exploring Engineering (IJITEE), in 2020, per capita, annual energy cost savings of water heaters in India reached USD 7.88. Besides, governments have upped investments in installing natural gas manufacturing facilities. To illustrate, in January 2020, the Government of India earmarked USD 730.38 million to install a 1,656 km natural gas pipeline from Assam, India to other states of North East, India.

Europe could exhibit a gradual growth during the assessment period, largely due to the shifting trend from gas-powered to electric appliances. Prominently, European heating solution manufacturers, including Robert Bosch GmbH and Electrolux AB could augment their investments in innovative gas-powered solutions.

Rеаѕоnѕ to Get thіѕ Rероrt:

A qualitative and quantitative market study based on segmentation that includes both economic and non-economic factors
Data on market value for each section and sub-segment
Indicates the region and market segment that is likely to expand the fastest and dominate the market.
The consumption of the product/service in each region is highlighted, as are the factors affecting the market within each region.
The competitive landscape includes the top players' market rankings, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the companies profiled in the last few years.

Competitive Landscape

Leading Players Invest in Collaboration to Bolster Footprint

Prominent players could inject funds into mergers acquisitions, product rollouts, technological advancements, and RD activities. Besides, major companies could invest in innovations and product offerings in the ensuing period.

Key Industry Development

February 2022: Rinnai America Corporation joined hands with Advantage Alliance to offer residential heating, cooling, and plumbing contractors a cost-effective approach to home comfort maintenance.

Frequently Asked Questions (FAQs):

Is the Heating Appliances industry growing?

Heating Appliances Market is projected to grow from USD 51.38 billion in 2022 to USD 68.93 billion by 2029, exhibiting a CAGR of 4.3% during the forecast period.

Who are the key players in the Heating Appliances Market?

Hitachi Ltd. (Japan), Electrolux AB (Sweden), Haier Smart Home Co. Ltd. (China), Samsung Electronics Co. Ltd. (South Korea), Panasonic Corporation (Japan), Robert Bosch GmbH (Germany), Honeywell International Inc. (U.S.), LG Electronics Inc. (South Korea), Inductotherm Corp. (U.S.), Rinnai Corporation (Japan)