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.
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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.
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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.