Furnace Market Size - By Fuel (Electric, Gas, Oil), By Capacity (Small, Medium, Large), By Temperature (Low, Medium, High), By Application (Residential, Commercial, Industrial), By Regional Outlook & Forecast, 2024 – 2032

Furnace Market Size - By Fuel (Electric, Gas, Oil), By Capacity (Small, Medium, Large), By Temperature (Low, Medium, High), By Application (Residential, Commercial, Industrial), By Regional Outlook & Forecast, 2024 – 2032

Furnace Market Size

Furnace Market was valued at USD 16.6 billion in 2023 and is estimated to grow at a CAGR of over 5.3% between 2024 and 2032. Stringent energy efficiency regulations set by governments and regulatory bodies worldwide will positively impact the business landscape. Robust development of multi-story building along with increasing demand for space heating will favor the business scenario.

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A furnace is an appliance or heating system designed to generate and distribute heat within a confined space. It burns fuel comprising of natural gas, oil and electricity to produce heat which is then circulated through ducts or pipes to warm the air or water in the space. Furnaces are commonly used for residential heating, providing warmth to homes as well as for commercial facilities. These systems play a vital role in keeping spaces warm and comfortable, as well as facilitating various industrial processes.
 

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Furnace Market Trends

The growing focus on indoor comfort and air quality is driving demand for advanced heating systems including furnaces. Increasing industrialization and urbanization rate along with surging demand for energy-efficient heating solutions will fuel the industry outlook. The consumers are increasingly seeking furnaces with features including zoning capabilities, variable-speed operation, and humidity control to enhance comfort levels in their homes and workplaces, accelerating the business potential.

Furnace Market Analysis

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The residential furnace industry will exceed USD 10 billion by 2032. The growing trend toward smart home integration has led to the development of connected furnaces that can be remotely monitored and controlled via smartphones and other devices. Increasing awareness of energy efficiency and savings coupled with stringent government focus toward minimizing the carbon footprint will drive the business outlook. Growing need for reliable heating solutions in line with rising disposable incomes will fuel the product penetration.

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The gas furnace market will witness growth rate of over 5.2% through 2032. The ongoing replacement of aging or inefficient heating systems with efficient systems will positively impact the business landscape. Increasing applicability across residential and commercial applications owing to their affordability, reliability, and effectiveness in heating spaces will amplify the industry growth. The transition toward eco-friendly heating solutions along with widespread availability of natural gas will propel the product deployment.

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North America furnace market is set to reach over USD 20 billion by 2032. The growth of the automotive industry along with increasing consumer demand for vehicles and government initiatives will foster the business landscape. Government initiatives aimed at promoting energy efficiency and reducing emissions along with surging adoption of advanced furnace technologies will foster the product adoption. Increasing awareness of environmental issues in line with increasing investments across the manufacturing sector will energize the industry dynamic.

U.S. furnace market is set to gain an appreciable momentum on account of increasing consumer inclination toward high-efficiency furnaces to lower energy costs and reduce environmental impact. Government incentives and rebates for energy-efficient appliances will further stimulate the technological demand. The industry is driven by factors including replacement demand, energy efficiency standards and regional climate variations.

Furnace Market Share

Trane Technologies stands as one of the leading providers of innovative solutions worldwide, catering to a diverse array of industries with a comprehensive portfolio spanning heating, ventilation, and air conditioning systems, as well as building automation and energy services. Renowned for its steadfast dedication to excellence, sustainability, and customer-centric approach, Trane Technologies continually sets the standard for pioneering advancements aimed at enhancing comfort, improving indoor air quality, and fostering environmental stewardship. With a legacy of innovation and a commitment to delivering superior products and services, Trane Technologies remains at the forefront of driving transformative solutions that optimize energy efficiency, promote sustainability, and create healthier, more comfortable environments for individuals and communities worldwide.

Furnace Market Companies

Eminent players operating in the furnace industry include

• Andritz AG
• Carbolite Gero Ltd.
• Carrier
• CM Furnaces, Inc.
• Daikin
• Emerson
• Entec Furnace
• Goodman Manufacturing Company
• IHI Machinery and Furnace Co., Ltd.
• Inductotherm
• Ipsen
• Johnson Controls
• JR Furnace
• Lennox
• Lucifer Furnaces
• NIPPON STEEL ENGINEERING CO., LTD.
• Rheem Manufacturing
• Technotherma Pvt. Ltd
• The Grieve Corporation
• Trane Technologies

Furnace Industry News

• In October 2023, Carrier introduced its innovative "A Tap Away" Technology, Near Field Communication (NFC), with the launch of its redesigned gas furnace lineup. This technology allows dealers to modify installation settings and access diagnostic information with a simple tap of their phone, even without power or cell phone service. Incorporated into the existing Carrier Service Tech App, NFC offers built-in verifications for quality installs, detailed diagnostic information, and troubleshooting tips, enhancing efficiency and reducing callbacks. This advancement underscores Carrier's commitment to providing best-in-class systems and servicing technology, ensuring customers receive quicker installation and servicing experiences.
   
• In June 2023, ANDRITZ secured a contract to supply seven car bottom furnaces to Sheffield Forgemasters, England, enhancing the UK’s largest open die forge. These furnaces, equipped with rail-mounted ‘car-bottoms,’ will boast capacities of up to 1,000 tonnes, facilitating the loading of ultra-large components. Incorporating state-of-the-art burner technology, these furnaces ensure optimal efficiency in heating processes. Specifically, regenerative flat flame burners in the forging furnaces enable high burner power without risking material overheating, ensuring homogeneous heating and significant gas consumption savings. Meanwhile, the heat treatment furnaces, spanning a temperature range from 250 to 1200°C, feature high-quality recuperative burners, enhancing energy efficiency.

This furnace market research report includes in-depth coverage of the industry with estimates & forecast in terms of “000 Units” & “USD Million” from 2021 to 2032, for the following segments

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Market, By Application

• Residential
• Commercial
• Industrial

Market, By Fuel

• Electric
• Gas
• Oil
• Others

Market, By Capacity

• Small
• Medium
• Large

Market, By Temperature

• Low
• Medium
• High

The above information has been provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Portugal
  • Romania
  • Netherlands
  • Switzerland
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
• Latin America
  • Brazil
  • Argentina