The logic that global warming will add an impetus to the U.S. residential furnace market may sound paradoxical but that is exactly what is happening at present. Research shows that the jet stream is being altered by a warming Arctic and pushing down of the polar air on latitudes in the northern hemisphere that are unaccustomed to such coldness.
Northeast and Midwestern U.S. experienced the resultant deep freeze and therefore the homes in these areas are expected to be better prepared for such extremities in the future. Such factors will not only push the sale of residential furnaces but will also lead to the upgrading of older furnaces to be more suitable for the modern demands of energy and cost efficiency, which will ultimately lead to the growth of the U.S. residential furnace industry.
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The U.S. residential furnace market has recorded steady growth over the last half a decade, due to indoor heating having become more a necessity than a luxury in most U.S. homes. For instance, in January 2019, the country fell into the clutches of a devastating cold front or a polar vortex that caused extreme low temperatures, wind and precipitation. While temperatures reached record low in most states, people were advised to remain indoors to avoid the effects of hypothermia and frostbite.
An effective indoor heating system is a top necessity in such cold weathers and though the polar vortex in January 2019 was an exception, most winters in the U.S. lead to sub-zero temperatures in a significant part of the country, making furnaces, boilers and heat pumps a common feature in most American homes. With global warming being closely linked to more such extreme weather conditions in the future, the U.S. residential furnace market is forecast to witness a positive outlook over 2019-2025.
Another factor that will add a considerable impetus to the U.S. residential furnace market would be the availability of cheap natural gas. Though Midwest and Northeast U.S. were overcome by the massive cold front and demand for natural gas, the price of natural gas has not registered a similar spike. One reason for the cost remaining stable in spite of the 40% rise in demand for natural gas in residential and commercial heating was the forecast that the bone-chilling weather will be short lived.
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However, the more important reason was possibly the abundance of natural gas supply in the U.S. The supply of natural gas in the U.S, had been steadily rising since late 2016 and regularly hit new highs over 2018. Besides the stockpile of natural gas in the U.S., the tremendous year-on-year production growth helped consumers stay warm without worrying that their utility bill will possibly go through the roof.
As per Global Market Insights, Inc., oil-based U.S. residential furnace market size is anticipated to register a CAGR of 4% over 2019-2025, perhaps because a mid-efficiency oil furnace alone can have AFUE of up to 87%. Besides incorporating more efficient heat exchangers and having greater precision in combustion air and venting control, mid-efficiency oil furnaces are also equipped with high-static burners that extract more heat from the fuel.
The recovering economy in the U.S. has also made consumers seek out the best heating system for the house and increasing disposable incomes have come to mean that a section of consumers, who are more self-educated about HVAC systems and aware of the functions of such systems. According to experts, it will take quite a while for high end furnaces to become mainstream due to the fact that they are only compatible with high end HVAC systems. Yet, an upward trend has been noted in terms of Monthly Shipments of such products, as confirmed by the 2017 figures provided by U.S. Air-Conditioning, Heating, & Refrigeration Institute (AHRI).
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High-end furnaces are likely to carve out their own niche in the expansive U.S. residential furnace market. As consumers continue to battle worsening weather conditions while demanding comfort, high-efficiency, quiet operation, reliability and quality in their furnace systems, the U.S. residential furnace industry is likely to accumulate substantial proceeds by 2025.
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