According to the research report titled ‘Global Hot Water and Heating Equipment Market - Analysis By Product Type, End-User, By Region, By Country (2022 Edition): Market Insights and Forecast with Impact of COVID-19 (2022-2027)’, available with MarketStudyReport, global hot water and heating equipment market was worth USD 50.2 billion in 2021 and is expected to grow at a substantial rate through 2027.

Increasing adoption of furnaces due to rising disposable income in highly populated economies like India, China, and Japan, helpful technological improvements, and increased utilization of electronic devices are the important factors contributing to the expansion of global hot water and heating equipment market.

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Analysing the market by product type, the bifurcation comprises furnaces, heat pumps, unitary heaters, and others. The heat pump product category has already seen significant growth in the last few years and is expected to grow consistently through 2027.
The growth is due to the large percentage of heating equipment manufacturers, and stringent regulatory standards for energy-efficient equipment set by the government.

Based on end-user scope, worldwide hot water and heating equipment market is segmented into residential, and non-residential. As mentioned in the report, the residential sector is expected to garner substantial growth through the forecasted timeline, owing to the increased consumer demand for enhanced levels of comfort and security in homes around the world.

Moving on to the regional panorama, Asia Pacific is anticipated to account for a large industry share by 2027, attributable to the increasing urban population, rising disposable income, enhanced electronic technologies, and higher concentration of OEMs & ODMs in the region. Also, rising intent to improve the quality by reducing errors and minimizing inconsistency for greater comfort while transporting and keeping products in the storage facility will positively sway the industry dynamics.

The leading companies influencing the the competitiveness of the global hot water and heating equipment marketplace include Havells India Ltd., Haier Group Corporation, Noritz Corporation, Rinnai Corporation, Robert Bosch GmbH, A.O. Smith Corporation, Ariston Thermo Group, Whirlpool Corporation, Bajaj Electricals Ltd., and Lennox International Inc.