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/EIN News/ -- Pune, India, July 21, 2022 (GLOBE NEWSWIRE) -- The global Outdoor Heating Market size was USD 1.16 billion in 2021. The market is projected to grow from USD 1.21 billion in 2022 to USD 1.78 billion by 2029 at a CAGR of 5.6% during the 2022-2029 period. Fortune Business Insights™ publishes this information in a report titled, "Outdoor Heating Market, 2022-2029". As per the report, the market is projected to grow during the projected period due to increasing demand and popularity of entertaining outdoor activities.
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Players Profiled in the Outdoor Heating Market Report:
Restricted Outdoor Gatherings Amid Pandemic Hampered the Market Growth
The outbreak of the COVID-19 pandemic had a considerable impact on various industries. The governments imposed strict restrictions on public places and outdoor entertainment activities to prevent the virus from spreading. The movement of the population was restricted, and the closure of national borders affected the outdoor heating market growth during the pandemic. Also, social distancing norms limited the gatherings and casual group meet-ups and hampered the demand for outdoor heating appliances. However, the companies were relieved post-pandemic due to lucrative opportunities available in the market.
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Easy Handling Capabilities of Freestanding Outdoor Heaters Ensure Segmental Growth
By product type, the market is trifurcated into freestanding, tabletop, and wall-mounted and hanging. The freestanding segment is anticipated to lead the market share owing to easy accessibility and movable capacity.
Electric Fueled Heaters to Dominate Global Market During the Forecast Period
Based on fuel type, the market is categorized into electric, gas/propane, and others (wood). The electric segment is expected to lead the global market share in the coming years due to its affordability and sustainability. In addition, low production costs and maintenance expenses are projected to fuel the segmental growth.
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Catering & Hospitality Segment Holds the Leading Market Position
On the basis of application, the market is segregated into catering and hospitality, commercial and industrial space heating, residential outdoors, and indoor agriculture/livestock brooder. The catering and hospitality segment is projected to hold a dominant position in the global market, owing to increasing accommodation of consumers in cafes and bars.
Geographically, the market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The report provides a detailed analysis of current market conditions and development in the coming years. Also, the recent trends and advancements in the industry are highlighted further in this report. Furthermore, drivers and restraints affecting the market growth during the forecast period are mentioned further in this report, along with the impact of COVID-19 pandemic on the global market expansion. A list of leading market players and the regional insights on segmented market areas are given.
Rising Conduction of Outdoor Recreational Activities to Augment Growth
The market is anticipated to witness prominent growth in the coming years owing to the increasing demand for environment-friendly outdoor heaters. Also, the rising popularity of outdoor entertainment activities and functions is expected to bolster the global market growth. The increasing conduction of outdoor recreational activities is projected to fuel the market growth in the coming years.
However, high operational costs and increasing environmental concerns may hinder market growth.
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North America Holds Dominant Market Share Due to Rising Demand for Heaters
North America dominates the global outdoor heating market share due to increasing commercial and residential construction activities. Also, the increasing installation of outdoor heating devices in commercial and industrial spaces is anticipated to fuel the regional market growth. The North American market stood at USD 0.52 billion in 2021.
New Launch Allow Companies to Enhance their Product Portfolio
The leading market players consider forming strategic alliances and partnerships to enhance their business performance. Also, the companies focus on developing new heaters to improve their product portfolio and attract global customers. These strategies allow companies to globalize their brand.
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