Saturday, 27 July 2024
According to our latest study on “North America & Europe Unit Heater Market Size and Forecasts (2020 - 2030), Regional Share, Trends, and Growth Opportunity Analysis by Product Type, Installation, Application, and Geography,” the unit heater market was valued at US$ 2.38 billion in 2022 and is expected to reach US$ 3.75 billion by 2030; it is estimated to register a CAGR of 5.9% from 2022 to 2030. The increased demand for energy-efficient unit heaters and the flourishing commercial sector drives the market. However, concerns related to emissions are expected to hinder the market's growth.
Unit heaters are available in various sizes and shapes. The next-generation unit heaters are designed with a greater emphasis on comfort, ease of use, automated operations, and remote control. Currently, unit heaters are integrated with warning indicators, fireproof materials, and explosion-proof features to make them user-friendly. Major manufacturers such as Qubino and Armstrong are working on incorporating intelligent technologies in their unit heaters. Heating equipment offered by Qubino features easy scheduling, remote access, energy tracking, color touchscreen, and sensor technologies. Manufacturers such as Goodman Manufacturing Company and Qubino are also focusing on integrating the Internet of Things (IoT) and artificial intelligence (AI) in their unit heaters. Amana—a heating, ventilation, and air conditioning (HVAC) equipment manufacturing company—is engaged in integrating intelligent communicating technology in unit heaters to automate operations to offer a better consumer experience with high comfort. Furthermore, the incorporation of smart thermostats, Bluetooth connectivity, Wi-Fi connection, and intelligent circuit boards is expected to raise the demand for smart unit heaters during the forecast period. For instance, unit heaters integrated with AI and machine learning are better at understanding the consumer usage pattern and evaluating the time and duration of the usage, which further eliminates the user's requirement to operate the unit heater physically. Thus, integrating smart technologies with unit heaters is expected to become a significant trend in the North America & Europe unit heater market.
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Flourishing Commercial Sector Provides Lucrative Opportunities for North America & Europe Unit Heater Market
The commercial sector comprises real estate buildings, malls, hotels, restaurants, motels, hospitals, commercial facilities, and community places. It plays an essential role in the progress of the GDP in developing and developed countries. For instance, in the recent report published by the Department of Business, Energy, and Industrial Strategy, the real estate sector contributed US$ 2.14 billion to the total GDP of the UK in 2022. According to the US Department of Commerce, the commercial sector stands among the top three contributors to the country's GDP, with a contribution of 3.8% to the country's GDP. Furthermore, commercial investment in the US increased by 3% from 2020 to 2021.
As per the US Bureau of Economic Analysis (BEA), in 2020, 501 commercial real estate transactions were completed in the US. According to the recent Canadian Real Estate Wealth report, the Canadian real estate sector invested US$ 58.5 billion in 2022, nearly matching the investments made in 2021. The European Union is focusing on developing new clinics and hospitals during 2021–2027. Furthermore, there has been an increase in the number of hospitals due to the high number of COVID-19 patients and the rise in government spending for establishing more jumbo hospitals for COVID-19 care in 2020 and 2021 across the globe. These hospitals require a constant flow of heat for various operations, such as cleaning, drinking water sterilization, and sanitization. Moreover, cold regions such as Europe and North America require a high heating flow in commercial buildings during winter. These factors bolster the demand for unit heaters, thereby leading to the growth of the unit heaters market.
North America & Europe Unit Heater Market: Segmental Overview
The North America & Europe unit heater market is segmented based on product type, installation, application, and geography. Based on product type, the North America & Europe unit heater market is segmented into gas fired, hydronic, electric, and others. The hydronic segment accounted for a major share of the global North America & Europe unit heater market in 2022. Based on installation, the market is segmented into horizontal unit heater, vertical unit heater, and suspended unit heater. The horizontal unit heater segment held the largest share of the global North America & Europe unit heater market. Based on application, the North America & Europe unit heater market is segmented into commercial, industrial, and residential. The commercial segment held the largest North America & Europe unit heater market share. Based on geography, the market is segmented into North America and Europe. In 2022, North America held a larger North America & Europe unit heater market share than Europe. However, the European North America & Europe unit heater market size is anticipated to grow faster during the forecast period.
North America & Europe Unit Heater Market Analysis: Competitive Landscape and Key Developments
Airtherm (Mestek Inc), Armstrong International Inc, Beacon Morris, Modine Manufacturing Co, KING ELECTRICAL MFG CO, Kroll Energy GmbH, Reznor HVAC (Nortek), Thermon Industries Inc, Trane Inc, and Turbonics Inc are among the key North America & Europe unit heater market players profiled during this market study. In addition to these players, several other important North America & Europe unit heater market players were also studied and analyzed during this market research study to get a holistic view of both the markets and their ecosystem. The leading North America & Europe unit heater market players focus on feature upgrades, expansion and diversification, collaboration, and acquisition strategies, which enable them to grab new business opportunities.
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