According to the business intelligence report titled ‘Global Hot Water and Heating Equipment Market - Analysis By Product Type, End-User, By Region, By Country (2022 Edition): Market Insights and Forecast with Impact of COVID-19 (2022-2027)’, available with MarketStudyReport, global hot water and heating equipment market, which held a valuation of USD 50.2 billion in the year 2021, is likely to generate modest returns by the end of 2027.

Soaring technological advancements in heating equipment and increased adoption of electronic devices are the major factors fueling global hot water and heating equipment market growth.

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Besides, increasing presence of original equipment manufacturers (OEMs) and original design manufacturers (ODMs) across several regions is bound to improve profit margins for the industry in the forthcoming years.

Apart from growth drivers and opportunities, the research literature draws the attention of readers toward current and upcoming challenges that may hinder the growth trajectory of the industry space during the forecast timeframe, while also indicating precise solutions to mitigate the impact.

Speaking of the overall size and scope, the business sphere is fragmented on the basis of product type, and end-user ambit.

Considering product type, the heat pump segment of worldwide hot water and heating equipment market is predicted to showcase notable growth through 2027, owing to surging adoption of the product, along with huge concentration of manufacturing companies across multiple locations.  Meanwhile, furnaces segment is likely to garner popularity among consumers during 2022-2027.

In terms of end user expanse, the residential sector is expected to account for a substantial market share during the analysis timeline, owing to consumer inclination toward comfort and safety.

From a geographical standpoint, Asia Pacific is anticipated to hold a significant market share during the assessment period, attributable to increasing urban population, rising disposable income, adoption of technologically sound equipment, and rising demand to improve results by eradicating errors and lowering fluctuation for better comfortability while carrying and collecting goods in a storage facility  

The competitive framework of worldwide hot water and heating equipment industry is influenced by established corporations such as Havells India Ltd., A.O. Corporation, Noritz Corporation, Rinnai Corporation, Lennox International Inc., Haier Group Corporation, Whirlpool Corporation, Ariston Holding N.V., Robert Bosch GmbH, and Bajaj Electricals Ltd.