The global heating appliances market was valued at USD 53.25 billion in 2023 and is projected to grow to USD 67.58 billion by 2030, with a compound annual growth rate (CAGR) of 3.46% over the forecast period. Heating appliances, including water heaters, ovens, and clothes dryers, are essential for cooking, water heating, and space heating across residential, industrial, and commercial sectors. The increasing adoption of these appliances is driving market growth. Additionally, the growing preference among restaurants for safer natural gas-fired appliances is expected to create new market opportunities. This information is highlighted in the report titled “Heating Appliances Market, 2024-2032” by Fortune Business Insights™.

Information Source: https://www.fortunebusinessinsights.com/heating-appliances-market-106783 

Segments

Natural Gas to Dictate as it Produces Lower Emissions than Non-Renewable Fuels

On the basis of fuel type, the market is segmented into natural gas, LPG, and propane/butane. Natural gas-powered appliances had the largest share as they produce lower emissions than non-renewable fuels and burns cleaner than other sources such as coal and other fossil fuels. The LPG segment growth is driven by the cost-effectiveness and demand in the hotels & restaurants.

Residential Segment to Govern Due to Increasing Usage in Residencies

Based on end-user, the market is categorized into residential and commercial. The residential segment is further divided into various product types such as space heating equipment, cooking appliances, cloth dryers, and gas water heaters. Residential segment is anticipated to dominate the market as residencies use gas appliances for their water and space heating needs. The commercial segment to have a considerable growth due to fast-paced infrastructure development requiring the adoption of heating devices in the industrial sector.  

Based on geography, the market is studied in North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Top Leading Key Players in the Heating Appliances Market

• Hitachi Ltd. (Japan)

• Electrolux AB (Sweden)

• Samsung Electronics Co. Ltd. (South Korea)

• Panasonic Corporation (Japan)

• Robert Bosch GmbH (Germany)

• Haier Smart Home Co. Ltd. (China)

• Honeywell International Inc. (U.S.)

• LG Electronics Inc. (South Korea)

• Inductotherm Corp. (U.S.)

• Rinnai Corporation (Japan)

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.

Drivers and Restraints

Growing Number of Installations of Energy-efficient Heating Systems to Enhance Market Growth

Growing number of installations of energy-efficient heating systems is anticipated to drive the heating appliances market growth. The demand for energy-efficient and cost-effective gas-powered appliances in households such as water heaters, dryers, cooktops, and others is driving the market growth. Additionally, there is shifting preference to energy-efficient gas-powered appliances from electric appliances requiring lesser repair and maintenance costs. The growing popularity of natural gas-powered heating products such as water heaters, ranges, and burners for various heating and cooking applications is set to propel market growth.

However, shifting consumer preference toward electric appliances from gas appliances will limit the product demand.

Regional Insights

North America to Dominate Owing to Increasing Spending on Cooking & Baking Appliances

North America is expected to have largest part in the heating appliances market share due to increasing spending on cooking & baking appliances by the millennial population and smart home accessories. Growing expansion of prominent boiler & heat pump manufacturers such as U.S. Boiler Company Inc., Superior Boilers Works Inc., and others to support the market growth.

Asia Pacific is anticipated to have a considerable growth in the forecast period due to increasing demand for energy-efficient and innovative technology-based appliances. Governmental support for the installation of natural gas manufacturing facilities will increase the consumption rate of natural gas fuel-based appliances.

Competitive Landscape

Rinnai America Corporation Introduced a Full Line of High and Low Intensity Infrared Heaters

The market players have been offering products that adapt to shifting customer shopping trends. In May 2021, Rinnai America Corporation introduced a full line of high and low-intensity infrared heaters, which are efficient and comfortable using innovative gas infrared technology. Rinnai's latest additions is set to help the company in its existing commercial and residential product offerings. The company introduced a series of slide-in ranges that make cooking more convenient and time-efficient. 

Key Industry Development

• January 2023- Hintastica Private Limited started the manufacturing of heating appliances at its plant in Jadcherla, Telangana, India. The production facility covers about 6 acres and manufactures various appliances, including water heaters.