Industrial & Residential Heating Market Growth Analysis | 2023-2028

Market Insights

The Industrial & Residential Heating Market was estimated at USD 16.3 billion in 2022 and is likely to grow at a CAGR of 5.41% during 2023-2028 to reach USD 22.43 billion in 2028.

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What are industrial & residential heating systems?

Industrial & residential heating systems are used to maintain indoor temperature 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.

Key Players

Some of the major industrial & residential heating manufacturers are-

• 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
• others

Market Dynamics

The prime factor contributing to the increasing demand for industrial & residential heating systems is the increasing adoption of sustainable and smart technologies to meet the stringent regulations related to carbon emission reduction.

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Segment Analysis

By Wood Pallet & Heating Type

Based on the wood & pellet heating type, the market is segmented as fireplaces, catalytic wood stoves, masonry heaters, and boilers. Catalytic wood stoves are expected to remain the dominant segment during the forecast period. They are suitable for longer and overnight burns with low emissions. They are the most efficient stoves available in the market.

Regional Insights

In terms of regions, Europe is estimated to remain the largest market during the forecast period driven by a cold climate and significant investment on heating system deployment in residential and industrial sectors. Better air quality, low thermal losses, low greenhouse gas emissions are the prime factors contributing to the growth of the market.

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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories.

By Wood & Pallet Heating

• Fireplaces
• Catalytic Wood Stoves
• Masonry Heaters
• Boilers

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press release, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the wood & pallet heating types by region.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Application portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.