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Heating Equipment Market: Industry Size and Growth Opportunities with COVID19 Impact Analysis 2028
tipJune 14, 2021 3
The North America heating equipment market was valued at US$ 7,610.8 million in 2019 and is projected to reach US$ 11,839.8 million by 2027; it is expected to grow at a CAGR of 6.0% from 2020 to 2027.
The US, Canada, and Mexico are major economies in North America. The changing climate has led to an increase in demand for electrical cooling systems in summer and natural gas, fuel oil, wood and electrical heating equipment in winter. In addition, climate change damages the energy use of buildings and affects air conditioning loads that vary depending on the ambient temperature and humidity. In the US, the energy efficiency of heating equipment is expected to improve with the introduction of new government regulations. This provides the key to the smart heating equipment market for most modern building heating and air conditioning units.