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PUBLISHER: Grand View Research | PRODUCT CODE: 1433606

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PUBLISHER: Grand View Research | PRODUCT CODE: 1433606

U.S. Commercial Heating Equipment Market Size, Share & Trends Analysis Report By Product (Heat Pump, Furnace), By Building Floorspace, By End-use (Hospitality, Offices), By Region, And Segment Forecasts, 2024 - 2030

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Description

Table of Contents

List of Tables

U.S. Commercial Heating Equipment Market Growth & Trends:

The U.S. commercial heating equipment market size is anticipated to reach USD 2.13 billion by 2030 and is anticipated to expand at a CAGR of 5.0% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing preference for energy-efficient certified products is anticipated to be one of the major factors influencing growth over the forecast period. Moreover, rising energy consumption in the industrial and residential sectors is projected to drive the preference for solutions that reduce overall operational costs and improve energy savings.

According to the U.S. Department of Energy, a tax credit of approximately 30% can be claimed for buying a property in the country that has qualified heat pumps installed in an existing or new dwelling unit. In addition, other initiatives undertaken by the Government of the U.S. are related to encouraging the adoption of ground-source heat pumps. Such initiatives are expected to contribute to the demand for commercial heating equipment in the U.S. in the coming years.

Rising construction spending in the U.S., coupled with maintenance & replacement operations related to commercial heating equipment, is anticipated to fuel the demand for energy-efficient heating solutions. The construction industry in the U.S. focuses on the development of sustainable and energy-efficient buildings. Furthermore, Leadership in Energy and Environmental Design (LEED) is a green building certification system developed by the U.S. Green Building Council (USGBC) that focuses on increasing energy consumption to lessen the environmental impact of excessive energy usage. These factors are expected to drive the demand for commercial heating equipment in the U.S.

Moreover, the replacement of existing commercial heating equipment with energy-saving solutions is expected to be one of the major factors influencing the growth of the market in the country. Surging space heating requirements in the U.S. are projected to propel the demand for energy-efficient heating solutions, thereby increasing the demand for certified commercial heating equipment in the country.

Manufacturers of heating equipment adopt several strategies, including acquisitions, joint ventures, mergers, new product launches, and geographical expansion to enhance market penetration and cater to the changing technological demand from various end-use industries. For instance, in November 2022, Carrier acquired Toshiba Corporation's holding in Toshiba Carrier Corporation. With this acquisition, Carrier will have opportunities to expand in the rapidly expanding, energy-efficient VRF and heat pump markets.

U.S. Commercial Heating Equipment Market Report Highlights:

  • The heat pump product segment dominated the U.S. market, accounting for 34.5% of the total revenue share. Heat pumps are widely used in regions that require moderate heating and cooling. Heat pumps are also known as two-way air conditioners because they help extract heat from cold outdoors with the help of an electrical system and discharge that heat inside the house
  • The hospitality application segment held the largest share of the U.S. revenue in 2023. Hotels, resorts, and other hospitality establishments require specialized heating systems to provide comfort in guest rooms, lobbies, dining areas, and other spaces. The demand for high-performance, energy-efficient, and aesthetically pleasing heating solutions is driven by the industry's commitment to enhancing guest experiences while adhering to stringent environmental regulations
  • The up to 5,000 sq. ft. building floorspace segment held the largest share of the U.S. revenue in 2023. Increasing commercial building floor space of up to 5,000 square feet will demand more commercial construction which will further propel the demand for heating equipment as they assist in reducing energy waste while lowering operating costs and improving comfort
  • Southeast region dominated the U.S. market on account of the increasing population of the Southeastern part of the U.S. is expected to drive the requirement for commercial spaces. This is anticipated to further fuel the demand for commercial heating equipment over the forecast period
  • In November 2022, Carrier acquired Toshiba Corporation's holding in Toshiba Carrier Corporation (TCC). With this acquisition, Carrier will have opportunities to expand in the rapidly expanding, energy efficient VRF and heat pump markets.
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Product Code: GVR-4-68040-051-8

Table of Contents

Chapter 1. Methodology and Scope

  • 1.1. Market Segmentation & Scope
  • 1.2. Market Definition
  • 1.3. Information Procurement
    • 1.3.1. Purchased Database
    • 1.3.2. GVR's Internal Database
    • 1.3.3. Secondary Sources & Third-Party Perspectives
    • 1.3.4. Primary Research
  • 1.4. Information Analysis
    • 1.4.1. Data Analysis Models
  • 1.5. Market Formulation & Data Visualization
  • 1.6. Data Validation & Publishing

Chapter 2. Executive Summary

  • 2.1. Market Snapshot
  • 2.2. Segment Snapshot
  • 2.3. Competitive Landscape Snapshot

Chapter 3. U.S. Commercial Heating Equipment Market Variables, Trends & Scope

  • 3.1. Market Lineage Outlook
  • 3.2. Concentration & Growth Prospect Mappin
  • 3.3. Industry Value Chain Analysis
    • 3.3.1. Raw Material Outlook
    • 3.3.2. Manufacturing Outlook
    • 3.3.3. Distribution Outlook
  • 3.4. Regulatory Framework
  • 3.5. Technology Framework
  • 3.6. Impact of Free Trade Agreements
  • 3.7. Qualitative Landscape for Cooling Load Capacity
  • 3.8. Comparative Analysis of New Construction and Replacement of Heating Equipment
  • 3.9. Case Studies
  • 3.10. Major Deals & Strategic Alliances Analysis
  • 3.11. Market Dynamics
    • 3.11.1. Market Driver Analysis
    • 3.11.2. Market Restraint Analysis
    • 3.11.3. Industry Challenges
    • 3.11.4. Industry Opportunities
  • 3.12. Industry Analysis Tools
    • 3.12.1. Porter's Five Forces Analysis
    • 3.12.2. Macro-environmental Analysis
  • 3.13. Economic Mega Trend Analysis

Chapter 4. U.S. Commercial Heating Equipment Market: Product Estimates & Trend Analysis

  • 4.1. Product Movement Analysis & Market Share, 2023 & 2030
  • 4.2. U.S. Commercial Heating Equipment Market Estimates & Forecast, By Product, 2018 to 2030 (USD Billion)
  • 4.3. Heat Pump
    • 4.3.1. Heat Pump Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
      • 4.3.1.1. Heat Pump Market Revenue Estimates and Forecasts, by capacity, 2018 - 2030 (USD Billion)
      • 4.3.1.2. Heat Pump Market Revenue Estimates and Forecasts, by type, 2018 - 2030 (USD Billion)
      • 4.3.1.2.1. U.S. Commercial Water-Borne Heat Pump Market Estimates & Forecasts, by temperature, 2018 - 2030 (USD Billion)
  • 4.4. Furnace
    • 4.4.1. Furnace Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
      • 4.4.1.1. Heat Pump Market Revenue Estimates and Forecasts, by capacity, 2018 - 2030 (USD Billion)
  • 4.5. Boiler
    • 4.5.1. Boiler Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
      • 4.5.1.1. Heat Pump Market Revenue Estimates and Forecasts, by capacity, 2018 - 2030 (USD Billion)
      • 4.5.1.2. Heat Pump Market Revenue Estimates and Forecasts, by type, 2018 - 2030 (USD Billion)
  • 4.6. Unitary Heaters
    • 4.6.1. Unitary Heaters Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
      • 4.6.1.1. Heat Pump Market Revenue Estimates and Forecasts, by capacity, 2018 - 2030 (USD Billion)
  • 4.7. Others
    • 4.7.1. Other Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)

Chapter 5. U.S. Commercial Heating Equipment Market: End-use Estimates & Trend Analysis

  • 5.1. End-use Movement Analysis & Market Share, 2023 & 2030
  • 5.2. U.S. Commercial Heating Equipment Market Estimates & Forecast, By Product, 2018 to 2030 (USD Billion)
  • 5.3. Retail Shops
    • 5.3.1. Retail Shops Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
  • 5.4. Offices
    • 5.4.1. Offices Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
  • 5.5. Healthcare Facilities
    • 5.5.1. Healthcare Facilities Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
  • 5.6. Hospitality
    • 5.6.1. Healthcare Facilities Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
  • 5.7. Schools & Educational
    • 5.7.1. Schools & Educational Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
  • 5.8. Others
    • 5.8.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)

Chapter 6. U.S. Commercial Heating Equipment Market: Building Floorspace Estimates & Trend Analysis

  • 6.1. Building Floorspace Movement Analysis & Market Share, 2023 & 2030
  • 6.2. U.S. Commercial Heating Equipment Market Estimates & Forecast, By Building Floorspace, 2018 to 2030 (USD Billion)
  • 6.3. Up to 5,000 sq. ft.
    • 6.3.1. Up to 5,000 sq. ft. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
  • 6.4. 5,001 to 10,000 sq. ft
    • 6.4.1. Up to 5,000 sq. ft. Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
  • 6.5. 10,001 to 25,000 sq. ft
    • 6.5.1. 10,001 to 25,000 sq. ft Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
  • 6.6. 25,001 to 50,000 sq. ft
    • 6.6.1. 25,001 to 50,000 sq. ft Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
  • 6.7. 50,001 to 100,000 sq. ft
    • 6.7.1. 50,001 to 100,000 sq. ft Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
  • 6.8. above 100,000 sq. ft
    • 6.8.1. above 100,000 sq. ft Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)

Chapter 7. U.S. Commercial Heating Equipment Market: Regional Estimates & Trend Analysis

  • 7.1. Regional Movement Analysis & Market Share, 2023 & 2030
  • 7.2. U.S. Commercial Heating Equipment Market Estimates & Forecast, By Regional, 2018 to 2030 (USD Billion)
  • 7.3. Northeast
    • 7.3.1. Northeast Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
  • 7.4. Southeast
    • 7.4.1. Southeast Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
  • 7.5. Midwest
    • 7.5.1. Midwest Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
  • 7.6. Southwest
    • 7.6.1. Southwest Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)
  • 7.7. West
    • 7.7.1. West Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Billion)

Chapter 8. U.S. Commercial Heating Equipment Market - Competitive Landscape

  • 8.1. Recent Developments & Impact Analysis, By Key Market Participants
  • 8.2. Company Categorization
  • 8.3. Company Market Share Analysis
  • 8.4. Company Market Positioning
  • 8.5. Company Heat Map Analysis
  • 8.6. Strategy Mapping
    • 8.6.1. Expansion
    • 8.6.2. Mergers & Acquisition
    • 8.6.3. Partnerships & Collaborations
    • 8.6.4. New Product Launches
    • 8.6.5. Research And Development
  • 8.7. Company Profiles
    • 8.7.1. Carrier Corporation
      • 8.7.1.1. Participant's overview
      • 8.7.1.2. Financial performance
      • 8.7.1.3. Product benchmarking
      • 8.7.1.4. Recent developments
    • 8.7.2. Mitsubishi Electric Corporation
      • 8.7.2.1. Participant's overview
      • 8.7.2.2. Financial performance
      • 8.7.2.3. Product benchmarking
      • 8.7.2.4. Recent developments
    • 8.7.3. Emerson Electric Co.
      • 8.7.3.1. Participant's overview
      • 8.7.3.2. Financial performance
      • 8.7.3.3. Product benchmarking
      • 8.7.3.4. Recent developments
    • 8.7.4. Ingersoll-Rand Plc
      • 8.7.4.1. Participant's overview
      • 8.7.4.2. Financial performance
      • 8.7.4.3. Product benchmarking
      • 8.7.4.4. Recent developments
    • 8.7.5. Daikin Industries, Ltd.
      • 8.7.5.1. Participant's overview
      • 8.7.5.2. Financial performance
      • 8.7.5.3. Product benchmarking
      • 8.7.5.4. Recent developments
    • 8.7.6. Rheem Manufacturing
      • 8.7.6.1. Participant's overview
      • 8.7.6.2. Financial performance
      • 8.7.6.3. Product benchmarking
      • 8.7.6.4. Recent developments
    • 8.7.7. Lennox International
      • 8.7.7.1. Participant's overview
      • 8.7.7.2. Financial performance
      • 8.7.7.3. Product benchmarking
      • 8.7.7.4. Recent developments
    • 8.7.8. Johnson Controls, Inc.
      • 8.7.8.1. Participant's overview
      • 8.7.8.2. Financial performance
      • 8.7.8.3. Product benchmarking
      • 8.7.8.4. Recent developments
    • 8.7.9. Robert Bosch GmbH
      • 8.7.9.1. Participant's overview
      • 8.7.9.2. Financial performance
      • 8.7.9.3. Product benchmarking
      • 8.7.9.4. Recent developments
    • 8.7.10. Viessmann Group
      • 8.7.10.1. Participant's overview
      • 8.7.10.2. Financial performance
      • 8.7.10.3. Product benchmarking
      • 8.7.10.4. Recent developments
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Product Code: GVR-4-68040-051-8

List of Tables

  • Table 1 U.S. Commercial Heating Equipment Market, 2018 - 2030 (USD Billion)
  • Table 2 U.S. commercial heating equipment market, by product, 2018 - 2030 (USD Billion)
  • Table 3 U.S. commercial heating equipment market, by end-use, 2018 - 2030 (USD Billion)
  • Table 4 U.S. commercial heating equipment market, by building floorspace, 2018 - 2030 (USD Billion)
  • Table 5 U.S. commercial heating equipment market, by regional, 2018 - 2030 (USD Billion)

List of Figures

  • Fig. 1 Market research process
  • Fig. 2 Data triangulation techniques
  • Fig. 3 Primary research pattern
  • Fig. 4 Market research approaches
  • Fig. 5 QFD modeling for market share assessment
  • Fig. 6 Information Procurement
  • Fig. 7 Market Formulation and Validation
  • Fig. 8 Data Validating & Publishing
  • Fig. 9 Market Segmentation & Scope
  • Fig. 10 U.S. Commercial Heating Equipment Market Snapshot
  • Fig. 11 Product Segment Snapshot
  • Fig. 12 End-use Segment Snapshot
  • Fig. 13 Competitive Landscape Snapshot
  • Fig. 14 Parent market outlook
  • Fig. 15 U.S. Commercial Heating Equipment Market Value, 2023 (USD Billion)
  • Fig. 16 U.S. Commercial Heating Equipment Market - Value Chain Analysis
  • Fig. 17 U.S. Commercial Heating Equipment Market - Market Dynamics
  • Fig. 18 U.S. Commercial Heating Equipment Market - PORTER's Analysis
  • Fig. 19 U.S. Commercial Heating Equipment Market - PESTEL Analysis
  • Fig. 20 U.S. Commercial Heating Equipment Market Estimates & Forecasts, By Product: Key Takeaways
  • Fig. 21 U.S. Commercial Heating Equipment Market Share, By Product, 2023 & 2030
  • Fig. 22 Heat Pump Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
  • Fig. 23 Furnace Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
  • Fig. 24 Boiler Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
  • Fig. 25 Unitary Heaters Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
  • Fig. 26 Others Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
  • Fig. 27 U.S. Commercial Heating Equipment Market Estimates & Forecasts, By End-uses: Key Takeaways
  • Fig. 28 U.S. Commercial Heating Equipment Market Share, By End-uses, 2023 & 2030
  • Fig. 29 Retail Shops Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
  • Fig. 30 Offices Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
  • Fig. 31 Healthcare Facilities Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
  • Fig. 32 Hospitality Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
  • Fig. 33 Schools & Educational Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
  • Fig. 34 Others Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
  • Fig. 35 U.S. Commercial Heating Equipment Market Estimates & Forecasts, By Building Floorspace: Key Takeaways
  • Fig. 36 U.S. Commercial Heating Equipment Market Share, By Building Floorspace, 2023 & 2030
  • Fig. 37 Up to 5,000 sq. ft. Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
  • Fig. 38 5,001 to 10,000 sq. ft Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
  • Fig. 39 10,001 to 25,000 sq. ft Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
  • Fig. 40 25,001 to 50,000 sq. ft Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
  • Fig. 41 50,001 to 100,000 sq. ft Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
  • Fig. 42 above 100,000 sq. ft Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
  • Fig. 43 U.S. Commercial Heating Equipment Market Revenue, By Region, 2023 & 2030 (USD Billion)
  • Fig. 44 Northeast Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
  • Fig. 45 Southeast Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
  • Fig. 46 Midwest Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
  • Fig. 47 Southwest Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
  • Fig. 48 West Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
  • Fig. 49 Key Company Categorization
  • Fig. 50 Company Market Positioning
  • Fig. 51 Key Company Market Share Analysis, 2023
  • Fig. 52 Strategy Mapping 
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