Publication Month: Oct 2021 | Report Code: TIPRE00025065 | No. of Pages: 155 | Category: Electronics and Semiconductor | Status: Published
Major unit heater manufacturers are focusing on offering energy-efficient products that provide optimal heating, exhibit low maintenance and operational costs, and operate with decreased emission levels. For instance, Modine Manufacturing Company launched a new unit heater named Affinity, which features a dual heat exchanger, power exhauster, and separated combustion chamber, thereby emitting less CO2 levels and increasing the overall heating efficiency.
Rising demand for low-noise operations, increasing integration of electric heaters with solar panels, growing use of sensors to adjust the temperature automatically, and elevated efficiency at lower costs are the factors driving the global unit heaters market. The manufacturers are implementing new motor designs with low-noise fans and integrating thermostats, remote control options, and screen display in unit heaters. According to the US Department of Energy, several states are adopting state efficiency standards for unit heaters, which would further encourage the production of energy-efficient unit heaters. Hazloc Heaters developed an explosion-proof electric air heater for operations in hazardous conditions to meet the US and Canadian certification standards. The heater features spark-resistant fan assembly, which is in the quality standard of AMCA 99-10.
|Market Size Value in||US$ 3,740.3 million in 2021|
|Market Size Value by||US$ 5,417.1 million by 2028|
|Growth rate||CAGR of 5.4% from 2021-2028|
|No. of Pages||155|
|No. of Tables||88|
|No. of Charts & Figures||82|
|Historical data available||Yes|
|Segments covered||Installation, Application|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
Further, an increase in demand for energy-efficient equipment in food & beverages, manufacturing, chemicals, pharmaceutical, oil & gas, and other sectors is boosting the unit heater market growth. According to the US Energy Information Administration (EIA), the manufacturing sector accounted for ~77% of the industrial energy consumption. In addition, the growing replacement and maintenance of unit heaters are driving the demand for energy-efficient unit heaters worldwide.
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.
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Unit heaters are available in various sizes and shapes. The next-generation unit heaters are designed to emphasize 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 better understand the consumer usage pattern and evaluate 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.
Based on application, the unit heater market is segmented into commercial, industrial, and residential. The commercial segment led the unit heaters market in 2020. The expanding commercial sector and the increasing energy consumption are the factors boosting the adoption of unit heaters in this sector. The market will grow significantly due to a shift in focus toward energy-efficient commercial infrastructure and elevated demand for secure and safe heating units in commercial spaces.
The commercial applications include hospitals, clinics, holiday homes, hotels, restaurants, shopping malls, and commercial complexes. Growing number of commercial buildings and booming real estate industry worldwide are adding to the demand for unit heaters. According to the Department of Business, Energy, and Industrial Strategy, the commercial sector contributed a 71% share to the total GDP of the UK in 2019. The European Union is set to work on the development of new healthcare facilities and hospitals during 2021–2027. Under its EU4health program, it is extending support to hospitals and medical service providers. The EU4health program would spend ~USD 362 million in 2021.
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The players operating in the unit heaters market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below: