Residential Furnace Market - Introduction
A furnace is a device used to control high temperature heating. A residential furnace is a device that heats air and passes it via ductwork to the space where the air is being heated. Residential furnace is equipped with a moving blower to move air via the duct system. Furnace blowers consist of two types of motors: Brushless Permanent Magnet (BPM) and Permanent Split Capacitor (PSC). A residential furnace helps in saving cost, time, power, and construction space besides delivering high efficiency and comfort.
Residential Furnace Market – Competitive Landscape
Lennox International Inc.
Founded in 1895, Lennox International Inc. has its headquarters in Richardson, Texas, United States. The company has established itself in designing, manufacturing, and distributing a wide-ranging variety of heating, air conditioning, ventilation, and refrigeration products. It mainly operates through three business segments, Commercial Heating & Cooling, Residential Heating & Cooling, and Refrigeration. The company has its manufacturing and supplying facility all across North America. It also has more than 6000 independent dealers.
Rheem Manufacturing Company (Ruud)
Incorporated in 1925, Rheem Manufacturing Company (Ruud) is based in Atlanta, Georgia, United States. The company specializes in designing, manufacturing, and distributing pool/spa heating, cooling, water heating, and commercial refrigeration products for customers in North America and international markets. Rheem Manufacturing Company Inc. has its global offices in Canada, Argentina, México, Brazil, Australia, Singapore, New Zealand, the United Arab Emirates, and Chile. The company operates as a subsidiary of Paloma Co., Ltd.
Daikin Industries, Ltd.
Daikin Industries, Ltd. has experience of over 95 years, and is based in Osaka Prefecture, Japan. It is the largest and leading manufacturer and supplier of refrigeration equipment, air-conditioning, and chemical products. The company also provides after sales services to customers for troubleshooting, maintenance, preventive maintenance, training & technical support, parts & consumables, and error codes.
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Johnson Controls (York)
Incorporated in 1874, Johnson Controls is located in York, Pennsylvania, United States. The company was acquired by Johnson Controls in 2005. It is active in designing and manufacturing light commercial and residential furnaces, central air conditioners, mini split systems, residential packaged equipment, air handlers, evaporator coils, and thermostats and controls. The company offers its products and services to customers globally.
Founded in 1915, Carrier Corporation has its head office in Farmington, Connecticut, United States and provides heating, refrigeration, and air-conditioning solutions. The company offers home comfort systems such as furnaces, heat pumps, central air conditioners, and ductless systems. It has presence all around the world. Carrier Corporation has design and research centers in Asia, North America, and Europe. The company operates as a subsidiary of United Technologies Corp.
Major companies functioning in the global residential furnace market includes Lennox International Inc., Carrier Corporation, Johnson Controls (York), Rheem Manufacturing Company (Ruud), Bryant Heating & Cooling Systems, Daikin Industries, Ltd., Luxaire, Fujitsu General, Boyertown Furnace Company, Coleman AC, Dettson, Goodman Manufacturing Company, L.P. (Amana), International Comfort Products, Trane, Airtemp, and Water Furnace Renewable Energy, Inc. The global residential furnace market is marginally fragmented and competitive due to the presence of major industry players. Key players are concentrating on reducing the operating cost of the products also, with amplifying output to boost the efficiency of the furnace. Key players are also introducing technologies such as thermally driven furnace systems that use solar as input. The product becomes highly energy efficient by eliminating the electricity cost.
Residential Furnace Market – Dynamics
Increasing Demand for High Temperature Heating Products
In the global market, rising demand for high-temperature heating products due to extremely high or low temperatures is expected to support the demand for residential furnaces during the forecast period. These types of products are extensively accepted by the household sector, owing to their usage in winter and summer. Furnaces help in providing heat and constant air circulation, thus increasing the comfort factor, which is expected to drive the residential furnace market globally throughout the forecast years.
Rising Investment in Construction Industry
Rising investments in construction supported by consumer preference concerning energy efficient solutions to save or reduce power consumption is expected to intensify industry growth in the coming years globally. Stringent environment regulations and growing power consumption reducing energy usage is expected to further boost the residential furnace market size all across the regions.
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Residential Furnace Market – Segmentation
The residential furnace market can be bifurcated on the basis of:
- Distribution Channel
Residential Furnace Market Segmentation – By Product
In terms of product, the residential furnace market can be divided into:
- Gas Furnace
- Electric Furnace
- Oil Furnace
- Wood Furnace
- Hybrid Furnace
Residential Furnace Market Segmentation – By Type
Type segment of the residential furnace market can be split into:
- Weatherized Oil-fired Furnaces
- Mobile Home Oil-fired Furnaces
- Electric Furnaces
Residential Furnace Market Segmentation – By Application
Based on application, the residential furnace market can be segregated into:
- Single Family
- Multi Family
Residential Furnace Market Segmentation – By Distribution Channel
As per distribution channel, the residential furnace market can be segmented into:
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