The global warm air furnaces market revenue was around US$ 7.81 billion in 2022 and is estimated to reach US$ 10.5 billion by 2031, growing at a compound annual growth rate (CAGR) of 3.4% during the forecast period from 2023 to 2031.
Warm air furnaces are sometimes referred to as forced-air furnaces. They are a kind of heating system that is frequently used in commercial and residential buildings. These furnaces work by heating air and then distributing it throughout the building via vents and ducts. The process starts with the furnace's burners igniting a fuel source, such as oil or natural gas within a combustion chamber.
Market Driving Factors
Energy efficiency and sustainability is expected to drive the market growth. Customers are increasingly aware of their environmental effects and energy consumption. Warm air furnaces equipped with cutting-edge features, such as variable-speed blowers and high-efficiency burners, provide substantial energy savings compared to older models. In addition, this lowers utility bills and also aligns with eco-friendly techniques, alluring a growing segment of environmentally conscious consumers. As governments implement more strict energy efficiency regulations. Thus, the demand for such furnaces is likely to increase.
Increasing demand for heating, ventilation, and air conditioning (HVAC) systems drive the market. This is due to the increase in the construction industry in residential and commercial sectors increasing the demand for comprehensive HVAC systems, including warm air furnaces. In addition, the demand for effective heating solutions is growing as more structures are constructed and older ones are renovated. Thus, warm air furnaces are unique due to their ability to swiftly heat spaces providing immediate comfort.
Major technological advancements boost the market expansion. This is due to the integration of advanced technologies like Wi-Fi connectivity, smart home compatibility, and programmable thermostats improves user experience. Additionally, homeowners can now handle their furnaces remotely, adjusting settings for energy savings and optimal comfort. This level of comfort aligns with modern lifestyles and attracts tech-savvy customers.
Regional Analysis
North America dominated the market in terms of the largest revenue share. This dominance can be attributed to substantial investments made by various governments to advance public infrastructure and support residential construction. In addition, there is a surge in consciousness within the region about energy conservation contributing to greater demand in the market.
Asia Pacific is expected to dominate the market in terms of the growth rate. In this region, several factors contribute to the favorability of specific heating systems. These factors include climatic conditions, architectural styles in building structures, laws of energy efficiency, and cultural preferences. Furthermore, many countries in the region place increased emphasis on sustainable heating and energy-efficient solutions, which has increased the prominence of warm air furnaces in the region.
Europe holds greater prominence in the market. This is due to the variations in energy price dynamics, climate, and building construction standards. Furthermore, the need for continuous and high-intensity heating tends to be comparatively lower. Moreover, residential structures in the region usually adopt different construction methodologies, placing raised emphasis on energy efficiency and insulation. These practices geared toward optimizing energy use, coupled with the usage of radiant heating systems, collectively mitigate the need for warm-air furnaces.
Segmentation Insights
Type Insight
The oil-warm furnaces segment is estimated to dominate the market. It is suitable for efficiently distributing warm air throughout a structure. The inclusion of a thermostat allows exact regulation of temperatures. When adequately maintained, the warm air generated by oil-warm air furnaces is decreasing dry compared to that created by wood-burning and electric systems.
Gas-warm furnaces segment dominates the market in terms of the largest share. It exhibits higher efficiency compared to electric furnaces. They can transform a larger proportion of fuel consumed into usable heat, resulting in decreased environmental impact and energy costs. These furnaces are adept at rapidly heating spaces, providing nearly rapid warmth. This attribute is especially important in colder regions where a swift response is crucial for maintaining comfort. In addition, gas furnaces offer a cost-effective heating solution because natural gas is often more inexpensive than electricity, particularly in regions abundant in natural gas resources.
Application Insight
The commercial segment dominates the market in terms of the largest share during the forecast period. Warm air furnaces find vast utilization in commercial contexts, catering to the heating requirements of different types of commercial establishments and areas. Their efficiency, adaptability, and comparatively reasonable installation and maintenance prices position them as a preferred option for multiple commercial applications. For instance, warm air furnaces frequently find applications in office structures to provide centralized heating solutions. Their ability to effectively warm expansive open spaces, separate offices, and conference rooms. Moreover, numerous retail stores opt for warm-air furnaces to ensure a warm and attractive environment for buyers throughout colder months.
Prominent Companies
Segmentation Outline
The global warm air furnaces market segmentation focuses on Type, Application, and Region.
By Type
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL WARM AIR FURNACES MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: WARM AIR FURNACES MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL WARM AIR FURNACES MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL WARM AIR FURNACES MARKET, BY TYPE
5.1 OVERVIEW
5.2 GAS WARM AIR FURNACES
5.3 OIL WARM AIR FURNACES
6 GLOBAL WARM AIR FURNACES MARKET, BY APPLICATION
6.1 OVERVIEW
6.2 RESIDENTIAL
6.3 INDUSTRIAL
6.4 COMMERCIAL
7 GLOBAL WARM AIR FURNACES MARKET, BY GEOGRAPHY
7.1 OVERVIEW
7.2 NORTH AMERICA
7.2.1 NORTH AMERICA MARKET SNAPSHOT
7.2.2 U.S.
7.2.3 CANADA
7.2.4 MEXICO
7.3 EUROPE
7.3.1 EUROPE MARKET SNAPSHOT
7.3.2 WESTERN EUROPE
7.3.2.1 THE UK
7.3.2.2 GERMANY
7.3.2.3 FRANCE
7.3.2.4 ITALY
7.3.2.5 SPAIN
7.3.2.6 REST OF WESTERN EUROPE
7.3.3 EASTERN EUROPE
7.3.3.1 POLAND
7.3.3.2 RUSSIA
7.3.3.3 REST OF EASTERN EUROPE
7.4 ASIA PACIFIC
7.4.1 ASIA PACIFIC MARKET SNAPSHOT
7.4.2 CHINA
7.4.3 JAPAN
7.4.4 INDIA
7.4.5 AUSTRALIA & NEW ZEALAND
7.4.6 ASEAN
7.4.7 REST OF ASIA PACIFIC
7.5 MIDDLE EAST & AFRICA
7.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
7.5.2 UAE
7.5.3 SAUDI ARABIA
7.5.4 SOUTH AFRICA
7.5.5 REST OF MEA
7.6 SOUTH AMERICA
7.6.1 SOUTH AMERICA MARKET SNAPSHOT
7.6.2 BRAZIL
7.6.3 ARGENTINA
7.6.4 REST OF SOUTH AMERICA
8 GLOBAL WARM AIR FURNACES MARKET COMPETITIVE LANDSCAPE
8.1 OVERVIEW
8.2 COMPANY MARKET RANKING
8.3 KEY DEVELOPMENT STRATEGIES
8.4 COMPETITIVE DASHBOARD
8.5 PRODUCT MAPPING
8.6 TOP PLAYER POSITIONING, 2022
8.7 COMPETITIVE HEATMAP
8.8 TOP WINNING STRATEGIES
9 COMPANY PROFILES
9.1 CARRIER CORP
9.1.1 OVERVIEW
9.1.2 FINANCIAL PERFORMANCE
9.1.3 PRODUCT OUTLOOK
9.1.4 KEY DEVELOPMENTS
9.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.2 DAIKIN INDUSTRIES
9.2.1 OVERVIEW
9.2.2 FINANCIAL PERFORMANCE
9.2.3 PRODUCT OUTLOOK
9.2.4 KEY DEVELOPMENTS
9.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.3 EMERSON ELECTRIC
9.3.1 OVERVIEW
9.3.2 FINANCIAL PERFORMANCE
9.3.3 PRODUCT OUTLOOK
9.3.4 KEY DEVELOPMENTS
9.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.4 FUJITSU
9.4.1 OVERVIEW
9.4.2 FINANCIAL PERFORMANCE
9.4.3 PRODUCT OUTLOOK
9.4.4 KEY DEVELOPMENTS
9.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.5 GOODMAN MANUFACTURING
9.5.1 OVERVIEW
9.5.2 FINANCIAL PERFORMANCE
9.5.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.6 INGERSOLL-RAND
9.6.1 OVERVIEW
9.6.2 FINANCIAL PERFORMANCE
9.6.3 PRODUCT OUTLOOK
9.6.4 KEY DEVELOPMENTS
9.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.7 JOHNSON CONTROLS
9.7.1 OVERVIEW
9.7.2 FINANCIAL PERFORMANCE
9.7.3 PRODUCT OUTLOOK
9.7.4 KEY DEVELOPMENTS
9.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.8 LENNOX INTERNATIONAL
9.8.1 OVERVIEW
9.8.2 FINANCIAL PERFORMANCE
9.8.3 PRODUCT OUTLOOK
9.8.4 KEY DEVELOPMENTS
9.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.9 MITSUBISHI ELECTRIC
9.9.1 OVERVIEW
9.9.2 FINANCIAL PERFORMANCE
9.9.3 PRODUCT OUTLOOK
9.9.4 KEY DEVELOPMENTS
9.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.10 RHEEM MANUFACTURING
9.10.1 OVERVIEW
9.10.2 FINANCIAL PERFORMANCE
9.10.3 PRODUCT OUTLOOK
9.10.4 KEY DEVELOPMENTS
9.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.11 ROBERT BOSCH
9.11.1 OVERVIEW
9.11.2 FINANCIAL PERFORMANCE
9.11.3 PRODUCT OUTLOOK
9.11.4 KEY DEVELOPMENTS
9.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.12 VIESSMANN GROUP
9.12.1 OVERVIEW
9.12.2 FINANCIAL PERFORMANCE
9.12.3 PRODUCT OUTLOOK
9.12.4 KEY DEVELOPMENTS
9.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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