Unit Heaters Market Size ($5,417.1Mn by 2028) Led by Horizontal Unit Heater (44.1% Market Share in 2020) Impact of Coronavirus Outbreak and Global Analysis & Forecast by TheInsightPartners.com

·7 min read

The unit heaters market size to grow from $3,740.3 million in 2021 to $5,417.1 million by 2028 to grow at a CAGR of 5.4% from 2021 to 2028; while the commercial segment led the market with a market share of 53.8% in 2020.

New York, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Unit Heaters Market: Key Insights
According to our new research study on "Unit Heaters Market Size, Share and 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)," 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 Market: Competitive Landscape and Key Developments
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 key players profiled during this market study. In addition to these players, several other essential market players were also studied and analyzed to get a holistic view of the global unit heaters market and its ecosystem.

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In 2021, Reznor HVAC redesigned its all-product range of unit heaters. The redesigned unit heaters include changes in technological advancement, changes in airflow direction, and aesthetic design appeal. Integrating these features helps the end users with reliability, comfort, and safe and secure operation.

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. 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.

During late Q1 and entire Q2 of 2020, the majority of the manufacturing facilities across the globe operated with minimum staff or halted their manufacturing momentarily, and the supply chain of components and parts was disrupted due to the COVID-19 pandemic. Further, the construction activities were declined in 2020, and the trend is likely to prevail in 2021. However, the construction of healthcare facilities and public safety surged in 2020. The industries that install higher volumes of HVAC systems have been hit at various levels of degree by the COVID-19 pandemic. Hotels, the hospitality industry, and restaurants have been struggling due to concerns over curbing the spread of the virus, even after they could reopen. Apart from the commercial sector, the residential HVAC systems industry has also observed a decline in sales. Moreover, as the economies are reponing, restriction measures are lifted, and the vaccination drives have begun, the unit heaters market is expected to pick up the pace.

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Flourishment of Commercial Sector to Boost Unit Heaters Market Growth:
The commercial sector comprises real estate buildings, malls, hotels, restaurants, motels, hospitals, commercial facilities, and community places. It plays an essential role in the progress of the GDP in developing and developed countries. For instance, in the recent report published by the Department of Business, Energy, and Industrial Strategy, the real estate sector contributed 71% of the total GDP of the UK in 2019, registering an annual growth rate of 1.4%. According to the US department of commerce, the commercial sector stands among the top three contributors to the country's GDP in 2021, contributing 3.8% to the country's GDP. Furthermore, the commercial investment in the US is increased by 3% from 2020 to 2021.

According to the recent report published by Canadian Real Estate Wealth, the Canadian real estate sector invested US$ 36.9 billion in 2020, which was US$ 3.7 billion more than the investments made in 2019. The European Union is focusing on the development of new clinics and hospitals during 2021–2027. Furthermore, there has been an increase in the number of hospitals due to the high number of COVID-19 patients and the rise in government spending for more jumbo hospitals for COVID care in 2020 and 2021 across the globe. These hospitals require a constant heat flow for various operations such as cleaning, drinking water sterilization, and sanitization purposes. Moreover, cold regions such as Europe and North America require a high heating flow in the commercial buildings during winters. These factors are bolstering the demand for unit heaters, thereby leading to the growth of the unit heaters market.

Unit Heaters Market: Installation Overview
Based on installation, the unit heater market is segmented into horizontal unit heater, vertical unit heater, and suspended unit heater. The horizontal unit heater segment led the unit heater market in 2020. Horizontal unit heaters are used in applications wherein there is a low ceiling area. These heaters are designed to ensure airflow either up or down, and an air deflector controls the direction of flow. Many small-sized industries prefer horizontal unit heaters due to their low weight and sweeping effect outside the walls. These heaters are sufficient to heat the small area and are directed to release toward walls to provide a wiping result. The airflow of each unit supports the other unit to maximize the flow of warm air in the room. These heaters are available in various sizes, shapes, and materials. For instance, Trane offers a specially designed horizontal unit heater with a deep-drawn venturi that assures uniform air distribution. Horizontal unit heaters are mostly used in commercial and industrial heating due to their ability to adjust the duration of (short or long) heat throw and increase or decrease the mounting height. Major manufacturers focus on providing low-temperature horizontal unit heaters enabled with the latest technologies, especially designed for small areas. Modine Manufacturing launched its compact and lightweight hydronic low-temperature hot water heaters with small motors and fans and high-efficiency 4-row coils.

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Key Questions to Request for Unit Heaters Market:

  • What are reasons behind unit heater market growth?

  • What are market opportunities for unit heater market?

  • Which installation segment is expected to dominate the market in the forecast period?

  • Which application dominated the unit heater market in the forecast period?

  • Who is the key player in the unit heater market?

  • Which region dominated the unit heater market in the forecast period?




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