Market Size of United Kingdom Heating Equipment Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 4.73 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
UK Heating Equipment Market Analysis
The United Kingdom heating equipment market is expected to grow at a CAGR of 4.73% during the forecast period, 2022-2027. With the outbreak of COVID-19, most commercial and industrial construction projects worked at a slower pace, while some were canceled. Production lines at some heating equipment manufacturers had to be held for several weeks, and installers saw their new installation projects limited by sanitary guidelines. The demand for the systems observed a major drop during the initial months, owing to lockdown restrictions and businesses refraining from investing in new equipment.
- The increase in replacement of existing equipment with better-performing ones and supportive Government regulations, including incentives for saving energy through tax credit programs, is driving the United Kingdom heating equipment market over the forecast period. For instance, the government of the UK has already set a target of installing heat pumps of 600,000 per year by 2028 to reduce the UK's reliance on fossil fuels and help fight global warming.
- The booming construction business in the country and the increasing end-user markets are the significant factors driving the growth of the heat pumps and boilers equipment market over the forecast period. Adopting the equipment includes energy efficiency, improved results, and lifespan.
- Vendors need to comply with various regulations set by the government regarding environmental protection, as the coolants and other substances used in heating equipment add to the global emissions. R-32 was chosen for its lower environmental impact, high energy efficiency, wide availability, and ease of use.
- The heating equipment market is aligned with the change to sustainability and green initiatives marking the country. Vendors of the studied market are indulging in introducing products that facilitate the green transition of various end-user industries. For instance, in August 2021, Tenova, a company offering sustainable solutions for the metals industry's green transition, announced the introduction of the 200-kW Tenova Self-Recuperative flameless smart burner. The smart burners are meant for heat treatment furnaces using hydrogen entirely while keeping NOx emissions below the strictest limits.
- According to The Renewable Energy Hub UK, using heat pumps can save 52% on energy expenses for consumers compared to gas boilers. However, with high initial costs, the Government of the United Kingdom, in 2021, announced to offer homeowners in England and Wales GBP 5,000 to install heat pumps to warm their homes. This is expected to drive huge demand for boiler replacements in the country with heat pumps.
UK Heating Equipment Industry Segmentation
The market study analyses the market trends and opportunities for different types of heating equipment, such as Boilers, Heat pumps, and others used in the various end-user industry applications like residential, commercial, and industrial. The study analyzes the impact of COVID-19 on the market players and its stakeholders across the supply chain. Further, the disruption factors impacting the market's growth in the near future have been covered in the study regarding drivers and restraints.
By Type | |
Boilers/Radiators/Other Heaters | |
Furnaces | |
Heat Pumps |
By End-User Industry | |
Residential | |
Commercial | |
Industrial |
United Kingdom Heating Equipment Market Size Summary
The United Kingdom heating equipment market is poised for significant growth, driven by a combination of government initiatives and increasing demand for energy-efficient solutions. The market is experiencing a shift towards sustainable and green technologies, with a focus on replacing traditional heating systems with advanced heat pumps and boilers. This transition is supported by government policies aimed at reducing carbon emissions and promoting energy efficiency. The UK's commitment to installing a substantial number of heat pumps annually by 2028 underscores the strategic importance of this market in the broader context of environmental sustainability. The construction industry's expansion and the growing end-user markets further bolster the demand for innovative heating solutions, aligning with the country's climate goals.
The competitive landscape of the United Kingdom heating equipment market is characterized by the presence of both local and international players, who are actively engaging in partnerships, mergers, and product innovations to enhance their market positions. Regulatory changes and incentives, such as financial grants for heat pump installations, are facilitating the transition from fossil fuel-based systems to more sustainable alternatives. The market's alignment with the European Union's stringent environmental regulations and the UK's ambitious carbon reduction targets positions it for continued expansion. As the demand for energy-efficient and environmentally friendly heating solutions rises, the market is expected to attract new entrants and witness further technological advancements, ensuring its growth trajectory over the forecast period.
United Kingdom Heating Equipment Market Size - Table of Contents
-
1. MARKET INSIGHTS
-
1.1 Market Overview
-
1.2 Industry Attractiveness - Porters Five Forces Analysis
-
1.2.1 Bargaining Power of Suppliers
-
1.2.2 Bargaining Power of Buyers
-
1.2.3 Threat of New Entrants
-
1.2.4 Threat of Substitutes
-
1.2.5 Intensity of Competitive Rivalry
-
-
1.3 Industry Value Chain Analysis
-
1.4 Assessment of Impact of COVID-19 on the Market
-
-
2. MARKET SEGMENTATION
-
2.1 By Type
-
2.1.1 Boilers/Radiators/Other Heaters
-
2.1.2 Furnaces
-
2.1.3 Heat Pumps
-
-
2.2 By End-User Industry
-
2.2.1 Residential
-
2.2.2 Commercial
-
2.2.3 Industrial
-
-
United Kingdom Heating Equipment Market Size FAQs
What is the current United Kingdom Heating Equipment Market size?
The United Kingdom Heating Equipment Market is projected to register a CAGR of 4.73% during the forecast period (2024-2029)
Who are the key players in United Kingdom Heating Equipment Market?
Aermec SpA, Finn Geotherm UK Limited, Trane Inc., Mitsubishi Electric Europe BV (Mitsubishi Electric Corporation) and Clivet SpA are the major companies operating in the United Kingdom Heating Equipment Market.