Rise in urbanization & industrialization in developing countries are the key trends in the air heating appliance market.
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WILMINGTON, DELAWARE, UNITED STATES, March 22, 2024 /EINPresswire.com/ — The global air heating appliance market size was valued at $12.5 billion in 2019, and is projected to reach $16.8 billion by 2027, registering a CAGR of 5.1% from 2020 to 2027.
In 2019, the Asia-Pacific region emerged as the leader in the global air heating appliance market, contributing approximately 49.4% of the industry’s revenue share, surpassing Europe and North America. Additionally, due to the rising cases of COVID-19 in the UK, there’s a growing trend among vehicle manufacturers to integrate Ultraviolet light technology into heating appliances for pathogen eradication. For example, Jaguar Land Rover Automatic Plc, a subsidiary of Jaguar Land Rover Limited based in the UK, is pioneering the incorporation of ultraviolet (UV-C) light into heating systems as of April 2020.
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The escalating pace of urbanization and industrialization in emerging economies like India, China, and the U.S. is propelling the demand for air heating appliances. Furthermore, stringent environmental regulations are compelling commercial organizations and industries to deploy heating equipment in their facilities.
Moreover, there’s a notable increase in demand for remote access control systems, facilitating easy operation for commercial, industrial, and residential users. Consequently, this surge in market investments has spurred the development of advanced heating equipment equipped with various sensors and remote operability features. The ongoing infrastructure development in residential, commercial, and industrial sectors is also bolstering the demand for heating equipment.
Nevertheless, intensifying competition among domestic manufacturers and the presence of substitutes and counterfeit products are expected to impede the growth of the air heating appliance market. Conversely, government initiatives aimed at enhancing energy efficiency across industries such as automotive, power, and mining are forecasted to offer lucrative growth opportunities for the market in the foreseeable future.
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Top Players:
The key players profiled in the air heating appliance market report include Alfa Laval Corporate AB, Daikin Industries, Ltd, Danfoss A/S, Emerson Electric Co., General Electric Company, Ingersoll-Rand Plc, Johnson Controls International Plc, Lennox International Inc, Robert Bosch GmbH, and Vaillant Group.
Key Findings Of The Study
The report provides an extensive analysis of the current and emerging air heating appliance market trends and dynamics.
Depending on type, the space heating appliance segment dominated the air heating appliance market, in terms of revenue in 2019 and is projected to grow at a significant CAGR during the forecast period.
By end user, the residential segment registered highest revenue in 2019.
Asia-Pacific is projected to register the highest growth rate in the coming years.
The key players within the air heating appliance market are profiled in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the air heating appliance industry.
The report provides an extensive analysis of the current trends and emerging opportunities of the market.
In-depth air heating appliance market analysis is conducted by constructing estimations for the key segments between 2020 and 2027.
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