U.S. Commercial Heating Equipment Market Size, Share & Trends Analysis Report By Product (Heat Pump), By Building Floorspace, By End-use (Residential, Industrial, Commercial), By Region And Segment Forecasts, 2023 - 2030

U.S. Commercial Heating Equipment Market Size, Share & Trends Analysis Report By Product (Heat Pump), By Building Floorspace, By End-use (Residential, Industrial, Commercial), By Region And Segment Forecasts, 2023 - 2030

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, according to a new report by Grand View Research, Inc. The favorable government initiatives such as rebates and incentives for the installation of highly energy-efficient heating products such as heat pumps are projected to have a positive impact on the market.

The increasing adoption of heat pumps in retail shops, hotels, offices, and healthcare facilities is projected to boost the demand for heat pumps in the commercial sector over the forecast period. Furthermore, in all climates, heat pumps provide an energy-efficient replacement for furnaces and air conditioners. When compared to traditional heating or cooling equipment, heat pumps can provide an identical level of area conditioning at a fourth of the operational cost.

The heating equipment enclosures are often constructed from various metal sheets that have been cut to the correct dimensions and bent into various forms and configurations. Tube bending machines bend thin copper or aluminum tubes around curved dies to form condensers and evaporators. These tubes function as heat exchangers by allowing working fluids to circulate through them. Heat pumps, on the other hand, comprise other components such as tubes, brackets, and valves. This heating equipment is coated with corrosion-resistant paints or powders.

The market is extremely competitive, and the companies operating in this market face the risk of losing their businesses due to a variety of reasons, such as price changes, product performance, geographic presence, and customer services. External factors such as variations in commercial construction activities, changes in regulations, fluctuations in labor costs, variations in interest rates, and volatility in foreign currency exchange rates, along with the impact of various political issues, also significantly affect the revenues of commercial heating equipment manufacturers.

End users of heating equipment in the U.S. comprise residential, commercial, and industrial establishments. Residential establishments utilize heating systems for space heating, water heating, and other utility purposes, while commercial and industrial establishments require heating equipment for manufacturing, space heating, and smelting processes. Industrial buyers focus on factors such as energy and operational cost savings, maintenance cost, and product lifespan while purchasing heating equipment.

U.S. Commercial Heating Equipment Market Report Highlights

• The heat pump segment accounted for 34.1% of the U.S. commercial heating equipment revenue share in 2022. Heat pumps provide an energy-efficient replacement for furnaces and air conditioners. Compared to traditional heating or cooling equipment, heat pumps can provide an identical level of area conditioning at a fourth of the operational cost. As they offer both energy-efficient heating and cooling and are zero-carbon technologies, heat pumps are in high demand. To enhance production and improve its R&D skills in new generation heat pump technology, Mitsubishi Electric Corporation's subsidiary Mitsubishi Electric Air Conditioning Systems Europe invested over USD 19.9 million in its UK manufacturing plant in Scotland
• Boilers that condense water are very similar to those that do not. Condensing and non-condensing boilers heat the air that is introduced using gas but the feature that distinguishes a condensing boiler from a non-condensing boiler is the exhaust. It is seen that condensing boilers transfer surplus water vapor and gas from the first heat exchanger chamber to a second one where it can be used once more. Instead of the white emissions that non-condensing boilers produce, the second exchanger chamber enables the emissions that eventually emerge to be clear or undetectable. For instance, ACV provides a wide selection of condensing boilers ranging from 18 kW to 300 kW wall-hung and floor-standing appliances. These aforementioned factors drive the demand for boilers over the forecast period
• 25,001 to 50,000 sq. ft building floorspace segment is expected to grow at the fastest CAGR of 5.8% during the forecasted years. Small commercial buildings, and those with floor spaces of between 25,001 square feet to 50,000 square feet, account for 94% of all commercial buildings in the U.S., which consume around 8% of the country's primary energy. As a result, they present a huge untapped market for energy efficiency. For instance, the National Institute of Building Sciences (NIBS) estimated that the market for small commercial retrofits was worth USD 35.6 billion
• West region accounted for 23.0% of the U.S. commercial heating equipment revenue share in 2022. The commercial heating equipment market in the Western U.S. is expected to grow at a CAGR of 4.3% over the forecast period. The growth of the market in this region can be attributed to a large number of commercial construction projects underway in the Western U.S., with an emphasis on the development of green buildings, hotels, stores, malls, and office spaces that require commercial heating equipment
• In November 2022, Carrier Corporationacquired Toshiba Corporation. With this acquisition, Carrier Corporation is expected to have opportunities to expand in the rapidly expanding energy-efficient VRF and heat pump markets

Please note The report will be delivered in 3-8 business days upon order notification.