Heating Equipment Global Market Report 2026

Heating equipment refers to devices designed to generate heat for regulating the temperature of a space through the use of thermal energy. Examples of such devices include freestanding stoves, fireplaces, and non-electric stoves, which are intended to provide warmth to a room or indoor area. Additionally, heating equipment is employed in laboratories for various experiments and serves industrial purposes.

The main types of heating equipment include heat pumps, furnaces, boilers, unitary heaters, and other variants. Heat pumps utilize electric or mechanical methods to transfer heat from one location to another. They are employed to make warmer spaces even warmer and cooler spaces cooler by efficiently moving heat between them. Various technologies, such as water source and ground source, are utilized in residential, commercial, and industrial applications for heat pump systems.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

Tariffs are affecting the heating equipment market by increasing the cost of imported burners, heat exchangers, electronic controllers, and fabricated metal components. North America and Europe are particularly impacted due to dependence on imported components, while Asia-Pacific manufacturers face export competitiveness challenges. These tariffs are raising equipment prices and slowing replacement cycles in cost-sensitive segments. However, they are also driving regional manufacturing expansion, local assembly of heating systems, and innovation in energy-efficient and cost-optimized heating equipment.

The heating equipment market research report is one of a series of new reports from The Business Research Company that provides heating equipment market statistics, including heating equipment industry global market size, regional shares, competitors with a heating equipment market share, detailed heating equipment market segments, market trends and opportunities, and any further data you may need to thrive in the heating equipment industry. This heating equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The heating equipment market size has grown strongly in recent years. It will grow from $43.44 billion in 2025 to $46.07 billion in 2026 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to urbanization and residential construction growth, demand for indoor thermal comfort, industrial process heating needs, availability of fossil fuel-based heaters, growth of commercial buildings.

The heating equipment market size is expected to see strong growth in the next few years. It will grow to $57.88 billion in 2030 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to electrification of heating systems, stricter energy efficiency regulations, adoption of smart thermostats, replacement of aging heating infrastructure, growth in industrial automation. Major trends in the forecast period include shift toward energy-efficient heating solutions, rising adoption of electric heating equipment, integration of smart heating controls, growth of residential heating upgrades, expansion of industrial heating applications.

The growing demand in the construction industry is expected to drive the growth of the heating equipment market going forward. The construction sector includes organizations involved in creating, maintaining, and repairing infrastructure. As the construction industry expands, heating equipment such as heat pumps is increasingly used to provide heating and cooling in medium- and large-scale buildings. For instance, in November 2024, according to the Office for National Statistics (ONS), a UK-based government department, the value of new construction work in Great Britain increased by 4.2% in 2023 to a record £139,029 million ($152,932 million), driven by growth of £2,050 million ($2,255 million) in the private sector and £3,578 million ($3,936 million) in the public sector. Therefore, rising demand in the construction industry is boosting the heating equipment market.

Major companies in the heating equipment market are developing innovative products, such as high-temperature heat pumps, to reach larger customer bases, increase sales, and grow revenue. High-temperature heat pumps are designed to operate efficiently at elevated temperature ranges. For instance, in September 2023, Carrier, a US-based HVAC manufacturer and distributor, launched a new series of high-temperature heat pumps with capacities ranging from 30 kW to 735 kW, using hydrofluoroolefins as the refrigerant. These heat pumps extract heat from ambient air and the ground, as well as capture waste heat from sources including data centers, leisure facilities, hotels, restaurants, process water, flue gases, and sewage systems. The 410 kW AquaForce 61CA air-source heat pump reaches temperatures up to 82°C, while the AquaForce 61CW-Z water-source heat pump achieves 410 kW-735 kW power at temperatures up to 92°C. The AquaForce 61CWD water-source heat pump spans 110 kW-540 kW, reaching 120°C, and the AquaSnap 61CG water-source heat pump covers 30 kW-130 kW, expandable to 390 kW when cascaded.

In August 2023, Smiths Group plc, a UK-based industrial technology company, acquired Heating & Cooling Products for $82 million. This acquisition strengthens Smiths' capabilities to deliver improved HVAC solutions. Heating & Cooling Products (HCP) is a US-based manufacturer of heating equipment.

Major companies operating in the heating equipment market are Danfoss A/S, United Technologies Corporation, Trane Technologies plc, Lennox International Inc., Robert Bosch GmbH, Johnson Controls, Emerson Electric Co., Honeywell International Inc., Siemens AG, Daikin Industries Ltd., Uponor Corporation, Mitsubishi Electric Corporation, Nortek Inc., Carrier Global Corporation, LG Electronics Inc., Panasonic Holdings Corporation, Samsung Electronics Co. Ltd., Rheem Manufacturing Company, A.O. Smith Corporation, Bradford White Corporation, Navien Inc., Rinnai Corporation, Viessmann Werke GmbH & Co. KG, Fujitsu General Ltd., Gree Electric Appliances Inc. of Zhuhai, Haier Group Corporation, Midea Group Co. Ltd., Nortek Global HVAC LLC, Ruud Manufacturing Company, Goodman Manufacturing Company L.P., York International Corporation

Europe was the largest region in the heating equipment market in 2025. The regions covered in the heating equipment market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the heating equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The heating equipment market consists of sales of heat distribution systems, small space heaters, wood and pellet heater. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Heating Equipment Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses heating equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for heating equipment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The heating equipment market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market. This section also examines key products and services offered in the market, evaluates brand-level differentiation, compares product features, and highlights major innovation and product development trends.
• The supply chain analysis section provides an overview of the entire value chain, including key raw materials, resources, and supplier analysis. It also provides a list competitor at each level of the supply chain.
• The updated trends and strategies section analyses the shape of the market as it evolves and highlights emerging technology trends such as digital transformation, automation, sustainability initiatives, and AI-driven innovation. It suggests how companies can leverage these advancements to strengthen their market position and achieve competitive differentiation.
• The regulatory and investment landscape section provides an overview of the key regulatory frameworks, regularity bodies, associations, and government policies influencing the market. It also examines major investment flows, incentives, and funding trends shaping industry growth and innovation.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.
• The total addressable market (TAM) analysis section defines and estimates the market potential compares it with the current market size, and provides strategic insights and growth opportunities based on this evaluation.
• The market attractiveness scoring section evaluates the market based on a quantitative scoring framework that considers growth potential, competitive dynamics, strategic fit, and risk profile. It also provides interpretive insights and strategic implications for decision-makers.
• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
• Expanded geographical coverage includes Taiwan and Southeast Asia, reflecting recent supply chain realignments and manufacturing shifts in the region. This section analyzes how these markets are becoming increasingly important hubs in the global value chain.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The company scoring matrix section evaluates and ranks leading companies based on a multi-parameter framework that includes market share or revenues, product innovation, and brand recognition.

Scope

• Markets Covered:1) By Product: Heat Pumps; Furnaces; Boilers; Unitary Heaters; Other Products
• 2) By Technology: Air Source; Water Source; Ground Source
• 3) By Application: Residential; Commercial; Industrial
• Subsegments:
• 1) By Heat Pumps: Air Source Heat Pumps; Ground Source Heat Pumps; Water Source Heat Pumps;
• 2) By Furnaces: Gas Furnaces; Electric Furnaces; Oil Furnaces
• 3) By Boilers: Residential Boilers; Commercial Boilers; Industrial Boilers
• 4) By Unitary Heaters: Electric Unitary Heaters; Gas Unitary Heaters; Hydronic Unitary Heaters
• 5) By Other Products: Radiant Heating Systems; Infrared Heaters; Portable Heaters
• Companies Mentioned: Danfoss A/S; United Technologies Corporation; Trane Technologies plc; Lennox International Inc.; Robert Bosch GmbH; Johnson Controls; Emerson Electric Co.; Honeywell International Inc.; Siemens AG; Daikin Industries Ltd.; Uponor Corporation; Mitsubishi Electric Corporation; Nortek Inc.; Carrier Global Corporation; LG Electronics Inc.; Panasonic Holdings Corporation; Samsung Electronics Co. Ltd.; Rheem Manufacturing Company; A.O. Smith Corporation; Bradford White Corporation; Navien Inc.; Rinnai Corporation; Viessmann Werke GmbH & Co. KG; Fujitsu General Ltd.; Gree Electric Appliances Inc. of Zhuhai; Haier Group Corporation; Midea Group Co. Ltd.; Nortek Global HVAC LLC; Ruud Manufacturing Company; Goodman Manufacturing Company L.P.; York International Corporation
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Taiwan; Russia; South Korea; UK; USA; Canada; Italy; Spain.
• Regions: Asia-Pacific; South East Asia; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time Series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
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