The global heating appliances market was valued at USD 53.25 billion in 2023 and is projected to grow to USD 67.58 billion by 2030, with a compound annual growth rate (CAGR) of 3.46% over the forecast period. Heating appliances, including water heaters, ovens, and clothes dryers, are essential for cooking, water heating, and space heating across residential, industrial, and commercial sectors. The increasing adoption of these appliances is driving market growth. Additionally, the growing preference among restaurants for safer natural gas-fired appliances is expected to create new market opportunities. This information is highlighted in the report titled “Heating Appliances Market, 2024-2032” by Fortune Business Insights™.

Information Source: https://www.fortunebusinessinsights.com/heating-appliances-market-106783****

Segments

Natural Gas to Dictate as it Produces Lower Emissions than Non-Renewable Fuels

On the basis of fuel type, the market is segmented into natural gas, LPG, and propane/butane. Natural gas-powered appliances had the largest share as they produce lower emissions than non-renewable fuels and burns cleaner than other sources such as coal and other fossil fuels. The LPG segment growth is driven by the cost-effectiveness and demand in the hotels & restaurants.

Residential Segment to Govern Due to Increasing Usage in Residencies

Based on end-user, the market is categorized into residential and commercial. The residential segment is further divided into various product types such as space heating equipment, cooking appliances, cloth dryers, and gas water heaters. Residential segment is anticipated to dominate the market as residencies use gas appliances for their water and space heating needs. The commercial segment to have a considerable growth due to fast-paced infrastructure development requiring the adoption of heating devices in the industrial sector.

Based on geography, the market is studied in North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Top Leading Key Players in the Heating Appliances Market

• Hitachi Ltd. (Japan)
• Electrolux AB (Sweden)
• Samsung Electronics Co. Ltd. (South Korea)
• Panasonic Corporation (Japan)
• Robert Bosch GmbH (Germany)
• Haier Smart Home Co. Ltd. (China)
• Honeywell International Inc. (U.S.)
• LG Electronics Inc. (South Korea)
• Inductotherm Corp. (U.S.)
• Rinnai Corporation (Japan)

Report Coverage