The Global Industrial Heating Equipment Market was valued at USD 24.9 billion in 2024 and is projected to grow at a CAGR of 5.7% between 2025 and 2034. Rising energy costs and stricter government policies are fueling demand for energy-efficient heating systems. Manufacturers are increasingly investing in advanced heating solutions to cut operational costs and lower carbon emissions. As industries strive for sustainability, the shift toward eco-friendly systems is gaining momentum, shaping the future of industrial heating technologies.
Electric heating solutions are witnessing rapid adoption due to their compatibility with renewable energy sources, creating opportunities for businesses to enhance operational efficiency. The metal industry, which relies on heating for drying, melting, curing, and heat treating, is expanding its use of industrial heating equipment. Custom-built heating solutions are gaining popularity as industries seek flexible technologies tailored to their specific process needs. Innovations such as smart heating systems, IoT-enabled controls, and automation are revolutionizing industrial heating, improving energy management and operational control. The integration of renewable energy with heating technologies is also driving growth, ensuring efficiency and sustainability at an industrial scale. These systems are designed to maintain the high temperatures necessary for various industrial processes while prioritizing safety, consistency, and energy savings.
The market is segmented into heat pumps, boilers, furnaces, water heaters, and other heating technologies, all of which are used to maintain precise temperature conditions in industrial settings. In 2024, the heat pump segment surpassed USD 1.4 billion, with demand rising due to its energy-efficient and environmentally friendly performance. Increasing regulatory pressure to curb carbon emissions is driving the adoption of heat pumps, which offer lower energy consumption and reduced environmental impact.
The food processing sector is set to experience significant growth, with industrial heating equipment demand projected to register a CAGR of 6.1% through 2034. The rising popularity of processed and ready-to-eat food products is pushing manufacturers to adopt efficient and automated heating systems that ensure product quality and food safety. Technological advancements are enabling industries to optimize energy use while maintaining stringent processing standards, boosting business expansion.
The industrial heating equipment market in North America was valued at over USD 8.2 billion in 2024 and is expected to surpass USD 14.1 billion by 2034. The increasing focus on clean and efficient heating technologies across various industries is driving growth. Regulatory measures introduced by environmental agencies are compelling manufacturers to adopt advanced heating solutions that align with sustainability goals. With ongoing technological innovations and a shift toward energy-efficient systems, the industry is poised for steady expansion over the coming years.
- Chapter 1 Research Methodology
- 1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
- 1.2 Base estimates and calculations
- 1.2.1 Market estimates & forecast parameters
- 1.2.2 Key trends for market estimates
- 1.3 Forecast model
- 1.4 Primary research & validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
- 1.5 Market definitions
- Chapter 2 Exclusive Summary
- 2.1 Industry snapshot
- 2.1.1 Business trends
- 2.1.2 Regional trends
- 2.1.3 Technology trends
- 2.1.4 Application trends
- 2.1.5 Channel trends
- Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Regulatory landscape
- 3.2.1 International Standard
- 3.2.2 North America
- 3.2.2.1 U.S.
- 3.2.2.1.1 Zero-Emission Heating Equipment Standards (ZEHES)
- 3.2.2.1.2 Industrial Heat Shot
- 3.2.2.1.3 Upcoming Changes to Efficiency Standards for AC Units and Heat Pumps
- 3.2.2.1.4 California Energy Commission: New Building Code, 2021
- 3.2.2.1.5 International Ground Source Heat Pump Association
- 3.2.2.1.6 Bipartisan Infrastructure Deal, 2021
- 3.2.2.1.7 Bipartisan Budget Act of 2018
- 3.2.2.1.8 Fannie Mae Green Initiative
- 3.2.2.1.9 Energy Improvement and Extension Act of 2008 (EIEA2008)
- 3.2.2.1.10 Air-Source Heat Pump Program
- 3.2.2.1.11 International Organization for Standardization
- 3.2.2.1.12 Renewable Heat Incentives for residential, business, commercial, and industrial segments.
- 3.2.2.1.14 Federal Register
- 3.2.2.1.15 National Emission Standards for Hazardous Air Pollutants (NESHAP)
- 3.2.2.1.16 Clean Air Act, 1970
- 3.2.2.1.17 Minimum Energy Performance Standards (MEPS)
- 3.2.2.1.18 Water Heater Key Product Criteria
- 3.2.2.2 Canada
- 3.2.2.2.1 Amendment 16 to the Energy Efficiency Regulations
- 3.2.2.2.2 Single package central air conditioners and heat pumps
- 3.2.2.2.3 CAN/CSA-C
- 22.2 No.236-95 (R2004) - Heating and Cooling Equipment
- 3.2.2.2.4 Verification and Labelling
- 3.2.2.2.5 Energy Efficiency Regulations
- 3.2.2.2.6 SEER Regulatory Changes
- 3.2.2.2.7 Large air conditioners and large heat pumps
- 3.2.2.2.8 Amendment 16 to the Energy Efficiency Regulations
- 3.2.2.2.9 Technical Standards and Safety Act, 2000 for Boilers and Pressure Vessels: Ontario Regulation 220/01
- 3.2.2.2.10 Combustion Regulations
- 3.2.2.2.11 Gas-Fired Boiler Assembly Certification for Canada
- 3.2.2.2.12 Multi-Sector Air Pollutants Regulations
- 3.2.2.2.13 National Emission Standards for Boilers, Stationary Engines
- 3.2.2.2.14 Technical Safety Act
- 3.2.2.2.15 Boilers and Process Heaters Emission Regulation Bylaw No. 1087, 2008
- 3.2.3 Europe
- 3.2.3.1 Energy Efficiency Directive
- 3.2.3.2 Heat Pumps and EU targets
- 3.2.3.3 Europe Heat Pump Association (EHPA) Testing Standards
- 3.2.3.3.1 Testing Conditions
- 3.2.3.4 Key Laws
- 3.2.3.5 Energy Labelling - 2017/1369/EU
- 3.2.3.6 Ecodesign - 2009/125/EC
- 3.2.3.7 RES - Renewable Energy Sources Directive 2009/28/EC
- 3.2.3.8 EcoDesign Directive 2009/125/EC
- 3.2.3.9 Germany
- 3.2.3.9.1 German Energy Saving Ordinance (EnEV)
- 3.2.3.9.2 Price subsidy for heat pumps
- 3.2.3.9.3 Energy Concept - The Energy Strategy
- 3.2.3.10 UK
- 3.2.3.10.1 Heat Pumps Ready Programme
- 3.2.3.10.2 Extending the VAT relief available for the installation of energy saving materials
- 3.2.3.10.3 RePowerEU Plan
- 3.2.3.10.4 The Renewable Heat Incentive Scheme Regulations
- 3.2.3.10.5 The UK's National Energy Efficiency Action Plan
- 3.2.3.10.6 CRC Energy Efficiency Schemes
- 3.2.3.10.7 Installation standards
- 3.2.3.10.8 Heat Pump Ready Programme
- 3.2.3.11 Ireland
- 3.2.3.11.1 The Heat Pump Association of Ireland
- 3.2.3.12 France
- 3.2.3.12.1 Tax incentives to boost research & development efforts
- 3.2.3.12.2 RT 2012
- 3.2.3.12.3 Excise duty on electricity used by heat pumps, electric boilers and data centers will decrease
- 3.2.3.12.4 Thermal policy framework
- 3.2.3.12.5 RE 2020
- 3.2.3.13 Denmark
- 3.2.3.13.1 Incentive round for electric heat pump
- 3.2.3.14 Finland
- 3.2.3.14.1 National Building Code
- 3.2.3.15 Austria
- 3.2.3.15.1 Government program 2020-2024
- 3.2.3.16 Sweden
- 3.2.4 Asia Pacific
- 3.2.4.1 China
- 3.2.4.1.1 China Medium and Long-Term Energy Conservation Plan
- 3.2.4.1.2 Minimum Energy Performance Standards (MEPS)
- 3.2.4.1.2.1 GB 20665-20151
- 3.2.4.1.3 Mandatory labels
- 3.2.4.2 India
- 3.2.4.2.1 Energy Conservation Building Codes (ECBC), 2017
- 3.2.4.2.2 THE INDIAN BOILERS ACT, 1923
- 3.2.4.2.3 Indian Boiler Regulations (IBR)
- 3.2.4.3 Australia and New Zealand
- 3.2.4.3.1 Greenhouse and Energy Minimum Standards (Air Conditioners and Heat Pumps) Determination 2013
- 3.2.4.3.2 Australian Standard AS 2593-2004 Boilers - Safety Management and Supervision Systems
- 3.2.5 Middle East & Africa
- 3.2.5.1 South African National Standard SANS 941; SANS/EN 54511
- 3.2.5.1.1 SANS 10400 â New building codes
- 3.2.5.1.2 SANS 347
- 3.2.5.2 Saudi Arabia
- 3.2.5.2.1 Saudi Arabia Energy Efficiency Standards for Electrical Appliances
- 3.2.5.3 UAE
- 3.2.5.3.1 Sustainable Green Building Codes
- 3.2.5.4 Qatar
- 3.2.5.4.1 Qatar Verification of Conformity (VOC)
- 3.2.5.5 Egypt
- 3.2.5.5.1 Decision No. 9 12 June 2017
- 3.2.6 Latin America
- 3.2.6.1 Brazil
- 3.2.6.1.1 NR-13 pressure vessel regulation
- 3.3 Industry impact forces
- 3.3.1 Growth drivers
- 3.3.1.1 Ongoing replacement of conventional heating technologies with advanced units
- 3.3.1.2 Positive transition toward energy efficient technologies
- 3.3.1.3 Stringent government regulations pertaining to carbon emissions
- 3.3.1.4 Positive outlook toward chemical & food processing industries
- 3.3.2 Industry pitfalls & challenges
- 3.3.2.1 Significant upfront cost
- 3.4 Growth potential analysis
- 3.5 Porter's Analysis
- 3.5.1 Bargaining power of suppliers
- 3.5.2 Bargaining power of buyers
- 3.5.3 Threat of new entrants
- 3.5.4 Threat of substitutes
- 3.6 PESTEL Analysis
- Chapter 4 Competitive Landscape, 2024
- 4.1 Introduction
- 4.2 Strategy dashboard
- 4.2.1 ANDRITZ
- 4.2.1.1 Installation/supply
- 4.2.1.2 Partnership
- 4.2.2 Swegon
- 4.2.2.1 Acquisition
- 4.2.2.2 Installation/ supply
- 4.2.3 Tenova S.p.A
- 4.2.3.1 Installation/supply
- 4.2.4 Thermax Limited
- 4.2.4.1 Installation/supply
- 4.2.5 Carrier
- 4.2.5.1 Business expansion
- 4.2.5.2 Contract
- 4.2.5.3 Partnership
- 4.2.5.4 Acquisition
- 4.2.6 MAN Energy Solutions
- 4.2.6.1 Partnership/ collaboration
- 4.2.7 Mitsubishi Heavy Industries
- 4.2.7.1 Business development
- 4.2.8 Robert Bosch GmBH
- 4.2.8.1 Business expansion
- 4.2.9 DAIKIN INDUSTRIES, Ltd.
- 4.2.9.1 Investment
- 4.2.9.2 Business devlopment
- 4.2.9.3 Business expansion
- 4.2.9.4 Business development
- 4.2.9.5 Acquisition
- 4.2.10 Johnson Controls
- 4.2.10.1 Acquisition
- 4.2.10.2 Business expansion
- 4.2.11 Babcock & Wilcox Enterprises, Inc.
- 4.2.11.1 Agreement
- 4.2.11.2 Installation/supply
- 4.2.11.3 Partnership
- 4.2.12 Hurst Boiler & Welding Co.
- 4.2.12.1 Agreement
- 4.2.13 Emerson
- 4.2.13.1 Partnership
- 4.2.14 Miura America Co.
- 4.2.14.1 Acquisition
- 4.2.14.2 Agreement
- 4.2.14.3 Partnership
- 4.2.14.4 Business expansion
- 4.2.14.5 Installation/supply
- 4.2.15 Fulton
- 4.2.15.1 Partnership
- 4.2.16 Trane
- 4.2.16.1 Acquisition
- 4.2.16.2 Collaboration
- 4.2.17 Atlantic
- 4.2.17.1 Joint venture
- 4.2.18 IHI Corporation
- 4.2.18.1 Contract
- 4.3 Innovation & sustainability landscape
- 4.3.1 DAIKIN INDUSTRIES
- 4.3.2 MAN Energy Solutions
- 4.3.3 Thermax Limited
- 4.3.4 Mitsubishi Heavy Industries
- 4.3.5 Hurst Boiler & Welding Co
- 4.3.6 Miura America Co.
- 4.3.7 Robert Bosch GmbH
- 4.3.8 Fulton
- 4.3.9 Trane Technologies
- 4.3.10 Tenova S.p.A
- 4.3.11 Carrier
- Chapter 5 Market, By Technology
- 5.1 Key trends
- 5.2 Heat pump
- 5.3 Boiler
- 5.4 Furnace
- 5.5 Water heater
- 5.6 Others
- Chapter 6 Market, By Application
- 6.1 Key trends
- 6.2 Food processing
- 6.3 Pulp & paper
- 6.4 Chemical
- 6.5 Refinery
- 6.6 Primary metal
- 6.7 Others
- Chapter 7 Market, By Channel
- 7.1 Key trends
- 7.2 Online
- 7.3 Dealer
- 7.4 Retail
- Chapter 8 Market, By Region
- 8.1 Key trends
- 8.2 North America
- 8.3 Europe
- 8.4 Asia Pacific
- 8.5 Middle East & Africa
- 8.6 Latin America
- Chapter 9 Company Profiles
- 9.1 Atlas Copco AB
- 9.1.1 Global Overview
- 9.1.2 Market/Business Overview
- 9.1.3 Financial Data
- 9.1.4 Product Landscape
- 9.1.5 SWOT Analysis
- 9.2 ANDRITZ
- 9.2.1 Global Overview
- 9.2.2 Market/Business Overview
- 9.2.3 Financial Data
- 9.2.4 Product Landscape
- 9.2.5 Strategic Outlook
- 9.2.6 SWOT Analysis
- 9.3 Babcock & Wilcox Enterprises, Inc.
- 9.3.1 Global Overview
- 9.3.2 Market/Business Overview
- 9.3.3 Financial Data
- 9.3.4 Product Landscape
- 9.3.5 Strategic Outlook
- 9.3.6 SWOT Analysis
- 9.4 Carrier Corporation
- 9.4.1 Global Overview
- 9.4.2 Market/Business Overview
- 9.4.3 Financial Data
- 9.4.4 Product Landscape
- 9.4.5 Strategic Outlook
- 9.4.6 SWOT Analysis
- 9.5 Chromalox
- 9.5.1 Global Overview
- 9.5.2 Market/Business Overview
- 9.5.3 Financial Data
- 9.5.4 Product Landscape
- 9.5.5 SWOT Analysis
- 9.6 Clayton Industries
- 9.6.1 Global Overview
- 9.6.2 Market/Business Overview
- 9.6.3 Financial Data
- 9.6.4 Product Landscape
- 9.6.5 SWOT Analysis
- 9.7 DAIKIN INDUSTRIES, Ltd.
- 9.7.1 Global Overview
- 9.7.2 Market/Business Overview
- 9.7.3 Financial Data
- 9.7.4 Product Landscape
- 9.7.5 Strategic Outlook
- 9.7.6 SWOT Analysis
- 9.8 Dalrada Climate Technology
- 9.8.1 Global Overview
- 9.8.2 Market/Business Overview
- 9.9 Financial Data
- 9.9.1 Product Landscape
- 9.9.2 SWOT Analysis
- 9.10 Emerson Electric Co.
- 9.10.1 Global Overview
- 9.10.2 Market/Business Overview
- 9.10.3 Financial Data
- 9.10.4 Product Landscape
- 9.10.5 Strategic Outlook
- 9.10.6 SWOT Analysis
- 9.11 Fulton
- 9.11.1 Global Overview
- 9.11.2 Market/Business Overview
- 9.11.3 Financial Data
- 9.11.4 Product Landscape
- 9.11.5 Strategic Outlook
- 9.11.6 SWOT Analysis
- 9.12 Groupe Atlantic
- 9.12.1 Global Overview
- 9.12.2 Market/Business Overview
- 9.12.3 Financial Data
- 9.12.4 Product Landscape
- 9.12.5 SWOT Analysis
- 9.13 Hurst Boiler & Welding Co, Inc.
- 9.13.1 Global Overview
- 9.13.2 Market/Business Overview
- 9.13.3 Financial Data
- 9.13.4 Product Landscape
- 9.13.5 Strategic Outlook
- 9.13.6 SWOT Analysis
- 9.14 IHI Corporation
- 9.14.1 Global Overview
- 9.14.2 Market/Business Overview
- 9.14.3 Financial Data
- 9.14.4 Product Landscape
- 9.14.5 SWOT Analysis
- 9.15 Johnson Controls International
- 9.15.1 Global Overview
- 9.15.2 Business Overview
- 9.15.3 Financial Data
- 9.15.4 Product Landscape
- 9.15.5 SWOT Analysis
- 9.16 Lennox International Inc.
- 9.16.1 Global Overview
- 9.16.2 Market/Business Overview
- 9.16.3 Financial Data
- 9.16.4 Product Landscape
- 9.16.5 Strategic Outlook
- 9.16.6 SWOT Analysis
- 9.17 MAN Energy Solutions
- 9.17.1 Global Overview
- 9.17.2 Market/Business Overview
- 9.17.3 Financial Data
- 9.17.4 Product Landscape
- 9.17.5 Strategic Outlook
- 9.17.6 SWOT Analysis
- 9.18 MITSUBISHI HEAVY INDUSTRIES
- 9.18.1 Global Overview
- 9.18.2 Market/Business Overview
- 9.18.3 Financial Data
- 9.18.4 Product Landscape
- 9.18.5 Strategic Outlook
- 9.18.6 SWOT Analysis
- 9.19 Miura America
- 9.19.1 Global Overview
- 9.19.2 Market/Business Overview
- 9.19.3 Financial Data
- 9.19.4 Product Landscape
- 9.19.5 Strategic Outlook
- 9.19.6 SWOT Analysis
- 9.20 Robert Bosch GmbH
- 9.20.1 Global Overview
- 9.20.2 Market/Business Overview
- 9.20.3 Financial Data
- 9.20.4 Product Landscape
- 9.20.5 SWOT Analysis
- 9.21 Siemens Energy
- 9.21.1 Global Overview
- 9.21.2 Market/business Overview
- 9.21.3 Financial Data
- 9.21.4 Product Landscape
- 9.21.5 SWOT Analysis
- 9.22 Swegon Ltd.
- 9.22.1 Global Overview
- 9.22.2 Market/Business Overview
- 9.22.3 Financial Data
- 9.22.4 Product Landscape
- 9.22.5 Strategic Outlook
- 9.22.6 SWOT Analysis
- 9.23 Tenova s.p.a
- 9.23.1 Global Overview
- 9.23.2 Market/Business Overview
- 9.23.3 Financial Data
- 9.23.4 Product Landscape
- 9.23.5 Strategic Outlook
- 9.23.6 SWOT Analysis
- 9.24 Thermax Limited
- 9.24.1 Global Overview
- 9.24.2 Market/Business Overview
- 9.24.3 Financial Data
- 9.24.4 Product Landscape
- 9.24.5 Strategic Outlook
- 9.24.6 SWOT Analysis
- 9.25 Trane Technologies
- 9.25.1 Global Overview
- 9.25.2 Market/Business Overview
- 9.25.3 Financial Data
- 9.25.4 Product Landscape
- 9.25.5 Strategic Outlook
- 9.25.6 SWOT Analysis
Research Assistance
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook