The U.S Heating equipment production is set to grow from $9.04 Billion in 2016 to $12.08 Billion by 2020. Rising unpredictable climatic condition and temperatures in U.S. increases the adoption of HVAC equipment in various places that further grow the production of Heating equipment among various players. According to U.S. National Academy of Sciences (NAS) the first decade of the 21st century was 0.8°C (1.4°F) warmer than the first decade of the 20th century. The variation in climatic changes has led to the increasing demand for electrical cooling systems in summers and, simultaneously, for natural gas, heating oil, wood, and electrical heating systems in winters.
According to Energy Information Association, in 2020 about 64% of US homes using central heating that is driving the rising production of Heating equipment among manufacturers. In U.S., the number of commercial buildings increases by 6% in 2020 which increases the need of air conditioner, heating or ventilation system for safety and comfort. These features increases the adoption of Heating equipment. In 2020, Fujitsu General launched its first HVAC systems with Rheem in order to expand business in North America that rises the adoption of HVAC among consumers which increases the sales of Heating Equipment.
There is an increasing demand of retro fit in retail owing to the increasing emergence of IoT enabled HVAC systems and increasing need to achieve efficiency in buildings. Retail floor space growth rates are high despite its smaller footprint compared to office space. Total retail space is set to grow from 95 million square meters in 2005 to about 643 million in 2030, at a CAGR of 8%. Thus, increasing the growth of the HVAC Equipment market. Air-conditioning systems consume up to 31 percent of the total energy use in a conventional retail building. New and green retail buildings have systems that are more efficient and deliver better performance.
Residential Heating systems are milestones of building mechanical systems as it provides thermal comfort along with the indoor air quality and can be classified into central and local systems according to multiple zones, location, and distribution. Residential Heating systems are to satisfy the thermal comfort of occupants by adjusting and changing the outdoor air conditions to the desired conditions of occupied buildings. The outdoor air is drawn into the buildings and heated or cooled before it is distributed into the occupied spaces, then it is exhausted to the ambient air or reused in the system.
Increasing government incentives through tax credit programs, increasing construction activities, government regulations and policies for saving energy, and the growing trend towards smart buildings are increasing the growth of the Heating equipment market. There is an increasing demand of retrofitting Heating system by government owing to the reduction in energy consumption of cooling equipment, introduction of innovative solutions such as low GWP products, increase in disposable incomes, and government grants and tax benefits. There are a number of government regulations, acts, and associations supporting the adoption of Heating systems in the Asia Pacific. Further, the growth of the market in the APAC region is owing to the increase in construction activity, rising population, and change in climate conditions. Increased public concern is putting more pressure on governments to reduce pollution levels, especially in China and Japan. As a result, governments around the world have come up with various policies and initiatives to increase national focus on energy efficiency in the industrial and commercial sectors, which includes green building technology and Heating systems.
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Heating Equipment Market Growth Drivers:
Rising Retrofit Market
Retro fit is designed for integrating new components into existing HVAC networks as it provides a more cost-effective way to improve performance without having to replace the entire system. Heating Equipment in commercial retrofit largely depends on the type of heating and cooling equipment currently installed in the building. It saves energy, reduces the repair costs, provides superior comfort, increases the lifespan of Heating system, and also controls the expenditures. A commercial Heating equipment retrofit helps in solving problems that are caused by poor air movement, fluctuating temperatures in different zones and high humidity. Even small changes like sealing the ductwork and adding economizers can make a significant difference in performance. A new commercial equipment installation can save up to 40 percent on monthly energy costs when the work is completed by a skilled and experienced mechanical contractor. It runs more efficiently, but occupants will also enjoy better humidity control and more consistent temperatures throughout the building. On average, small offices and retail establishments reduce energy consumption by 35% when retrofitting Heating systems and equipment. In cold weather climates, this number can jump to as high as 40%.
The Major Players in this Market Include
Major players in Heating Equipment Market include Trane, Honeywell, Johnson Cotnrols, Carrier, Whirlpool, Emerson Electric, Lennox International, A.O Smith, Modine Manufacturing and AAON Inc. among others. In November 2020, Emerson acquired Beverly, MA-based 7AC Technologies Inc., a specialist in providing heating and air conditioning products and services.
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