Heating Equipment Market to Surge Over 60% by 2032 Driven by Asia Pacific Demand and Shift to Efficient, Eco-Friendly Options

Global heating equipment market size to grow from $40B in 2022 to $65.15B in 2032 due to energy-efficient and eco-friendly heating equipment
Asia Pacific to dominate market share due to large population across varied climates and growing economies fueling demand
Heat pumps accounted for 44% market share and $17.6B revenue in 2022
Residential segment dominated with 58% market share and $23.2B revenue in 2022
Market challenged by volatile geopolitics like Russia-Ukraine war leading to European energy crisis