Electric Wall Hanging Furnace Market Size, Share, Growth, and Industry Analysis, By Type (Electromagnetic Wall Hanging Furnace, Electromagnetic Eddy Current Type & Others), By Application (Domestic and Commercial) and by Regional Forecast to 2032

Updated On: 26 August 2024

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ELECTRIC WALL HANGING FURNANCE MARKET REPORT OVERVIEW

The Electric Wall Hanging Furnace Market Size is Projected to be worth US$ 330.87 million in 2023. The market is likely to surpass US$ 669.02 Million by 2032 at a CAGR of 9.2% During the Forecast period [2024-2032].

An electric wall-hanging furnace is a heating appliance that by fixing on a wall offers warmth and comfort to the area where it is installed. It is installed with a thermostat for temperature control and is an efficient, cost-effective, and great alternative to standard or traditional heating alternatives. It also includes a fan option that allows you to alter the temperature to control the heating choice. These furnaces work when they pull in air from the room and then heat it later releasing it in the space where it is installed giving a warm and cosy environment in the winter by using the inbuilt electric heating components. They come in a variety of sizes and heating capacities, making them suitable for use in homes, businesses, apartments, and other indoor living areas.   

COVID-19 Impact: Market Had Seen Growth Due to the Increased Demand of Electric Wall Hanging Furnaces

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic had a great impact on the electric wall-hanging furnace market growth noticed during the pandemic due to companies using the online presence for consistent supply and services to their customer through digital they are getting the demands for the products though there were several challenges like customer tight budget spending, hurdles in the supplying of the components that are required to make the heating product despite all these challenges the market for electric wall heaters is likely to reach equilibrium around also pandemic made the increased of the demand for energy-efficient products due people were spending there most of the time at home as individuals sought to maintain comfortable indoor temperatures, leading to a surge in the demand for these electric wall hanging furnace.

LATEST TRENDS

"Technological Innovation, Design Aesthetics, and Evolving Market Demands"" in Distribution System to Propel Market Growth"

These latest trends demonstrate the landscape of the electric wall-hanging furnace industry, making the market grow through a convergence of technological innovation, design aesthetics, and evolving market demands. Due to the advancement of the product it is making it suitable for the variety of the places where people require heating such as homes, schools, stores, offices, hospitals, dormitories, and public places such as transportation hubs. Manufacturers are introducing a sturdy and modern appealing design for the spaces to go well with the taste of consumers and where it is installed also depending on the end-user application the electric wall hanging furnace comes in different watts such as 500-1000 watts and 1000-1500 watts based on power rating.

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ELECTRIC WALL HANGING FURNACE MARKET SEGMENTATION

By Type

Based on type the market can be categorized into Electromagnetic Wall Hanging Furnace, Electromagnetic Eddy Current Types & Others.

• Electromagnetic Wall-Hanging Furnace: Electronic wall-hanging furnaces are furnaces that generate heat using electromagnetic induction due to their coils, which make a magnetic field when a current passes through them. Using conductive materials, such as metal, to make a coil leads to resistive heating and heating of the material to induce eddy currents. Electromagnetic wall-hanging furnaces are known for their efficiency and precise control over heating.

• Electromagnetic Eddy Current Type: Electromagnetic eddy current type uses a similar function as of a wall-hanging furnace that is also based on electromagnetic eddy currents and generates heat by utilizing the principle of electromagnetic eddy currents. Eddy current furnaces are commonly used to heat metallic objects and materials.

By Application

Based on application, the market can be categorized into Domestic and Commercial

• Domestic: For domestic purposes, electric wall-hanging furnaces are generally smaller in size and have lesser heating capacity compared to commercial ones, these types of furnaces get used in indoor areas like home apartments, condominiums, and other residential settings to provide supplementary or primary heating in individual rooms or small spaces.

• Commercial: for commercial use electric wall-hanging furnaces are designed in such a way that they are larger and more powerful than domestic units, due to working places being bigger than domestic spaces, they are capable of providing heating for larger areas or higher occupancy spaces such as offices, retail stores, restaurants, warehouses, workshops, and industrial facilities having advanced control options, higher heating capacities according to customer requirements.

DRIVING FACTORS

"Integration of Advanced Technology to Drive Market Growth"

One of the key driving factors in the Electric Wall Hanging Furnace growth is the strategic integration of the latest technological advancements in electric wall-hanging furnaces that have enhanced the product by giving it convenience, efficiency, and connectivity solving the consumer's current requirements. These advancements make the product have advanced temperature control features, allowing users to set heating schedules suitable for their comfort and needs. Integration of remote control functionalities has worked on the development of heating elements that prioritize energy efficiency, reducing energy consumption while maintaining effective heating performance. Integration with smart home technologies, such as IoT devices, to enable seamless operation and control through mobile apps, voice commands, and home automation systems.

"Design Innovations has Made the Electric Wall Hanging Furnace According to the Consumer Need"

Sleek and modern styles design elements to align with modern interior decor while delivering efficient space heating with an integration of the visually appealing ambience offering a variety of finishes with different unique colours with a realistic fireplace experience while the product coming with the customized user preference where user get the ability to customize heating settings to suit their preferences and optimize energy usage. Also, the companies are focusing on energy efficiency and sustainability to the increasing demand for eco-friendly and energy-efficient heating solutions by prioritizing sustainability and energy efficiency in product development.

RESTRAINING FACTOR

"Network Latency and Communication Overhead Pose Potential Impediments to the Market Growth"

One of the major restraining factors in the electric wall-hanging furnace market that has impacted its growth and development is economic uncertainty, which can lead to cautious spending behaviour and affect the demand for non-essential products such as electric wall-hanging furnaces. Also, the supply chain disruptions pose a potential restrain to market growth. Global supply chains also got affected due to the pandemic has affected the market though it is coming back on track still production delays, shortages, and increased costs, ultimately impacting product availability.   

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ELECTRIC WALL-HANGING FURNACE MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and the Middle East & Africa.

"North America to Dominate the Market Due to Well-Established Manufacturers "

North America has emerged as the most dominant region in the electric wall hanging furnace market share modern electric wall heaters are made better than the traditional heating systems that are not so advanced companies have made advancements in the products with smart thermostats eliminate significant temperature fluctuations while automatically adjusting the fan speed. The development in the products providing high efficiency and simplicity of use work together to provide customers a more comfortable experience making North America have the larger share due to the companies' presence there providing the heating products according to the demands. The second largest shareholder in the electric wall heater market is the European.

KEY INDUSTRY PLAYERS

"Key Players Transforming the Distribution System Landscape through Innovation and Global Strategy"

There are several prominent market players are GLEN DIMPLEX, SEI, Buck Stove, Twin-Star International, Allen and Napoleon these companies are renowned for their  manufacturing and brand image providing the consumer satisfaction and efficient feedback by providing a wide range of electric wall hanging furnace products.  The presence of these key players are influence in the market are certainly giving the riese to the market gorwth their strategic planning, investment, collaborative efforts and partnering with other companies to stay ahead of the competition.

LIST OF MARKET PLAYERS PROFILED

• GLEN DIMPLEX (Ireland)
• SEI (U.S.)
• Buck Stove (U.S.)
• Twin-Star International (U.S.)
• Allen (U.S.)
• Napoleon (Canada)

INDUSTRIAL DEVELOPMENT

February, 2024: Glen Dimplex is investing an amount of 50 million euros in reorienting its production or manufacturing facilities, including in Continental Europe, to fulfill the market's growing need for sustainable and smart heating and ventilation solutions for homes and businesses.

REPORT COVERAGE

This report is based on historical analysis and forecast calculation that aims to help readers get a comprehensive understanding of the global Electric Wall Hanging Furnace Market from multiple angles, which also provides sufficient support to readers’ strategy and decision-making. Also, this study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the growth of the market by discovering the dynamic categories and potential areas of innovation whose applications may influence its trajectory in the upcoming years. This analysis encompasses both recent trends and historical turning points into consideration, providing a holistic understanding of the market’s competitors and identifying capable areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.