Wall Hanging Furnace Market Size, Share, Growth and Industry Analysis by Type (Non condensing type and condensing type) By Application (Household and commercial), Regional Insights, and Forecast To 2032

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WALL HANGING FURNACE MARKET OVERVIEW

The global wall hanging furnace market size was valued at USD 2.69 billion in 2023 and is projected to touch USD 5.8 billion by 2032, exhibiting a CAGR of 9% during the forecast period.

Wall hanging furnace are also called as gas wall hanging type mining furnace. This equipment is a type of water heater. Their unique features and technological development are observed as the latest development in the market. This furnace has a lot of advanced features that can be considered as the new innovation in recent days.

There have been several developments and discoveries in this field. These advancements have led to the development of the industries. New types of wall hanging furnaces are now the latest trends in the market. These are made up of better-quality materials. They are also available in different sizes and shapes. This is identified as the latest trend in the market.

The increasing urbanization and changing lifestyle of people has increased the market growth. Due to the increasing income, people now prefer to use and buy advanced and technologically improved equipments. Wall hanging furnace is one such equipment that can provide a lot of features to people. These act as the factors driving the market growth.

COVID-19 impact: Lockdowns and Strict Restrictions Reduced the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

COVID-19 was one such deadly disease that affected the entire world and all the industries. The wall hanging furnace industry also became a victim of the pandemic. During COVID-19 there were many restrictions and lockdowns that were imposed. This became a major backdrop for the wall hanging furnace market growth.

During the lockdown there was a significant decrease in the production of these furnaces. With the low production there was a dip in the sales of this product as well. Along with this, the disruption in the supply chain and unavailability of raw materials heavily affected the market growth. This considerably brought down the demand for the product causing a decrease in the market share.

This was the major reason for the downfall of the wall hanging furnace market share during the pandemic. However, post the pandemic the market recovered quickly and is anticipated to grow well in the upcoming years.

LATEST TRENDS

Highly Advanced Furnaces to Increase the Market Growth

Many creative and innovative changes are being witnessed in the above market recently. New types of furnaces are being launched these days that have various applications in different fields. These products are extensively being used everywhere as they have certain superior features and are highly advanced.

New types of wall hanging furnaces are now the latest trends in the market. These are made up of better-quality materials. They are also available in different sizes and shapes. Their unique features and technological development are observed as the latest development in the market. This has drastically increased the market share for these furnaces and they are in great demand all over the world.

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WALL HANGING FURNACE MARKET SEGMENTATION

• By Type

The market can be divided on the basis of type into the following segments: Non condensing type and condensing type. The non-condensing type segment is anticipated to dominate the market during the forecast period.

• By Application

Classification based on application into the following segment: Household and commercial. The household segment is predicted to dominate the market during the research period.

DRIVING FACTORS

Increasing Urbanization and Lifestyle Changes to Fasten the Market Growth

The furnace industry has seen a robust growth and expansion in the recent days especially after the pandemic period. Many reasons have contributed to this expansion. The major factor being the increasing urbanization and changing lifestyle of people. This has become the major factor driving the market growth.

With a considerable increase in the disposable income of people all over world, their lifestyles have also changed. Due to the increasing income, people now prefer to use and buy advanced and technologically improved equipments. Wall hanging furnace is one such equipment that can provide a lot of features to people. The increasing urbanization has also made way for the development of the industry. All of these have collectively led to the increase in the market growth.

Superior Features of Wall Hanging Furnaces to Propel the Market Growth

Recently the wall hanging furnaces are increasingly being used or implemented in various places. This has increased the demand for the product. The changing lifestyle of people has promoted the increase in this demand.

Also, the improvised features of this product such as usage of natural gas as energy, anti-freeze protection, water pump anti-stuck protection, and, many more have attracted large number of customers. All of these factors are prone to bring vast growth opportunities for the market in the upcoming years.

RESTRAINING FACTOR

Competition Between the Key Industry Players to Decrease Market Growth

Recently there has been a lot of competition between the key industry players. The increasing competition can reduce the market growth. Many new companies are also coming up. However, the important players of the industry have occupied the market share. This acts as a major restraining factor for the industry.

With the presence of big companies, small ones find it difficult to establish their presence in the market. This can act as the major restraining factors deteriorating the market growth. 

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WALL HANGING FURNACE MARKET REGIONAL INSIGHTS

North America to Dominate the Wall Hanging Furnace in The Upcoming Years

The region that predominantly dominates the market is North America. It holds the largest market share generating high revenue and profits. The next region that occupies a good market share is Asia Pacific. Many reasons have contributed to the growth of the market in the region. The increasing urbanization, improved technology and considerable change in the lifestyle of people has contributed to the market growth in North America.

Key Industry Players

Leading Players adopt Acquisition Strategies to Stay Competitive

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List Of Top Wall Hanging Furnace Companies

• Beretta (Italy)
• Vaillant (Germany)
• BOSCH (Germany)
• BDR Thermea (Netherlands)
• Ariston (Italy)
• Viessmann (Germany)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations.