Unit Heater Market to Reach $6.7 Billion, Globally, by 2032 at 5.2% CAGR: Allied Market Research

The unit heater market is driven by several factors, including the growing demand for energy-efficient heating solutions, the expansion of the construction industry, an increasing focus on worker comfort and productivity, and the development of new, more energy-efficient unit heaters.

Wilmington, Delaware, March 06, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, Unit Heater Market by Type (Gas-fired, Electric, Hydronic, Others), Installation (Horizontal, Vertical, Suspended), and Application (Commercial, Industrial, Residential): Global Opportunity Analysis and Industry Forecast, 2023–2032”. According to the report, the global unit heater industry generated $4 billion in 2022, and is projected to reach $6.7 billion by 2032, registering a CAGR of 5.2% from 2023 to 2032.  

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  • 312– Pages 
  • 154– Tables 
  • 51– Charts 

Prime determinants of growth   

The unit heater market is anticipated to experience substantial expansion in the forecast period. This growth is primarily driven by factors such as the growing demand for energy-efficient heating solutions, the expansion of the construction industry, and an increasing focus on worker comfort and productivity. Additionally, the development of new, more energy-efficient unit heaters is expected to further benefit the market. However, high initial costs present a significant restraint to the growth of the unit heater market during this period.  

Report coverage & details:

Report Coverage  Details 
Forecast Period  2022–2032 
Base Year  2022 
Market Size In 2022  $4 Billion  
Market Size In 2032  $6.7 Billion  
CAGR    5.2%  
No. Of Pages in Report  312 
Segments Covered  Type, Installation, Application, And Region. 
Drivers  Growing Demand for Energy-Efficient Heating Solutions
Expansion Of the Construction Industry
Increasing Focus on Worker Comfort and Productivity
Opportunities   Development Of New, More Energy-Efficient Unit Heaters 
Restraints  High Initial Cost 

COVID-19 Scenario  

  • The COVID-19 pandemic initially had a negative impact on the unit heater market. The demand dropped significantly in 2020 due to lockdowns and supply chain disruptions, marking a challenging period for the industry.  
  • Despite these challenges, the market has demonstrated remarkable resilience and is on the path to recovery. The need for efficient heating solutions in healthcare facilities, warehouses, and other essential buildings has led to a surge in demand.  

The gas-fired segment is anticipated to dominate in terms of revenue during the forecast period  

Based on types, the gas-fired segment accounted for more than one-third of the total revenue in the global unit heater market in 2022, and it is expected to continue its dominant position throughout the forecast period, due to its affordability, readily available fuel source, and high heating capacity. However, the hydronic segment is expected to experience the fastest CAGR of 7.32% from 2023 to 2032, primarily attributed to its energy efficiency, ability to provide consistent heating, and growing adoption in various residential and commercial applications.  

The horizontal segment is projected to retain the lion’s share by 2032  

Based on installation, the horizontal segment emerged as the market leader in the global unit heater market in 2022, holding more than two-fifths of the market share, due to its versatility, ease of installation, and suitability for a wide range of industrial and commercial spaces. However, the suspended segment is projected to witness the fastest CAGR of 6.19% from 2023 to 2032. This dominance can be attributed to its space-saving design, flexibility in installation, and increasing preference for overhead heating solutions in various industrial and commercial settings.  

The commercial segment is projected to retain the lion’s share by 2032  

Based on application, the commercial segment emerged as the market leader in the global unit heater market in 2022, holding more than two-fifths of the market share. Simultaneously, the same segment is projected to witness the fastest CAGR of 6.04% from 2023 to 2032. This dominance can be attributed to the increasing demand for energy-efficient heating solutions in commercial spaces such as office buildings, retail stores, and restaurants.  

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North America garnered the major share in 2022  

Based on region, North America dominated the unit heater market revenue in 2022, representing nearly one-third of the global market share. This is primarily due to the widespread adoption of unit heaters in various industrial, commercial, and residential applications, coupled with stringent energy efficiency regulations driving the demand for advanced heating solutions in the region. However, the Asia-Pacific segment is projected to experience the fastest CAGR of 7.29% from 2023 to 2032, due to rapid urbanization, industrialization, increasing construction activities, and rising disposable incomes in countries within the region, leading to a higher demand for heating solutions across various sectors such as commercial, residential, and industrial.  

Leading Market Players:   

  • Modine Manufacturing Company   
  • Reznor   
  • Lennox International Inc.   
  • Trane Technologies   
  • Sterling HVAC   
  • Johnson Controls   
  • Marley Engineered Products
  • King Electric
  • TPI Corporation   
  • Qingdao Haier Special Vehicles Co., Ltd.  

The report provides a detailed analysis of these key players in the global unit heater market. These players have adopted product launches, and product expansion strategies to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.    

Key Industry Developments:   

October 2023 – Modine introduced the Amp Dawg™, an electric unit heater designed for residential use, aiming to provide efficient and quiet heating in compact spaces such as garages and workshops. This heater, characterized by its quiet operation, exceptional heat throw, and slim design, contributes to the expansion of Modine’s electric heating product range. Available in 5.7kW and 9.0kW variants, the Amp Dawg™ is engineered for easy installation and compatibility with low voltage smart thermostats.  

November 2022 – Nortek Global HVAC unveiled three new sizes of the Reznor® UEZ condensing gas-fired unit heater, presenting capacities of 55, 85, and 110 MBH with an impressive 93% fuel efficiency. These models, tailored for industrial/commercial and residential non-living spaces, are engineered to improve cost-effectiveness, sustainability, and occupant comfort. 

Key Benefits for Stakeholders 

  • The unit heater market report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the unit heater market analysis from 2022 to 2032 to identify the prevailing unit heater market opportunities. 
  • Market research is offered along with information related to key drivers, restraints, and opportunities. 
  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network. 
  • In-depth analysis of the unit heater market segmentation assists to determine the prevailing market opportunities. 
  • Major countries in each region are mapped according to their revenue contribution to the global market. 
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players. 
  • The report includes the analysis of the regional as well as global unit heater market trends, key players, market segments, application areas, and market growth strategies. 

Unit Heater Market Key Segments: 

By Type: 

  • Gas-fired 
  • Electric 
  • Hydronic 
  • Others 

By Installation: 

  • Horizontal 
  • Vertical 
  • Suspended 

By Application: 

  • Residential 
  • Commercial 
  • Industrial 

By Region: 

  • North America (U.S., Canada, Mexico) 
  • Europe (Germany, UK, France, Spain, Italy, Rest of Europe) 
  • Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific) 
  • LAMEA (Brazil, Saudi Arabia, UAE, South Africa, Rest of LAMEA) 

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We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. 

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