The North America heating equipment market size is expected to reach USD 10.81 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 5.6% over the forecast period. The increasing number of construction projects coupled with promising repair and replacement activities is the vital factor driving market growth.
Rising
income along with low-interest rates in North American countries has resulted
in companies having more cash on hand. This allows them to upgrade their
expensive equipment in stores, production facilities, and offices. A lower rate
of interest is expected to be a significant factor for the growth in demand for
heating equipment in North America as companies can invest effortlessly in the
otherwise costly equipment upgrade.
Increasing
energy consumption, as well as strict environmental regulations, have
influenced the demand for certified energy-efficient products. Also, rising
energy bills have led many commercial and industrial organizations to switch to
effective as well as efficient heating equipment at their sites.
Installing
an energy-efficient heating system qualifies the buyer for several tax credits.
Tax rebates are also offered for using renewable systems such as geothermal
heat pumps. In the U.S., residential buyers can be eligible for residential
property credit, allowing them a concession of 10% on the cost of installation,
professional preparation, and labor. Such financial support and tax rebates are
expected to fuel the demand for energy-efficient heating equipment in North
America over the forecast period.
The
market is highly competitive owing to the lack of product differentiation and
several other factors such as technology, price, geographic presence, product
performance, and customer service. However, the development of innovative and
new products is projected to bolster the market expansion over the forecast period.
Full Research Report On North American Heating Equipment Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/north-america-heating-equipment-market
Further key
findings from the report suggest:
- Demand from
residential application segment is estimated to reach approximately USD 2
billion by 2025 expanding at a CAGR of 5.3% from 2018 to 2025
- Industrial
application segment led the North America heating equipment market with a
market share of over 57.36% in 2017
- Heat pumps
are anticipated to witness a significant CAGR of 5.7% over the next 8
years, owing to the sturdy market for new housing, cold climatic
conditions, and large replacement market
- Some of the
key companies present in the market are United Technologies; Whirlpool
Corporation; Johnson Controls; Honeywell International Inc.; Nortek
Holdings; and Daikin Industries Ltd.
Request a Sample Copy of the Report @
https://www.grandviewresearch.com/industry-analysis/north-america-heating-equipment-market/request/rs1
Grand View Research has
segmented the North America heating equipment market on the basis of product,
application, and region:
North America
Heating Equipment Product Outlook (Revenue, USD Million, 2014 - 2025)
- Heat Pump
- Furnaces
- Boilers
- Unitary Heaters
North America
Heating Equipment Application Outlook (Revenue, USD Million, 2014 - 2025)
- Residential
- Commercial
- Industrial
North America
Heating Equipment Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- The U.S.
- Canada
- Mexico
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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