U.S.: Heating Equipment Market 2024

Heating Equipment Market Size in the U.S.

In 2023, the U.S. heating equipment market decreased by X% to $X, falling for the second year in a row after five years of growth. In general, the total consumption indicated a tangible expansion from 2013 to 2023: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption decreased by X% against 2021 indices. As a result, consumption reached the peak level of $X. From 2022 to 2023, the growth of the market failed to regain momentum.

Heating Equipment Production in the U.S.

In value terms, heating equipment production totaled $X in 2023. Over the period under review, production, however, saw a mild downturn. The growth pace was the most rapid in 2017 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2023, production failed to regain momentum.

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Heating Equipment Exports

Exports from the U.S.

In 2023, overseas shipments of heating equipment (except warm air furnaces) decreased by X% to X tons, falling for the third consecutive year after three years of growth. Overall, exports, however, recorded slight growth. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2021 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, heating equipment exports fell to $X in 2023. In general, exports recorded a slight reduction. The pace of growth appeared the most rapid in 2022 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Canada (X tons), Mexico (X tons) and the Dominican Republic (X tons) were the main destinations of heating equipment exports from the United States, with a combined X% share of total exports.

From 2013 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Dominican Republic (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Canada ($X) remains the key foreign market for heating equipment (except warm air furnaces) exports from the United States, comprising X% of total exports. The second position in the ranking was taken by Mexico ($X), with an X% share of total exports. It was followed by South Korea, with a X% share.

From 2013 to 2023, the average annual growth rate of value to Canada totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (X% per year) and South Korea (X% per year).

Export Prices by Country

The average heating equipment export price stood at $X per ton in 2023, which is down by X% against the previous year. Over the period under review, the export price showed a noticeable downturn. The pace of growth appeared the most rapid in 2022 when the average export price increased by X%. The export price peaked at $X per ton in 2015; however, from 2016 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2023, amid the top suppliers, the country with the highest price was Canada ($X per ton), while the average price for exports to the Dominican Republic ($X per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Canada (X%), while the prices for the other major destinations experienced more modest paces of growth.

Heating Equipment Imports

Imports into the U.S.

In 2023, overseas purchases of heating equipment (except warm air furnaces) decreased by X% to X tons, falling for the second year in a row after four years of growth. Over the period under review, imports, however, recorded a strong expansion. The pace of growth was the most pronounced in 2020 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2021; however, from 2022 to 2023, imports failed to regain momentum.

In value terms, heating equipment imports dropped sharply to $X in 2023. In general, total imports indicated a temperate increase from 2013 to 2023: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Imports peaked at $X in 2022, and then dropped dramatically in the following year.

Imports by Country

In 2023, China (X tons) constituted the largest supplier of heating equipment to the United States, with a X% share of total imports. Moreover, heating equipment imports from China exceeded the figures recorded by the second-largest supplier, Canada (X tons), more than tenfold. The third position in this ranking was taken by South Korea (X tons), with a X% share.

From 2013 to 2023, the average annual rate of growth in terms of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (X% per year) and South Korea (X% per year).

In value terms, China ($X), Canada ($X) and Germany ($X) were the largest heating equipment suppliers to the United States, with a combined X% share of total imports. South Korea, Mexico, Taiwan (Chinese) and India lagged somewhat behind, together accounting for a further X%.

Among the main suppliers, South Korea, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average heating equipment import price amounted to $X per ton, rising by X% against the previous year. Overall, the import price, however, saw a noticeable contraction. The pace of growth was the most pronounced in 2022 when the average import price increased by X%. The import price peaked at $X per ton in 2013; however, from 2014 to 2023, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by India (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform