The heater market size will reach USD 68.93 billion by 2029

Fortune Business Insights

The major companies covered in Heaters market are 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. (USA), LG Electronics Inc. (South Korea), Inductotherm Corp. (United States), Rinnai Corporation (Japan) and other players profiled in a research report on heater industry.

Pune, India, Aug. 11, 2022 (GLOBE NEWSWIRE) — According to the latest study by Fortune Business Insightsthe Global heater market the size stood at USD 49.72 Billion in 2021. The market is expected to grow from USD 51.38 Billion in 2022 to USD 68.93 Billion by 2029 at a CAGR of 4.3% during the forecast period. forecast. Fortune Business Insight™ elaborated on these contributions in its latest research report, titled, “Heater Market, 2022-2029.”

According to the analysis, commercial heating solutions, including water heaters, space heaters and cooking appliances, have become sought after in emerging and advanced economies. Heating appliances, including clothes dryers, ovens and water heaters, have become more popular in commercial and residential applications.

Impact of COVID-19

Production sites closed Growth prospects at half mast

The imposition of lockdowns and social distancing norms due to the onslaught of the COVID-19 pandemic did not bode well for the outlook for the industry. Large companies, including Daikin Industries Ltd. and Hitachi Ltd., have experienced major disruptions due to the pandemic. For example, Rinnai Corporation experienced a 1.7% decline in total revenue, reaching $3.13 billion in 2021. The reduction in revenue was primarily attributed to lockdowns induced by the COVID-19. Meanwhile, the next few years could offer promising opportunities with the resumption of manufacturing operations and strong policies.

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Report cover

The report offers a comprehensive perspective of market size, share, revenue, and volume. He did a thorough SWOT analysis. Quantitative and qualitative assessments provided an overall view of the market. Primary interviews validate assumptions, conclusions, and prevailing business scenarios. The report also includes secondary resources such as annual reports, press releases, white papers and journals.

heater market Report Scope and Segmentation:

Report cover

Details

Forecast period

2022-2029

Forecast CAGR

4.3%

2029 value projection

$68.93 billion

base year

2021

Heaters market size in 2021

$49.72 billion

Historical data

2018-2020

Number of pages

188

Segments Covered

By fuel type, by end user, by region

Heaters Market Growth Drivers

Booming installation of energy-efficient heating systems to trigger investment

Growing installation of energy-efficient heating systems to drive growth

Fortune Business Insights™ lists all companies in the Heaters market currently working to reduce the impact of the 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. (USA)

  • LG Electronics Inc. (South Korea)

  • Inductotherm Corp. (United States)

  • Rinnai Corporation (Japan)

Drivers and Restrictions

Booming installation of energy-efficient heating systems to trigger investment

Stakeholders expect the heaters market share to follow an upward growth trajectory on the back of strong demand for economical and energy-efficient gasoline-powered appliances, including cooktops and heaters. -water. Additionally, consumers have shown interest in devices that require less maintenance and repair costs. The growing importance of cookers, water heaters and burners for heating and cooking applications could encourage large companies to expand their penetration in emerging and advanced economies. According to the U.S. Energy Information Administration (EIA) Winter Fuels Outlook 2021 report, it is estimated that about half of U.S. households that use natural gas appliances will spend 30% more than winter 2020.

Meanwhile, escalating demand for electrical appliances may weigh on the industry’s outlook in the coming period.

Browse Detailed Abstract of Research Report with TOC:

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segments

Natural gas will remain dominant with growing demand for power generation

In terms of fuel type, the heaters (fuel gas-based) market is segmented into LPG, natural gas, and butane/propane. The natural gas segment will account for a large share of the global market owing to the growing demand for power generation. Furthermore, the predominance of natural gas will encourage large companies to invest in the portfolio.

Residential environments will show notable growth due to the expansion of infrastructure activities

Based on the end user, the market is separated into commercial and residential. The residential segment will exhibit a notable CAGR in the global market during the forecast period. Growth is partly linked to the expansion of infrastructure and the rise of the middle class.

Regional outlook

North America will present promising opportunities with increasing investment in smart home accessories

The United States and Canada have become happy hunting grounds following the popularity of cooking and cooking appliances. End users have shown a deep inclination for large devices. Additionally, smart home accessories have become trendier in the region, prompting major players to inject funds into the landscape.

The growth of the Asia-Pacific heaters market will be noticeable with a bullish demand for innovative and energy efficient heaters. According to the International Journal of Innovative Technology and Exploring Engineering (IJITEE), in 2020, per capita annual energy savings from water heaters in India reached USD 7.88. In addition, governments have increased investment in the installation of natural gas manufacturing facilities. For example, in January 2020, the Indian government earmarked $730.38 million to lay a 1,656 km gas pipeline between Assam, India and other states in northeastern India.

Europe could show gradual growth over the assessment period, largely due to the trend to switch from gas to electric appliances. In particular, European manufacturers of heating solutions, including Robert Bosch GmbH and Electrolux AB, could increase their investments in innovative gas-powered solutions.

Reasons to get this report:

  • Qualitative and quantitative market research based on segmentation including both economic and non-economic factors

  • Market value data for each section and sub-segment

  • Indicates the region and market segment likely to grow fastest and dominate the market.

  • The consumption of the product/service in each region is highlighted along with the factors affecting the market in each region.

  • The competitive landscape includes market rankings of top players, as well as new service/product launches, collaborations, corporate expansions, and acquisitions made by featured companies in recent years.

Competitive landscape

Major Players Invest in Collaboration to Strengthen Their Footprint

Major players could inject funds into mergers and acquisitions, product rollouts, technological advancements and R&D activities. Also, large companies could invest in innovations and product offerings in the coming period.

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Detailed Table of Contents:

TOC Continued…!

Development of key industry

  • February 2022: Rinnai America Corporation has partnered with the Advantage Alliance to provide residential heating, air conditioning and plumbing contractors with a cost-effective approach to home comfort maintenance.

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Frequently Asked Questions (FAQ):

1. Is the heater industry growing?

The Heaters Market is expected to grow from USD 51.38 Billion in 2022 to USD 68.93 Billion by 2029, growing at a CAGR of 4.3% during the forecast period.

2. Who are the major players in the heaters 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. (USA), LG Electronics Inc. (South Korea), Inductotherm Corp. (USA), Rinnai Corporation (Japan)

3. What are the key factors increasing the market?

Booming installation of energy-efficient heating systems to trigger investment

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