April 02, 2020
As per the report titled ‘U.S. Residential Furnace Market Size, By Product , By Application), Regional Outlook, Price Trend, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, the U.S. residential furnace market is expected to surpass USD 200 billion by the year 2025.
Increasing population and drastic fall in temperature on account of global climate change are propelling the growth of U.S. residential furnace market. Regulatory policies to standardize residential furnaces for lowering nitrogen oxide emissions is providing new growth opportunities to major players who are focused on developing innovative manufacturing processes with reduced waste and enhanced product quality.
Shifting consumer preference for utilizing combination furnaces owing to long term cost saving benefit and minimal impact on the environment will propel the product demand. Furthermore, government incentives and building codes to promote energy efficient heating equipment will augment the business landscape.
Rising inclination towards clean heating systems over fuel powered systems including coal, diesel and wood, coupled with trend of seeking LEED certification for residential and commercial buildings are fueling the growth of U.S. residential furnace market. On the contrary, inefficiency of gas furnace in mild temperature, in consort with high maintenance cost and low efficiency of electric furnaces in large spaces will restrain the market outlook to some extent
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Based on the product, gas furnace segment is expected to see substantial gains during the forecast period . As per the report, Gas household furnace market in Minnesota is expected to surpass USD 9.5 billion by the year 2025. State government initiatives towards the use of gas furnace owing to its benefits including eco-friendly and high product economy is driving the segment growth.
Speaking of the application scope, multifamily application segment is projected to witness a growth of 5% by the end of the study period. Benefits such as uniform heat distribution, centralized unit, and cost effectiveness across multi-story residential buildings are favoring the segment growth. Rising number of residential building constructions owing to increasing migration and booming tourism sector will further enhance product demand for multifamily use.
Considering the regional outlook, Texas and Louisiana residential furnace market is anticipated to see considerable growth during in the coming future, owing to increasing renovation projects in these states.
Major players of U.S. residential furnace market include York, Boyer Town Furnace, Carrier, Lennox, Luxaire, Amana, Rheem, Bryant, Rudd, and Daikin. These companies are highly focused towards the use of EC motors instead of PSC motors for superior fan efficiency in their products.
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