March 09, 2022 01:28 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, March 09, 2022 (GLOBE NEWSWIRE) -- The global outdoor heating market size is projected to hit USD 605.5 million by 2028 and exhibit a CAGR of 5.3% during the forecast period. The increasing use of outdoor spaces owing indoor capacity restrictions to adhere the COVID-19 restrictions is anticipated to be a key factor driving the market growth. Fortune Business InsightsTM has presented this information in its report titled, “Outdoor Heating Market Revenue, 2021-2028”. The market size stood at USD 406.3 million in 2020 and USD 422.6 million in 2021. Additionally, the extensive manufacturing and development of electric heaters are expected to complement the market growth in the forthcoming years.
COVID-19 Impact- The market dynamics have been greatly altered by the coronavirus pandemic. The demand imbalance created in the market due to supply chain disruptions have negatively impacted growth. The shutdowns of various production plants and the low availability of a workforce have aggravated the situation. Nonetheless, the uplift of lockdowns and curfews due to rapid vaccination processes being carried out globally are helping the market recover. The market is likely to expand significantly in the upcoming years.
Get Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/outdoor-heating-market-103029
Segmentation- On the basis of product type, the market is trifurcated into wall-mounted & hanging, tabletop, and freestanding. On the basis of fuel type, the market is fragmented into gas/propane, electric, and others. On the basis of application, the market is segmented into indoor agriculture/livestock breeder, residential outdoors, commercial and industrial; space heating, and catering & hospitality. Geographically, the market is classified into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Ask For Customization: https://www.fortunebusinessinsights.com/enquiry/customization/outdoor-heating-market-103029
Establishment of New Outdoor Spaces to Propel Market Growth
Public places and commercial spaces, including restaurants, breweries, and bars have witnessed increased in outdoor space establishments to adhere the COVID-19 protocols and increase seating capacity. The fear of contracting coronavirus in indoor spaces and social distancing norms are likely to positively influence the outdoor heating market growth in the coming years. The development and subsequent adoption of electric heaters by consumers is amplifying the market growth at commendable pace. Electric heaters require lesser maintenance and repairs, and also helps in minimizing operational costs. Hence, the increasing demand electric heaters is likely to complement the market growth.
However, fragmented supply chain networks and scarcity of local manufacturers may restrain the market growth in the coming years.
Favorable Weather Conditions to Boost Growth in Europe
Europe is anticipated to gain tremendous growth in the global outdoor heating market share. The growth is attributable to favorable weather conditions and rising trend of rooftop breweries, restaurants, and clubs. Moreover, the strong production cluster in the U.K. is driving the patio heater sales, contributing to the region’s market growth.
North America is expected to witness remarkable growth in the forthcoming years. The increasing demand for patio heaters in commercial facilities and eateries is boosting the market growth. Additionally, the increasing trend of outdoor dining and the rising efforts by dining service providers are anticipated to bolster the region’s market growth.
Asia Pacific’s market remains in nascent stages due to the low requirement for outdoor heating. The tropical climate and limited customer base are attributable to the market’s nascent development.
Have Any Query? Speak To Analyst: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/outdoor-heating-market-103029
Key Players Emphasize Launch of Innovative Products to Increase their Market Penetration
The key Outdoor Heating Market players emphasize product innovation by launching innovative products integrated with modern technologies. They emphasize joint ventures, collaborations, partnerships, and others to augment their market penetration. For instance, Mensa Heating U.K. recorded the sales of approximately 750 units in a day in October 2020. The high sales denoted the rising demand for these heaters throughout the U.K.
Major Players Profiled in the Outdoor Heating Market Players-
Buy Now – Outdoor Heating Market: https://www.fortunebusinessinsights.com/checkout-page/103029
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
Fortune Business Insights™ Pvt. Ltd. 9th Floor,
Icon Tower, Baner - Mahalunge Road,
LinkedIn: https://www.linkedin.com/company/fortune-business-insights
Facebook: https://www.facebook.com/FortuneBusinessInsightsPvtLtd
Twitter: https://twitter.com/FBInsightPvtLtd