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Industrial & Residential Heating Market Growth Analysis | 2023-2028
Industrial & Residential Heating Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2023-2028
Industrial & residential heating systems are used to maintain indoor temperatures through thermal energy. They can be centralized or distributed heating systems. In central heating system, wood or fuel is burned in an appliance to generate heat. Commercial heating systems are different from residential heating systems as the former cover a larger area divided into different departments. So, it uses either radiant or warm air.
The industrial & residential heating market was estimated at USD 16.3 billion in 2022.
The forecasted value of the industrial & residential heating market is expected to reach USD 22.43 billion in 2028.
The industrial & residential heating market is likely to grow at a CAGR of 5.41% during 2023-2028.
Ariston Thermo Group SpA, Babcock and Wilcox Enterprises Inc., Blaze King Industries, Chazelles, Hurst Boiler and Welding Co Inc., Jotul AS, Mitsubishi Hitachi Power Systems Ltd., Regency Fireplace Products, Tulikivi Corporation, Viessmann Group, and others are among the top players in the market.
Europe is expected to remain the largest market during the next five years.
Catalytic wood stoves are expected to remain the dominant segment in the market in the coming years.
The prime factor driving the growth of the market is increasing adoption of sustainable and smart technologies to meet the stringent regulations related to carbon emission reduction.