The global residential furnace market is estimated to grow at a CAGR of nearly 6.8% during the forecast period. A significant rise in the demand for high-temperature heating products coupled with the significant application of space heating and cooling in residentials is primarily contributing to market growth. As per the US Energy Information Administration (EIA), in the US, space heating and water heating account for approximately two-thirds of energy use in the homes. This, in turn, contributes to the adoption of energy-efficient heating, ventilation, and air conditioning (HVAC) equipment.