The global residential furnace market is estimated to grow at a CAGR of nearly 6.8% during the forecast period. Increasing demand for indoor heating solutions and a significant rise in residential construction activities across the globe. As per the US Census Bureau, in the US, in February 2020, building permits for privately?owned residential units were 1,464,000, which is 13.8% more than the rate of 1,287,000 February 2019. The demand for residential construction is also increasing in emerging countries, including India and China owing to the rapid urbanization and significant population base in these countries. The growing residential construction is encouraging the adoption of heating and cooling equipment to reduce the level of energy consumption.
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As per the Energy Information Administration (EIA), in the US, space heating and water heating account for approximately two-thirds of energy use in the homes. This, in turn, leading the adoption of residential furnaces which is one of the crucial energy-efficient equipment for space and water heating. With the growing consumers’ choices for equipment that reduce environmental impact and offer significant long-term savings for energy cost, the builders are focusing on marketing their homes with highly efficient equipment. Due to consumer pressure, in the US, the federal Energy Star program is offering incentives to promote the use of more efficient equipment. As a result, there is an emerging adoption of residential furnaces for energy-saving and reduce carbon footprint.
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- Market Coverage
- Market number available for – 2025-2031
- Base year- 2025
- Forecast period- 2025-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Residential Furnace Market- Segmentation
By Product
- Gas Furnace
- Electric Furnace
- Oil Furnace
- Wood Furnace
- Hybrid Furnace
By Application
- Single-Family
- Multi-Family
Market– Segment by Region
North America
- US
- Canada
Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East Africa
The Report Covers
- Market value data analysis of 2018 and forecast to 2025.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global residential furnace market. Based on the availability of data, information related to products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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