Gas Furnace Market Projected to Reach $11.59 Billion by 2030

The Gas Furnace Market is experiencing significant growth, driven by technological advancements and increasing demand for energy-efficient heating solutions. Valued at $7.92 billion in 2023, the market is projected to reach $11.59 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 5.6% during the forecast period.

Competitive Landscape

The market is characterized by the presence of key players such as Lennox Global Industries, Carrier, and Amerigas Propane. These companies are focusing on innovations and strategic partnerships to strengthen their market positions.

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Regional Insights

United States: Growth and Consolidation

In North America, the gas furnace market is witnessing significant growth, driven by technological advancements and increasing demand for energy-efficient heating solutions. The North American residential furnace market was valued at $7.4 billion in 2021 and is estimated to grow at a CAGR of 5.8% from 2022 to 2031, reaching $12.9 billion by the end of 2031.

Asia Pacific: Opportunities and Trends

The Asia Pacific region holds a substantial market share, attributed to the booming industrial and residential sectors in countries like China and India. The increasing urbanization and industrialization in these countries are driving the demand for gas furnaces, offering ample opportunities for market growth.

Middle East and Africa: Growth and Updation

The Middle East and Africa are gradually adopting advanced heating technologies, offering ample opportunities for the gas furnace market. The integration of gas furnaces in sectors like manufacturing and residential heating is driving demand. Countries like South Africa and Nigeria are witnessing increased adoption, with local companies collaborating with international players to enhance capabilities.

 

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Market Segmentation: In-Depth Analysis:

by Gas Furnace Type

Single-Stage Gas Furnace
Two-Stage Gas Furnace
Two-Stage Variable-Speed Gas Furnace
Three-Stage Variable Speed Gas Furnace
Modulating Variable Speed Gas Furnace

Single-stage, two-stage, two-stage variable-speed, three-stage, and modulating variable-speed gas furnaces are the different segments of the gas furnace market. By 2030, it is anticipated that the two-stage gas furnace sector would have the biggest market share. Approximately 75 to 80 percent of a two-stage furnace's operation is spent on the lowest setting. Among the many advantages of this configuration is the steady flow of warm air that keeps the temperature in the house level and constant. A reduced fan speed translates into less noise. The quality of the air within buildings is improved by longer run times since they allow air to circulate for longer.

by Application

Residential
Commercial

The market is divided into residential and commercial segments based on the application. During the 2023–2027 forecast period, both the residential and commercial segments are anticipated to rise quickly at a compound annual growth rate (CAGR). Due to its many advantages, gas furnaces are becoming more and more popular in both home and business settings. In general, a gas furnace heats a house faster than an electric one. Generally speaking, natural gas is less expensive to power than electricity, though prices vary by area. An air conditioner or a heat pump are examples of cooling systems that can be utilized with a gas furnace.

by End-Users

Metals & Mining
Transportation
Oil & Gas
Chemicals
Others

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Learn about the top players driving innovation in the Market :

Europe
1. ANDRITZ AG - Austria
2. Carbolite Gero Limited - United Kingdom
3. Ipsen International GmbH - Germany
4. SECO/WARWICK S.A. - Poland
5. OMS Group - Italy
6. Kamran Engineers - Not enough information available

North America:
1. Epcon Industrial Systems, LP - United States
2. Gasbarre Products, Inc. - United States
3. International Thermal Systems LLC - United States
4. NUTEC Group - United States
5. Thermcraft Incorporated - United States
6. Thermal Product Solutions - United States

Asia
1. Thermo Electric Technologies - India
2. Agro Thermodyne Co. - India
3. Alpha Equipments - India
4. Thorson Industries LLP - India

Others
1. Irontech Engineering
2. Vibrant Thermal Engineering

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