- What are the primary drivers of residential space and water heating electrification around the world and how do they vary from region to region?
- How are homes currently heated in each global region and how is this expected to change over the next decade?
- How do homes currently heat water in each global region and how is this expected to change over the next decade?
- What electric space and water heating equipment shipments are expected to grow the most over the next decade and how does that vary by region?
- Who are the largest electric equipment manufacturers in the residential market and what are their recent actions to expand in terms of manufacturing, distribution, and product offerings?
1Q 2024
Residential Space and Water Heating Electrification
Global Electric and Nonelectric Residential Space and Water Heating Market Analysis and Shipment Forecasts: 2024-2033
The market for electric residential space and water heating is expected to grow over the next decade largely because of growing government and consumer interest in fuel-switching and rising household adoption of reversible room air conditioners. While shipments of electric space and water heating equipment are expected to grow around the world, the types of technologies vary from region to region. For example, air source heat pumps are the fastest growing electric heating equipment in North America while reversible room air conditioners are the fastest growing electric heating equipment in Asia Pacific, Latin America, and Middle East and Africa.
The primary drivers and barriers for residential space and water heating electrification also vary from region to region, and often from country to country. Fuel switching tends to be a driver only in countries with strong government policies and robust incentive programs that either require or encourage households to make the switch, however a few select markets are also seeing natural consumer interest in fuel-switching where delivered fuel prices are rising or dependent on foreign imports, or both. Growing cooling demand is also expected to be a major driver in regions where household air conditioning penetration rates are low as many households are likely to purchase their first reversible room air conditioners that can provide both heating and cooling.
This Guidehouse Insights report analyzes the global market for residential space and water heating with a focus on electric and nonelectric fuel types used in each region. The study provides an analysis of the market drivers and barriers, as well as an overview of the major manufacturers of electric space and water heating equipment around the world. Global market forecasts estimate equipment shipments, broken out by fuel type and region, from 2024 to 2033.
Pages
36
Tables | Charts | Figures
26
Key Questions Addressed
Who Needs This Report
- Room air conditioner manufacturers
- Residential HVAC manufacturers
- Residential water heater equipment manufacturers
- Utilities
- Policymakers
Table Of Contents
1. Executive Summary
1.1 Market Overview
1.2 Global Forecasts
2. Market Issues
2.1 Introduction
2.2 Market Drivers
2.2.1 Government Policies
2.2.2 Growing Cooling Demand
2.2.3 Rising Fossil Fuel Costs
2.2.4 Reducing Energy Security Risks
2.3 Market Barriers
2.3.1 Challenging and Costly Retrofits
2.3.2 Suitable Technologies
2.3.3 Lack of Trained and Available Workforce
2.3.4 Electrical Power Infrastructure and Peak Demand
3. Industry Value Chain
3.1 Recent Manufacturer Investment Announcements
3.2 Recent Manufacturer Product Announcements
4. Market Forecasts
4.1 Methodology
4.2 World Markets
4.3 North America
4.4 Europe
4.5 Asia Pacific
4.6 Latin America
4.7 Middle East & Africa
5. Conclusions and Recommendations
5.1 Three Big Takeaways
5.2 Recommendations
5.2.1 Manufacturers
5.2.2 Utilities
5.2.3 Policymakers
6. Acronym and Abbreviation List
7. Table of Contents
8. Table of Charts and Figures
9. Scope of Study, Sources and Methodology, Notes
List of Charts and Figures
- Residential Electric Space Heating Equipment Shipments by Region, World Markets: 2024-2033
- Residential Electric Water Heating Equipment Shipments by Region, World Markets: 2024-2033
- Residential Space Heating Equipment Shipments by Energy Type, North America: 2024-2033
- Residential Water Heating Equipment Shipments by Energy Type, North America: 2024-2033
- Residential Space Heating Equipment Shipments by Energy Type, Europe: 2024-2033
- Residential Water Heating Equipment Shipments by Energy Type, Europe: 2024-2033
- Residential Space Heating Equipment Shipments by Energy Type, Asia Pacific: 2024-2033
- Residential Water Heating Equipment Shipments by Energy Type, Asia Pacific: 2024-2033
- Residential Space Heating Equipment Shipments by Energy Type, Latin America: 2024-2033
- Residential Water Heating Equipment Shipments by Energy Type, Latin America: 2024-2033
- Residential Space Heating Equipment Shipments by Energy Type, Middle East & Africa: 2024-2033
- Residential Water Heating Equipment Shipments by Energy Type, Middle East & Africa: 2024-2033
- Competitive Landscape of Residential Electric Space and Water Heating Equipment Manufacturers and Startups
List of Tables
- Policies that Require or Encourage Home Electrification
- Residential Electric Space Heating Equipment Shipments by Region, World Markets: 2024-2033
- Residential Electric Water Heating Equipment Shipments by Region, World Markets: 2024-2033
- Residential Space Heating Equipment Shipments by Energy Type, North America: 2024-2033
- Residential Water Heating Equipment Shipments by Energy Type, North America: 2024-2033
- Residential Space Heating Equipment Shipments by Energy Type, Europe: 2024-2033
- Residential Water Heating Equipment Shipments by Energy Type, Europe: 2024-2033
- Residential Space Heating Equipment Shipments by Energy Type, Asia Pacific: 2024-2033
- Residential Water Heating Equipment Shipments by Energy Type, Asia Pacific: 2024-2033
- Residential Space Heating Equipment Shipments by Energy Type, Latin America: 2024-2033
- Residential Water Heating Equipment Shipments by Energy Type, Latin America: 2024-2033
- Residential Space Heating Equipment Shipments by Energy Type, Middle East & Africa: 2024-2033
- Residential Water Heating Equipment Shipments by Energy Type, Middle East & Africa: 2024-2033
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