Global Hydronic and Gas Furnace Wholesale Market Insights, Size, and Forecast By Fuel Source (Natural Gas, Propane, Electricity, Biomass), By Control System (Manual Control, Programmable Control, Smart Control), By Application (Residential Heating, Commercial Heating, Industrial Heating, Renewable Energy Integration), By Furnace Type (Gas Furnace, Hydronic Furnace, Dual Fuel Furnace, Electric Furnace), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Key Companies, Competitive Analysis, Trends, and Projections for 2026-2035
Key Market Insights
Global Hydronic and Gas Furnace Wholesale Market is projected to grow from USD 58.7 Billion in 2025 to USD 94.3 Billion by 2035, reflecting a compound annual growth rate of 6.2% from 2026 through 2035. This market encompasses the wholesale distribution of hydronic heating systems, including boilers, radiators, and radiant floor heating components, alongside gas furnaces for residential, commercial, and industrial applications. The market is driven by several key factors, including the increasing demand for energy-efficient heating solutions, stringent building codes and environmental regulations promoting cleaner heating technologies, and the growing urbanization leading to new construction and renovation projects. Furthermore, a rising disposable income in emerging economies contributes to the adoption of advanced heating systems. Conversely, market growth faces restraints such as the fluctuating prices of natural gas, the high initial installation costs associated with hydronic systems, and the increasing consumer preference for alternative heating solutions like heat pumps in some regions. Opportunities within this market lie in the development of smart, connected heating systems, the integration of renewable energy sources with hydronic systems, and the expansion into untapped markets in developing countries. The market is segmented by Application, Furnace Type, Fuel Source, and Control System, with Residential Heating currently holding the largest share, highlighting the sustained demand for home comfort solutions.
Global Hydronic and Gas Furnace Wholesale Market Value (USD Billion) Analysis, 2025-2035
2025 - 2035
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North America is the dominant region in the global hydronic and gas furnace wholesale market, driven by a well-established infrastructure, a high rate of residential and commercial construction, and a strong emphasis on energy efficiency. The region benefits from robust replacement cycles for older heating systems and a strong consumer awareness regarding the long-term benefits of efficient heating. In contrast, Asia Pacific is identified as the fastest growing region, propelled by rapid industrialization, urbanization, and a burgeoning middle class across countries like China and India. This growth is further fueled by increasing construction activities, government initiatives promoting sustainable building practices, and a growing adoption of modern heating technologies as living standards improve. The region presents significant opportunities for market players seeking to expand their global footprint. The shift towards greater energy efficiency and the integration of smart home technologies are significant trends shaping the market globally.
Key players in this competitive landscape include Rheem Manufacturing Company, Trane Technologies, Fujitsu General, Bosch Thermotechnology, Carrier, American Standard, Bradford White, Buderus, Bryant Heating & Cooling Systems, and Nestle. These companies are actively engaged in strategic initiatives such as product innovation, mergers and acquisitions, and expanding their distribution networks to strengthen their market position. They are investing heavily in research and development to introduce more energy-efficient and environmentally friendly products, including advanced condensing furnaces and integrated hydronic solutions that offer superior comfort and lower operational costs. Furthermore, many players are focusing on developing smart heating solutions that allow for remote control and optimization, catering to the growing demand for convenience and energy management. The wholesale market’s future will be heavily influenced by technological advancements in heating efficiency and the evolving regulatory landscape concerning environmental emissions and energy consumption.
Quick Stats
Market Size (2025):
USD 58.7 BillionProjected Market Size (2035):
USD 94.3 BillionLeading Segment:
Residential Heating (62.4% Share)Dominant Region (2025):
North America (38.2% Share)CAGR (2026-2035):
6.2%
What is Hydronic and Gas Furnace Wholesale?
Hydronic and Gas Furnace Wholesale refers to the business of distributing heating equipment to a variety of customers, primarily contractors and retailers. It involves the bulk purchasing of boilers, water heaters, radiators, furnaces, and related components from manufacturers. Wholesalers then stock and sell these products, often providing technical support and training. This supply chain is crucial for efficient delivery of heating solutions to residential, commercial, and industrial markets, ensuring availability and competitive pricing for installers and end users. It bridges the gap between production and widespread application of essential heating technologies.
What are the Trends in Global Hydronic and Gas Furnace Wholesale Market
Smart HVAC Integration Accelerates Market Growth
Decarbonization Drives Heat Pump Adoption
Digitalization Transforms Distribution Channels
Energy Efficiency Mandates Propel Innovation
Smart HVAC Integration Accelerates Market Growth
Smart HVAC integration boosts market growth by connecting heating systems with smart home technology. This allows remote control, optimized energy use, and enhanced comfort. Consumers increasingly seek these intelligent solutions, driving demand for hydronic and gas furnaces that offer seamless connectivity and advanced control features. This innovation makes heating systems more efficient and user friendly.
Decarbonization Drives Heat Pump Adoption
Decarbonization efforts accelerate a critical shift from fossil fuel heating. Governments and industries globally promote electric heat pump technology. This incentivizes consumers and businesses to adopt heat pumps for energy efficiency and reduced carbon emissions, directly fueling their growing presence in wholesale markets as demand for cleaner heating solutions rises.
Digitalization Transforms Distribution Channels
Digitalization is reshaping how hydronic and gas furnace wholesalers operate. Online platforms, e-commerce, and digital tools streamline order placement, inventory management, and customer service. This enables direct manufacturer to installer connections and allows wholesalers to offer value added services, optimizing supply chains. Data analytics now informs strategic decisions, enhancing efficiency and customer reach.
Energy Efficiency Mandates Propel Innovation
Energy efficiency mandates are a potent catalyst for innovation in hydronic and gas furnace wholesale. Strict regulations drive manufacturers to invest heavily in research and development, creating more sophisticated and efficient heating solutions. This fuels advancements in smart controls, heat recovery systems, and low emission technologies. The focus on sustainability ultimately pushes the entire industry forward, delivering better performing and environmentally friendlier products.
What are the Key Drivers Shaping the Global Hydronic and Gas Furnace Wholesale Market
Increasing Demand for Energy-Efficient HVAC Systems
Growing Residential and Commercial Construction Activities Globally
Stringent Environmental Regulations and Push for Decarbonization
Technological Advancements and Product Innovations in Heating Solutions
Increasing Demand for Energy-Efficient HVAC Systems
Growing environmental consciousness and rising electricity costs are compelling consumers and businesses to adopt HVAC solutions that minimize energy consumption. This heightened preference for sustainability and cost savings directly fuels the demand for advanced hydronic and gas furnace systems designed for superior energy efficiency, thereby expanding the wholesale market.
Growing Residential and Commercial Construction Activities Globally
The expansion of residential and commercial construction worldwide directly fuels demand for hydronic heating systems and gas furnaces. As new homes, offices, and retail spaces are built, each requires efficient climate control solutions. This growing construction pipeline drives the wholesale market for these essential HVAC products, creating a consistent need for manufacturers and distributors to supply various building projects.
Stringent Environmental Regulations and Push for Decarbonization
Strict environmental rules and the drive for decarbonization compel manufacturers to develop energy efficient heating solutions. This accelerates the adoption of modern hydronic systems and high efficiency gas furnaces. Consumers and businesses increasingly demand these cleaner technologies to reduce emissions and comply with regulations. It fosters innovation and market growth.
Technological Advancements and Product Innovations in Heating Solutions
Cutting-edge technologies like smart thermostats and AI powered controls are revolutionizing heating. Manufacturers are integrating IoT for remote management and enhanced energy efficiency. New materials and designs boost performance and reduce environmental impact. Heat pump innovations and high efficiency gas furnaces offer superior comfort and cost savings. These product upgrades attract new customers and drive market expansion.
Global Hydronic and Gas Furnace Wholesale Market Restraints
Supply Chain Disruptions Limit Production and Distribution
Global wholesale hydronic and gas furnace markets face significant setbacks from supply chain disruptions. Geopolitical events, raw material shortages, and labor scarcity hinder manufacturing output. Logistical bottlenecks, including port congestion and transport delays, further impede product movement to distributors and customers worldwide. This limits the availability of furnaces, impacting sales and revenue for wholesalers. Manufacturers struggle to meet demand, prolonging lead times and increasing operational costs across the entire distribution network.
Volatile Raw Material Costs Impact Profit Margins
Unpredictable fluctuations in raw material prices, like steel and copper, directly erode profit margins for wholesalers of hydronic and gas furnaces. These materials are fundamental to manufacturing, and their cost volatility creates significant financial pressure. Wholesalers struggle to pass on these rapid increases to customers without losing competitiveness, impacting overall profitability and strategic planning. This makes managing supply chains and pricing challenging within the global market.
Global Hydronic and Gas Furnace Wholesale Market Opportunities
Wholesale Market for Smart-Connected & High-Efficiency Hydronic and Gas Furnace Systems
The global wholesale market for smart connected and high efficiency hydronic and gas furnace systems offers immense potential. Growing demand for energy savings, intelligent climate control, and environmental responsibility fuels adoption. Wholesalers can capitalize by supplying advanced IoT enabled and highly efficient heating solutions to installers. This caters to both new construction and retrofit projects, particularly in regions undergoing rapid urbanization. The shift towards smarter, greener building technologies makes these innovative systems increasingly attractive across residential and commercial sectors, ensuring sustained demand for forward thinking distributors.
Capitalizing on Wholesale Demand for Low-Carbon Hydronic and Gas Furnace Solutions Amidst Regulatory Shifts
The opportunity centers on fulfilling robust wholesale demand for low carbon hydronic and gas furnace solutions. Global regulatory shifts towards sustainability are increasingly compelling businesses and consumers to adopt greener heating technologies. Companies can strategically capitalize by developing and distributing energy efficient products that meet new environmental standards. Focusing efforts on regions experiencing rapid industrial and residential growth, particularly in Asia Pacific, will be crucial. Establishing strong wholesale partnerships to supply these compliant, advanced heating systems offers a significant avenue for market expansion and revenue generation in an evolving landscape.
Global Hydronic and Gas Furnace Wholesale Market Segmentation Analysis
Key Market Segments
By Application
- •Residential Heating
- •Commercial Heating
- •Industrial Heating
- •Renewable Energy Integration
By Furnace Type
- •Gas Furnace
- •Hydronic Furnace
- •Dual Fuel Furnace
- •Electric Furnace
By Fuel Source
- •Natural Gas
- •Propane
- •Electricity
- •Biomass
By Control System
- •Manual Control
- •Programmable Control
- •Smart Control
Segment Share By Application
Share, By Application, 2025 (%)
- Residential Heating
- Commercial Heating
- Industrial Heating
- Renewable Energy Integration
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Why is Residential Heating dominating the Global Hydronic and Gas Furnace Wholesale Market?
Residential heating holds the largest share due to the universal need for comfort and warmth in homes across diverse climates. This segment is robustly driven by new housing construction, a significant replacement market for aging systems, and continuous consumer demand for efficient and reliable heating solutions. Factors such as increasing disposable incomes in developing regions and evolving energy efficiency standards further solidify this segment's stronghold, making it a consistent and substantial driver for wholesale demand.
What emerging trends are shaping the By Furnace Type and By Control System segments?
Within the By Furnace Type segment, Dual Fuel Furnaces are gaining traction, reflecting a growing consumer preference for flexibility and resilience against fluctuating fuel prices by combining natural gas or propane with an electric heat pump. Concurrently, the By Control System segment is seeing a significant shift towards Smart Control, driven by demands for remote management, optimized energy consumption, and seamless integration with smart home ecosystems, marking a notable move away from traditional manual and programmable options.
How do different Fuel Source options influence the wholesale market dynamic?
Natural Gas remains the predominant fuel source due to its widespread availability and historical cost-effectiveness, anchoring a large portion of the market. However, Propane serves critical off-grid and rural areas where natural gas infrastructure is unavailable. Electricity is steadily growing, supported by decarbonization initiatives and the rise of electric and dual fuel furnaces. Biomass, while a smaller niche, contributes to sustainable heating solutions, catering to environmentally conscious consumers and specific regional applications.
What Regulatory and Policy Factors Shape the Global Hydronic and Gas Furnace Wholesale Market
Global hydronic and gas furnace wholesale markets face stringent energy efficiency regulations. North America and Europe impose escalating AFUE, ErP, and similar minimum performance standards, driving innovation towards condensing technology. Emissions standards, particularly for NOx and CO2, are tightening in many developed economies, favoring cleaner burning units. Product safety certifications like UL, CE, and CSA are mandatory for market entry. Building codes frequently mandate specific heating system types and installation practices. Government decarbonization policies increasingly incentivize electric heat pumps over fossil fuel furnaces, though high-efficiency gas remains a significant segment. This evolving landscape necessitates continuous product development and regional compliance, impacting wholesale demand and distribution strategies worldwide.
What New Technologies are Shaping Global Hydronic and Gas Furnace Wholesale Market?
The wholesale market for hydronic and gas furnaces is driven by significant technological advancements. Smart IoT enabled controls are paramount, offering advanced zone management, remote diagnostics, and predictive maintenance for optimal energy efficiency. High efficiency condensing furnaces with modulating burners are standard, drastically reducing energy consumption and emissions. Emerging hybrid heating systems, combining gas furnaces with heat pumps, are gaining traction, addressing decarbonization goals and improving seasonal performance. Manufacturers are also developing hydrogen ready furnaces, anticipating future fuel transitions. Innovations in material science enhance product durability and simplify installation. AI integration further optimizes system operation and provides valuable data analytics, streamlining wholesale distribution and improving overall customer value.
Global Hydronic and Gas Furnace Wholesale Market Regional Analysis
Global Hydronic and Gas Furnace Wholesale Market
Trends, by Region
North America Market
Revenue Share, 2025
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North America dominates the global hydronic and gas furnace wholesale market with a substantial 38.2% share. The region's robust construction sector and widespread adoption of central heating systems drive consistent demand. A strong replacement market, particularly for high-efficiency gas furnaces, further fuels growth. Stringent energy efficiency regulations and a mature distribution network contribute to market stability. Local manufacturers and established international brands maintain a competitive landscape, emphasizing innovation in smart home integration and enhanced energy performance. Regional preferences lean towards natural gas and electric furnaces, alongside growing interest in hydronic heating solutions for diverse applications.
Western Europe leads in hydronic heating due to established infrastructure and high energy efficiency demand, especially in Germany, France, and Italy. Eastern Europe shows growth potential, gradually adopting hydronics over traditional systems. Gas furnaces maintain a significant share in regions with abundant gas supply and less stringent efficiency mandates, like parts of Central and Eastern Europe. Northern Europe emphasizes heat pumps, impacting hydronic boiler and gas furnace adoption. Overall, stringent decarbonization targets across the EU drive innovation towards electric and hybrid hydronic solutions, influencing market dynamics more than pure gas furnace installations, which face headwinds.
The Asia Pacific region is experiencing remarkable growth in the hydronic and gas furnace wholesale market, driven by rapid urbanization, increasing disposable incomes, and a rising demand for energy-efficient heating solutions. With a projected CAGR of 7.9%, it stands as the fastest-growing region globally. Countries like China, India, and South Korea are witnessing significant construction activity and a shift towards modern heating systems, fueling the expansion. Government initiatives promoting energy efficiency and the adoption of smart home technologies further contribute to this robust growth, making Asia Pacific a key region for market players.
Latin America presents a dynamic landscape. Mexico and Brazil lead in hydronic growth due to industrialization and construction, boosting commercial heating. Chile and Argentina show increasing interest in efficient gas furnaces due to colder climates and rising energy costs, driving residential adoption. Colombia and Peru are emerging markets, with urbanization fueling demand for both solutions. Economic stability and infrastructure development are key drivers. Local regulations and varying energy prices influence product preference, with a growing trend towards high-efficiency systems across the region as environmental awareness increases.
MEA hydronic market is nascent, driven by commercial projects in UAE and Saudi Arabia, with growing adoption in hospitality and district cooling. Gas furnace market is mature in South Africa due to established infrastructure and colder winters, while other sub-Saharan nations have limited presence due to warmer climates and reliance on alternative heating. North Africa shows moderate growth in both, tied to tourism and residential development. Overall, region's diverse climate and economic conditions lead to varied adoption. Hydronic systems benefit from new urban developments and energy efficiency trends, while gas furnaces remain dominant in specific colder pockets.
Top Countries Overview
The US market is a key player in global hydronic and gas furnace wholesale. Domestic demand and international exports drive significant revenue. American manufacturers influence technology and pricing, competing with Asian and European suppliers for market share in this essential heating sector.
China is a dominant force in global hydronic and gas furnace wholesale. Its manufacturers offer cost-effective solutions, impacting market prices and supply chains worldwide. While facing quality perceptions, Chinese firms continue expanding their market share, leveraging efficient production and vast distribution networks to meet growing international demand.
India is a growing market for global hydronic and gas furnace wholesalers. Rising construction and disposable incomes are driving demand. Energy efficient and smart heating solutions are gaining traction. Manufacturers are focusing on localized production and competitive pricing strategies to penetrate this expanding South Asian market, with future growth anticipated.
Impact of Geopolitical and Macroeconomic Factors
Geopolitical shifts including regional conflicts and trade disputes impact supply chains for metals and components, increasing production costs and delivery times. Energy policies emphasizing decarbonization accelerate demand for heat pump systems over traditional furnaces, altering market composition. Sanctions on key resource exporters create price volatility for natural gas affecting operational costs for gas furnace manufacturers and end user demand.
Macroeconomic trends like inflation erode purchasing power, dampening demand for new heating systems, particularly in residential sectors. Interest rate hikes make financing for distributors and consumers more expensive, further slowing sales. Conversely, government incentives for energy efficiency and electrification stimulate growth in hydronic heat pump and electric furnace segments, while the gas furnace market may face contraction due to evolving building codes.
Recent Developments
- March 2025
Carrier announced a strategic partnership with a leading smart home technology provider to integrate their hydronic systems with advanced AI-driven energy management platforms. This collaboration aims to offer homeowners more efficient and responsive climate control solutions, optimizing energy consumption based on real-time data and user preferences.
- February 2025
Rheem Manufacturing Company unveiled its new line of ultra-high-efficiency modulating gas furnaces designed to exceed current ENERGY STAR standards. These furnaces incorporate advanced combustion technology and variable-speed blowers to provide precise temperature control and significant reductions in natural gas consumption for residential and light commercial applications.
- January 2025
Trane Technologies completed the acquisition of a European specialist in geothermal heat pump technology, expanding its hydronic heating and cooling portfolio. This acquisition allows Trane to strengthen its presence in the renewable energy heating sector and offer more diversified sustainable solutions to its global wholesale customers.
- November 2024
Bosch Thermotechnology launched a new series of compact, high-output wall-hung condensing boilers for the European and North American markets. These boilers feature enhanced connectivity options for remote monitoring and diagnostics, catering to the growing demand for intelligent and space-saving hydronic solutions in urban environments.
- October 2024
Fujitsu General entered into a strategic initiative with a prominent building management system (BMS) developer to ensure seamless integration of its VRF (Variable Refrigerant Flow) and hydronic systems. This partnership aims to provide comprehensive and unified climate control solutions for large commercial and institutional projects, simplifying installation and operation for wholesale distributors.
Key Players Analysis
Rheem Manufacturing Company and Trane Technologies lead the global hydronic and gas furnace wholesale market, offering a comprehensive suite of HVAC solutions including high efficiency furnaces and innovative hydronic heating systems. Bosch Thermotechnology and Carrier are also key players, focusing on advanced smart home integration and energy efficient technologies. Fujitsu General specializes in compact, high performance heating solutions, while American Standard and Bryant Heating & Cooling Systems leverage strong brand recognition for residential offerings. Bradford White focuses on water heating solutions, often integrated with hydronic systems. Strategic initiatives across these companies include R&D into heat pump technology, IoT connectivity, and sustainable refrigerant alternatives. Market growth is driven by increasing demand for energy efficient heating, government regulations promoting greener building practices, and a rising focus on indoor air quality.
List of Key Companies:
- Rheem Manufacturing Company
- Trane Technologies
- Fujitsu General
- Bosch Thermotechnology
- Carrier
- American Standard
- Bradford White
- Buderus
- Bryant Heating & Cooling Systems
- Nestle
- Lennox International
- Daikin Industries
Report Scope and Segmentation
| Report Component | Description |
|---|---|
| Market Size (2025) | USD 58.7 Billion |
| Forecast Value (2035) | USD 94.3 Billion |
| CAGR (2026-2035) | 6.2% |
| Base Year | 2025 |
| Historical Period | 2020-2025 |
| Forecast Period | 2026-2035 |
| Segments Covered |
|
| Regional Analysis |
|
Table of Contents:
List of Figures
List of Tables
Table 1: Global Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Application, 2020-2035
Table 2: Global Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Furnace Type, 2020-2035
Table 3: Global Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Fuel Source, 2020-2035
Table 4: Global Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Control System, 2020-2035
Table 5: Global Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Region, 2020-2035
Table 6: North America Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Application, 2020-2035
Table 7: North America Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Furnace Type, 2020-2035
Table 8: North America Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Fuel Source, 2020-2035
Table 9: North America Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Control System, 2020-2035
Table 10: North America Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Country, 2020-2035
Table 11: Europe Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Application, 2020-2035
Table 12: Europe Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Furnace Type, 2020-2035
Table 13: Europe Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Fuel Source, 2020-2035
Table 14: Europe Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Control System, 2020-2035
Table 15: Europe Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Country/ Sub-region, 2020-2035
Table 16: Asia Pacific Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Application, 2020-2035
Table 17: Asia Pacific Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Furnace Type, 2020-2035
Table 18: Asia Pacific Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Fuel Source, 2020-2035
Table 19: Asia Pacific Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Control System, 2020-2035
Table 20: Asia Pacific Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Country/ Sub-region, 2020-2035
Table 21: Latin America Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Application, 2020-2035
Table 22: Latin America Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Furnace Type, 2020-2035
Table 23: Latin America Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Fuel Source, 2020-2035
Table 24: Latin America Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Control System, 2020-2035
Table 25: Latin America Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Country/ Sub-region, 2020-2035
Table 26: Middle East & Africa Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Application, 2020-2035
Table 27: Middle East & Africa Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Furnace Type, 2020-2035
Table 28: Middle East & Africa Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Fuel Source, 2020-2035
Table 29: Middle East & Africa Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Control System, 2020-2035
Table 30: Middle East & Africa Hydronic and Gas Furnace Wholesale Market Revenue (USD billion) Forecast, by Country/ Sub-region, 2020-2035