United States Residential Furnace Market to Hit $200B by 2025: Global Market Insights, Inc.
The U.S. oil-based residential furnace market share may witness gains of over 4 percent up to 2025, as it is widely used in big housing buildings, which require large systems in order to cover a large area, along with products to distribute warm air through vents, hot water via baseboards and steam by radiators.
SELBYVILLE, Del., April 17, 2019 (Newswire.com) - The United States Residential Furnace Market revenue is set to exceed USD $115 billion in 2018 to around USD $200 billion by 2025, according to a 2019 Global Market Insights, Inc. report. Growing demand for high-temperature heating products in the region, owing to extremely low or high temperatures, is likely to promote demand for residential furnaces in the forecast timeframe. These products are widely accepted in households, due to their usage in summer and winter. Their features of providing warmth and constant air circulations in order to increase comfortability may fuel the residential furnace market size in the U.S.
These systems function by blowing air through ducts, which distributes warm air to rooms via grills or registers. These products can be operated with electricity, wood, gas and oil, which gives them a variety of feedstock to function, thereby stimulating the United States' residential furnace market size.
Features, including temperature control, high efficiency and low running cost are likely to drive industry growth by 2025. Growing central furnace installation activities, owing to the rising number of old furnace systems, along with the availability of new and advanced technologies, may stimulate the residential furnace market size in the U.S.
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Ohio's residential furnace market size may surpass USD $7 billion by the end of 2025. Electric and oil furnaces are usually used in this region, however, gas-based ones are a widely used heating system, due to their efficient and cost-effective operations.
Stringent government regulations regarding energy consumption and saving are likely to promote manufacturers to focus on producing heating equipment with high AFUE, which may propel the household furnace demand by 2025.
The U.S. oil-based residential furnace market size may witness gains of over 4 percent up to 2025. It is widely used in big housing buildings, which require large systems in order to cover a large area. These products distribute warm air through vents, hot water via baseboards and steam by radiators. Furnace systems pull oil from a tank and send it to a burner in order to be ignited in the combustion chamber, thereby offering high output and increased efficiency.
Browse key industry insights spread across 200 pages with 157 market data tables and 24 figures and charts from the report, “U.S. Residential Furnace Market Size, By Product (Gas Furnace, Electric Furnace, Oil Furnace, Wood Furnace, Hybrid Furnace), By Application (Single Family, Multi-Family), Regional Outlook (California, Texas New York, Florida, Illinois, Ohio, New Jersey, North Carolina, Massachusetts, Virginia, Washington, Michigan, Indiana, Minnesota, Wisconsin, Missouri, Oregon, South Carolina, Kentucky, Iowa, Oklahoma, Utah, Kansas, Nevada, Arkansas), Price Trend, Competitive Market Share and Forecast, 2019–2025,” in detail, along with the table of contents:
Increasing electric-based systems energy consumption, along with high installation costs, may affect the residential furnace market in U.S price trends. The rising repair costs of the product in order to make energy-efficient systems may impact industry profitability.
The United States residential wood furnace market size may exceed USD $15 billion by 2025. These products are used in extremely cold places in order to provide heat and warmth in housing buildings. However, recent amendments, including Phase 2 EPA regulations, which will require furnace producers to decrease emissions by more than 84 percent, are likely to affect product demand in the forecast timeframe.
The Texas hybrid residential furnace market size may observe significant gains of over 4 percent in the anticipated timeline. Electric, gas, fuel and wood-based systems can be combined together in order to form a hybrid furnace. These products offer high efficiency and consistency, obtained by combining the properties of different systems, and will drive industry growth.
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Residential furnace market share in the U.S is moderately fragmented among players, including, York, Carrier, Lennox, Bryant, Rheem, Daikin, Luxaire, Rudd, Amana and Boyer Town Furnace. Producers are emphasizing lowering the running costs and increasing furnace efficiency by combining different throughput, including oil, gas, electric and wood. Manufacturers are also focusing on new product launches and revamping activities in order to cater to product demand.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider offering syndicated and custom research reports, along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries, such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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