The global residential furnace market is estimated to grow at a CAGR of nearly 6.8% during the forecast period. A significant rise in the demand for high-temperature heating products coupled with the significant application of space heating and cooling in residentials is primarily contributing to market growth. As per the US Energy Information Administration (EIA), in the US, space heating and water heating account for approximately two-thirds of energy use in the homes. This, in turn, contributes to the adoption of energy-efficient heating, ventilation, and air conditioning (HVAC) equipment. There is rising awareness regarding energy-efficient solutions among consumers and builders which thereby boosting the demand for residential furnaces.
Browse the full report description Global Residential Furnace Market Size, Share & Trends Analysis Report by Product (Gas Furnace, Electric Furnace, Oil Furnace, Wood Furnace, and Hybrid Furnace) By Application (Single Family and Multi-Family) and Forecast, 2019-2025 at https://www.omrglobal.com/industry-reports/residential-furnace-market
Most of the homes in the US are heated with either boilers or furnaces. The residential gas furnaces contain blowers to distribute warm air all over the home. Therefore, the consumption of blower electricity is an important tool to recognize the electricity consumption of furnaces. High-temperature heating products have a prominent role in residential applications, including cooking, water heating, ambient heating, ambient cooling, and refrigeration. Due to its energy-efficiency, in the US, several electric utilities and states provide rebates or other incentives to encourage individuals to purchase ENERGY STAR-certified products. Federal Energy Management Program (FEMP) energy incentive program that allows federal agencies to take advantage of such incentives by offering information regarding the opportunities for funding-program available in every state. This, in turn, is further contributing to the growth of the global residential furnace market.
Further, rising urbanization and increasing disposable income are some crucial factors for the growth of residential construction. As per the US Census Bureau, in the US, in February 2020, building permits for privately?owned residential units were 1,464,000, which is 13.8% more than the rate of 1,287,000 February 2019. This contributes to the demand for residential furnaces which is one of the crucial energy-efficient equipment for space and water heating. In the US, for new single-family construction, the contractor, builder, or architect is especially responsible to opt for space and water-heating equipment. This increased the demand for energy-efficient water heating and gas-fired space heating equipment and thereby contributes to the adoption of residential furnaces to control high-temperature heating. It enables to save time, cost, power, and construction space as well as providing high efficiency and comfort.
Global Residential Furnace Market- Segmentation
By Product
By Application
Market– Segment by Region
North America
Europe
Asia-Pacific
Rest of the World
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