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.

Carrier Corporation

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:

  • Product
  • Type
  • Application
  • Distribution Channel
  • Region

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:

  • Online
  • Offline

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
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  • 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.

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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?

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Residential Furnace Market