The global air heating appliance market size was valued at USD 11,929.4 million in 2020 and is projected to reach USD 16,894.6 million by 2027, registering a CAGR of 5.1% during the forecast period, from 2020 to 2027. Air heating appliances are installed to sustain an appropriate temperature at the desired level. This machine converts the fuel into energy, i.e., heat. It includes all piping, wiring, controls, and components required to be part of the device by the appropriate standard referred to in the building code. The rising need for energy-efficient heating equipment in the market fuels the demand for air heating appliances. Moreover, the technological development in air heating appliances and their mechanical systems offers the desired heat of the environment and fulfills cost-efficiency.
Factors such as rapid industrialization and urbanization are predicted to cater to the growth of the air heating appliance market. In addition, the rise in the need for the installation of energy-efficient heating appliances drives the market growth. However, competition from domestic manufacturers and fluctuation in foreign currencies’ influence over profit margins hamper the market growth. Furthermore, government initiatives to support air heating appliance products offer lucrative opportunities to develop the air heating appliance market.
Furthermore, a surge in demand for remote access control systems, which are easy to operate, fosters the growth in investments of the market by the commercial, industrial, and residential end-users. This growth in the market assets has led to advanced heating equipment with various sensors that can be operated from remote locations. Development in the infrastructure of residential, commercial, and industrial buildings has also increased the demand for heating equipment in the market.
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COVID-19 Impact on the Global Air Heating Appliance
The novel coronavirus has rapidly spread across various countries and regions and continues to spread, causing an enormous impact on people's lives and the overall community. Originating as a crisis to human health, it now poses a significant threat to worldwide trade, economy, and finance. In addition to the COVID-19 pandemic, major players face growing business concerns associated with coronavirus outbreaks, supply chain disruption, and possibly less consumer spending. Further, the spread of COVID-19 has already negatively influenced the global air heating appliance market in the first quarter of 2020. It is expected to negatively impact the growth of the smart waste management market throughout the year.
For instance, HVAC production persists COVID-19 impact on the sale of air heating products, and this loss in ranging from 56% to 60% from January 2020 to April 2020. Also, 54% of the manufacturers noticed an interruption in the supply chain of air heating products. Major demand for air heating appliances saw from several economies, including the U.S., the UK, and UAE, which are now severely affected by the spread of coronavirus, leading to a halt in overall production activities; thus, decreasing the demand for air heating appliances for a short term.
Global Air Heating Appliance Market Dynamics
Drivers: Rapid urbanization and commercial construction activities
The global urban population was reported at 34% in 1960. This trend reveals a potential growth in the urban population. As per the estimates and forecasts of the WHO, the global urban population is expected to grow by approximately 1.84% every year until 2020, which is at the rate of about 1.63% per annum from 2020 to 2025, and around 1.44% per annum from 2025 to 2030. As per the current estimates, by 2025, the urban population is expected to reach 4.3 billion, generating about 1.42 kg/capita/day of municipal solid waste. According to the UNESCAP (United Nations Economic and Social Commissions for Asia and the Pacific), the ASEAN (Association of Southeast Asian Nations) region witnessed an annual urban population growth rate of 2.6% in the past five years. Adoption of data analytics and IoT by major players to improve efficiency by assisting them in the making data-driven decisions fuels the growth of the air heating appliance market. This rise in the urban population is expected to result in an unprecedented increase in waste generation. Thus, to manage waste sustainably by using sensor-based services and IoT-based systems, urban and smart cities are anticipated to adopt air heating appliances, which, in turn, would propel the growth of the market.
Restraints: Competition from domestic manufacturers
One of the major factors that hamper the growth of the air heating appliance market is competition from domestic manufacturers. An air heating appliance is consumed mainly in industrial and commercial spaces. There are many domestic manufacturers available in all the places, which is expected to hamper the growth of the air heating appliance market. The domestic manufacturer’s prices for air heating appliances are from USD 100 to USD 200.
However, the key player's prices for air heating appliances range from USD 100 to USD 2500, depending on the features and characteristics. Hence, the customer focuses more on adopting air heating appliances from domestic manufacturers. All such instances are projected to hinder the growth of the air heating appliance market.
Opportunities: Increase in technological advancements
Continuous technological advancements in the global air heating appliance market are expected to provide ample growth opportunities for furnace manufacturers and suppliers in the upcoming years. Major players in the market are already shifting their focus toward innovation and technological advancements to maintain competitiveness and garner major market share. Furthermore, 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 offer lucrative opportunities for market growth.
Furthermore, industrialists aim to design machines and technologies that ease production, lessen maintenance costs, offer production suppleness, and reduce wastage & lead times. Moreover, they strive hard to decrease operating costs and produce costs of air heating appliances to improve their quality. Furthermore, countries such as the U.S., Germany, and Japan have highly advanced technological businesses, developed processing facilities, a highly competent workforce, and increased R&D initiatives. Therefore, the rise in applications and elevated competition inspire companies to focus on technological advancements to meet consumer demands. This is anticipated to offer remunerative opportunities for market expansion.
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Scope of the Report
The study categorizes the air heating appliance market based on type, fuel, end-users, and regions.
By Type Outlook (Sales, USD Million, 2017-2027)
- Space Heating Appliance
- Water Heating Appliance
By Fuel Type Outlook (Sales, USD Million, 2017-2027)
- Gas-powered Heating Appliance
- Oil-powered Heating Appliance
- Electricity Powered Heating Appliance
- Solar Energy Powered Heating Appliance
By End-Users Outlook (Sales, USD Million, 2017-2027)
By Region Outlook (Sales, USD Million, 2017-2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
By type, the space heating appliance segment is projected to account for the largest market share, by type
On the basis of type, the global air heating appliance market is divided into space heating appliances and water heating appliances. The space heating appliance segment was the highest contributor to the market, with a market share of 71.1% in 2020, growing at a CAGR of 5.3% during the forecast period. Space heating appliances is a device used to heat a small space. Space heaters are powered by electricity or burnable fuel such as wood pellets, natural gas, etc. Heating equipment is used to heat buildings or properties at a particular temperature in cold countries such as Europe and North American countries, which is projected to drive the growth of the space heating appliance market.
In addition, an increase in construction activities and a rise in population are anticipated to cater to the market's growth. For instance, Japan's construction industry is expected to grow at 5.4% from 2020 to 2024. The rise in the demand for energy-efficient solutions and the growing trend of smart homes is the essential factor that drives the progress of the global space heating appliance market. Major players are adopting acquisition as a key development strategy to improve the product footprint of heating and air conditioning systems. Furthermore, in June 2017, Daikin Industries acquired Airmaster Corporation Pty Ltd, based in Australia, dealing in air conditioning and heating systems. The acquisition is expected to improve the product portfolio of space heating systems. All such instances are anticipated to garner the growth of the global space heating appliance market.
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Asia Pacific accounts for the highest CAGR during the forecast period
The global air heating appliance market is analyzed across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Middle East & Africa is expected to experience rapid growth during the forecast period. Strong manufacturing activity, steady economic development, and robust construction activity act as the primary drivers of the Middle East & Africa market. The emerging regions, such as South Africa and others, have witnessed increased demand for air heating appliances. Middle & Africa is seeing growth in foreign trade, owing to industrialization, which drives the demand for air heating appliances. Moreover, Middle Eastern countries are witnessing technological advancements such as industrial automation, IoT, and robotics.
Furthermore, Africa is witnessing industrialization as it has become the new investment avenue for global investors and multinational manufacturing companies. In September 2018, as per the London School of Economics and Political Science, Business-to-Business (B2B) spending in manufacturing in Africa was expected to reach USD 500 billion by 2030. In addition, in March 2018, the African Union launched the African Continental Free Trade Area (AfCFTA), one of the largest free trade areas, aiming to unlock manufacturing potential and facilitate industrialization to drive sustainable growth and jobs in Africa. Such factors are projected to boost the growth of the air heating appliance market in the region during the forecast period. In addition, the development of industries such as automotive, electronics, and others is expected to augment the need for air heating appliances. This is attributed to their varied features, such as cost savings and time-saving than oil-powered air heating appliances furnaces.
Key Market Players
The key 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. Every company follows its own business strategy to attain the maximum market share.
- In March 2020, Alfa Laval Corporate AB launched new bloc-type Compbloc + heat exchangers for heavy process industries. Compbloc has a highly efficient and reliable heat transfer capacity. It has 3-5 times greater thermal efficiency and requires less space to install.
- In August 2020, A Haier Company, a subsidiary of General Electric Company, launched a new rooftop heat pump model used in air conditioners. It can be used in both the summer and winter seasons. It can work under 25-degree outdoor temperature. It is best suitable for residential as well as commercial areas.
- In May 2018, Danfoss A/S launched a new Danfoss Icon, a series of thermostats 230 Volt for water-based underfloor heating used in residential areas. It is used for floor heating and floor cooling heating controls. It is available in three systems 230 volts, 24 volts, and wireless accessibility.
- In January 2020, Emerson Electric Co offered a new Warm tile Colortouch thermostat developed to control the floor heating system efficiently and economically. It has a wi-fi system, which gives remote access to the system from a mobile or web browser. It is compatible with both residential as well as commercial HVAC applications.
Key Issues Addressed
- What is the market size by various segmentation of the air heating appliance by region and its respective countries?
- What are the customer buying behavior, key takeaways, and Porter's 5 forces of the air heating appliance market?
- What are the key opportunities and trends for manufacturers involved in the air heating appliance supply chain?
- What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
- What and how regulations, schemes, patents, and policies are impacting the growth of the market?
- What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
- The market player positioning, top winning strategies by years, company product developments, and launches will be?
- How has COVID-19 impacted the demand and sales of air heating appliances in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
- Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.
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