What is Global Residential Furnace Market?
The Global Residential Furnace Market is a vast and dynamic sector that encompasses a wide range of products designed to provide heating solutions for residential properties. These products are essential for maintaining a comfortable living environment, especially in regions with cold climates. The market includes various types of furnaces, each with its unique features and benefits. The value of this market was estimated at US$ 107720 million in 2023, and it is projected to grow significantly over the next few years. By 2030, the market value is expected to reach US$ 156170 million, representing a compound annual growth rate (CAGR) of 5.0% from 2024 to 2030. This growth is driven by various factors, including technological advancements, increasing demand for energy-efficient solutions, and the rising need for comfortable living conditions.
Gas Furnace, Oil Furnace, Electric Furnace, Wood Furnace, Hybrid Furnace in the Global Residential Furnace Market:
The Global Residential Furnace Market includes several types of furnaces, such as gas, oil, electric, wood, and hybrid furnaces. Gas furnaces are popular due to their efficiency and cost-effectiveness. They use natural gas as fuel and are known for their high heat output. Oil furnaces, on the other hand, use oil as fuel. They are typically used in areas where natural gas is not readily available. Electric furnaces are known for their safety and ease of use. They use electricity to generate heat and are typically more expensive to operate than gas and oil furnaces. Wood furnaces use wood as fuel and are popular in rural areas. They provide a cost-effective heating solution and are known for their environmental friendliness. Hybrid furnaces combine the features of different types of furnaces to provide a versatile and efficient heating solution.
Single Family, Multifamily in the Global Residential Furnace Market:
The Global Residential Furnace Market caters to various types of residential properties, including single-family and multifamily homes. Single-family homes typically require smaller furnaces compared to multifamily homes due to their smaller size. However, the demand for furnaces in single-family homes is high due to the large number of such properties. On the other hand, multifamily homes, such as apartments and condominiums, typically require larger and more powerful furnaces due to their larger size. The demand for furnaces in these properties is also high due to the increasing trend of urbanization and the growing number of multifamily homes.
Global Residential Furnace Market Outlook:
Looking at the future prospects of the Global Residential Furnace Market, it's clear that this sector is set for substantial growth. In 2023, the market was valued at a significant US$ 107720 million. Fast forward to 2030, and this figure is expected to rise to an impressive US$ 156170 million. This represents a compound annual growth rate (CAGR) of 5.0% during the forecast period from 2024 to 2030. This growth can be attributed to various factors, including advancements in technology, increasing demand for energy-efficient heating solutions, and the rising need for comfortable living conditions.
| Report Metric | Details |
| Report Name | Residential Furnace Market |
| Accounted market size in 2023 | US$ 107720 million |
| Forecasted market size in 2030 | US$ 156170 million |
| CAGR | 5.0% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Maytag (Whirlpool), York (Johnson Controls), Carrier, Lennox, Daikin, Luxaire, Boyertown Furnace, American Standard, Rheem Manufacturing, Goodman Manufacturing Company |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
