Report : Unit Heater Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Installation (Horizontal Unit Heater, Vertical Unit Heater, and Suspended Unit Heater), Application (Commercial, Industrial, and Residential), and Product Type (Gas Fired, Hydronic, Electric, and Others)
According to our new research study on “Unit Heaters Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Installation, Application, Product Type, and Geography,” the market is projected to reach US$ 5,417.1 million by 2028 from US$ 3,740.3 million in 2021; it is expected to grow at a CAGR of 5.4% during the forecast period of 2021 to 2028.
Unit heaters are available in various sizes and shapes. The next-generation unit heaters are designed with a greater emphasis on comfort, ease of use, automated operations, and remote control. Currently, unit heaters are integrated with warning indicators, fireproof materials, and explosion-proof features to make them user-friendly. Major manufacturers such as Qubino and Armstrong are working on incorporating intelligent technologies in their unit heaters. Heating equipment offered by Qubino features easy scheduling, remote access, energy tracking, color touchscreen, and sensor technologies.
Manufacturers such as Goodman Manufacturing Company and Qubino are also focusing on integrating the internet of things (IoT) and artificial intelligence (AI) in their unit heaters. Amana—a heating, ventilation, and air conditioning (HVAC) equipment manufacturing company—is engaged in integrating intelligent communicating technology in unit heaters to automate the operations to offer a better consumer experience with high comfort. Furthermore, the incorporation of smart thermostats, Bluetooth connectivity, Wi-Fi connection, and intelligent circuit boards is expected to raise the demand for smart unit heaters during the forecast period. For instance, unit heaters integrated with AI and machine learning are better in understanding the consumer usage pattern and evaluating the time and duration of the usage, which further eliminates the user's requirement to operate the unit heater physically. Thus, integrating smart technologies with unit heaters is becoming a significant trend in the unit heater market.
The unit heater market is segmented based on installation, application, product type, and geography. Based on installation, the market is segmented into horizontal unit heater, vertical unit heater, and suspended unit heater. The horizontal unit heater segment held the largest share of the global unit heater market. Based on application, the unit heater market is segmented into commercial, industrial, and residential. The commercial segment held the largest market share. Based on product type, the unit heater market is segmented into gas fired, hydronic, electric, and others. The hydronic segment accounted for a major share of the global unit heater market in 2020. Based on geography, the market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020 North America held the largest market share, followed by Europe and Asia Pacific.
Impact of COVID-19 Pandemic on Unit Heaters Market
The COVID-19 outbreak has affected global supply chains and business revenues due to factory shutdowns, border closings, and trade bans across the globe. Thus, the outbreak is anticipated to have a negative impact on the growth rate of the global unit heater market and its ecosystem and players operating in this market.
Airtherm; Armstrong International Inc; Beacon Morris; Dunham-Bush Limited; KING ELECTRICAL MFG. CO; Kroll Energy GmbH; Reznor HVAC; Thermon Industries, Inc.; Trane; and Turbonics, Inc. are among the major companies operating in the unit heaters market.