Erratic weather patterns and climatic conditions is poised to spur the demand for industrial & residential heating units in the years to come. Rapid urbanization and industrialization is influencing the installation for these units across developing economies. Heating systems are usually devices that are deployed for maintaining indoor temperatures as per user’s requirement.
Over the past few years, wood & pellet heating appliances have witnessed robust demand across residential & industrial settings on account of their impressive advantages like lower thermal losses as well as ease of resource availability. Technological advancements in product development & design in line with continuous R&D activities may create new business opportunities in the industrial & residential heating market.
High standards of operation and reduced upfront and maintenance cost are some other key features encouraging product adoption. Estimates thereby suggests that the industrial & residential heating market may witness deployment of more than 2 million units annually by 2026.
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Mentioned below are the key trends that might bolster industrial & residential heating market size:
Extreme climatic changes
The demand for heating & cooling systems has growing considerably on account of extreme weather conditions across regions worldwide. Shifting focus toward the adoption of effective heating technology may boost the adoption of these systems. Rising surface temperature across regions like South Asia and the Europe has led to positive business scenario for heating system manufacturers.
Moreover, significant fund allocation by regional governments directed toward widespread deployment of heating systems in industrial & residential setting to safeguard citizens is expected to support business growth.
Adoption of clean & sustainable energy systems
Growing environmental concerns owing to adverse carbon emissions has resulted in increased adoption of clean & sustainable energy systems across Europe. Large scale integration of sustainable heating systems to cut down harmful environmental emissions may favor businesses offering wood and pellet fired heating systems.
Meanwhile, imminent efforts by the European government to reduce GHG emissions has led to significant investments toward the establishment of sustainable technology across the region, which may foster industrial & residential heating systems market size over the forecast period.
Rising demand across the residential sector
Ongoing urbanization and industrialization trends across emerging economies has led to increase in consumer per capita income and enhanced standard of living, further resulting in growing demand for comfortable homes and offices with regulated temperatures.
Rising infrastructural spending in line with regulatory initiatives toward the establishment of green building systems may favor the deployment of industrial & residential heating units. As per the UN statistics, the urban population was more than 55% of the overall population in 2017 and is projected to expand over 68% by the end of 2050.
Lower thermal losses, economies of scale, ease of resource availability and better air quality are some of the key features of heating systems which will make their incorporation preferable across residential settings over the coming years.
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