The need for energy efficient heating equipment has led to the development of mechanical systems which could provide the required heating environment in a cost effective manner. With rapid growth in technology the heating equipment are providing efficient solutions to reduce carbon emissions in an economical manner. These systems can be classified as either self-contained unit packages or as central systems. The self-contained packages are usually used in residential and small commercial spaces. The central heating systems are used in large commercial building where access to outside air is restricted. The market for heating equipments is directly influenced by many building standards. The ISO is one such environmental standard which has established principles related to building designs. The market for heating equipment is anticipated to rise at a substantial pace in the future due to increasing demand for effective heating solutions and demand from the replacement market.
 
The need for energy efficient solutions is the primary driver encouraging investment in the heating equipment market. The increasing energy bills and strict environmental regulations have forced many industrial and commercial organizations to install effective heating equipment in their premises. The increasing need for remote access control systems has also attracted investment in this market. Investment in heating equipments has further escalated with the development of advanced heating equipment which has sensors that can be controlled from remote location. Lack of product differentiation is increasing competition among the various market players and this acts a major restraint for companies to enter the heating equipment market. However, the development of new product segments in this market would provide growth opportunities in the future years.
 
The market for heating equipment can be segmented on the basis of components utilized in this market. The broad segments of this market are heat pumps, boilers, warm air furnaces, zone heating equipment and humidifiers. The market can also be segmented based upon end user applications which include residential, commercial and industrial spaces. Residential and small commercial spaces usually install small units known as self contained packages to fulfill their energy needs. Large commercial complexes employ central control heating equipments to satisfy their energy requirements. The central systems are complex structures, but are more effective and low maintenance systems compared to self contained packages.
 
Asia Pacific is the leading region to invest in the heating equipment market. The growing industrial and commercial requirements in this region are the major consumer of heating equipment in this region. The recovery of the construction industry is another favorable factor encouraging investment in the heating equipments market. China, India and Japan are the major industrial nations which are investing in heating equipment. The economic recovery of Europe will further provide growth opportunities for this market. The replacement of old analog systems with energy efficient systems is a major segment which is attracting many market players to invest in this region. Growth in North America is anticipated to be stagnant as this is a mature market when compared to other regions.
 
Some of the major players in the heating equipment market are Honeywell International Inc., LG Electronics Inc., Siemens Building Technologies AG, Whirlpool Corporation, Emerson Electric Company, Panasonic Corporation, Electrolux AB, Haier Group Company, Daikin Industries Ltd. and Hitachi Ltd.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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