Industrial Heaters Market Size Analysis, DROT, PEST, Porter’s, Region & Country, Forecast Till 2030
The global Industrial Heaters size is expected to reach USD 63.35 Billion in 2030 and register a revenue CAGR of 6.1% over the forecast period, according to the latest report by Reports and Data. Rising trend of geothermal pump technology, as well as increasing demand for steam boilers by various end-use industries is driving Industrial Heaters revenue growth.
In sectors such as chemical, oil & gas,
metal, mining and others, Industrial Heaters such as boilers, heat
pumps, and furnaces are utilized to perform manufacturing processes.
These machines are made up of a circuit that integrates the technologies needed
to effectively generate heat for a certain industrial operation while
maintaining product quality and lowering energy costs.
Furthermore, effectiveness of a Industrial Heaters is determined
by its ability to meet quality standards during a
particular product manufacturing process.
Energy is the most crucial element in daily lives
because it powers industries, hospitals, and schools. However, production of
energy results in emission of greenhouse gases. Carbon dioxide (CO2) is one of
the prominent greenhouse gasses that is produced in abundance by various
industries. In response to the rising CO2 emission, many countries are
currently working to reduce their primary energy demand and implement strict
regulations and policies to govern emission of greenhouse gasses in
environment. Industrial Heaters, for example, heat pumps provide an efficient
way to reduce carbon emissions associated with energy generation. Due to this,
demand for energy-efficient heat pumps is increasing rapidly among end-users,
which in turn is contributing to the growth of Industrial Heaters.
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Companies profiled in the global market
report:
·
Thermax Limited
·
Forbes Marshall
·
Sitson India
Pvt. Ltd
·
Johnson
Controls, Inc
·
Danfoss,
Carbolite Gero Ltd
·
Deltech Furnaces
·
The Schaefer
Group, Inc
·
AFC-Holcroft, Feenstra
Verwarming B.V
·
CHE Furnaces.
Some Key Highlights from the Report
- In
October 2021, Honeywell, which is the U.S.-based manufacturer and
service provider of aerospace, building technologies, performance
material technology, safety and productivity solutions,
announced a collaboration with Futraheat, a U.K.-based startup.
According to the company, Honeywell's Solstice zd (R-1233zd), a
non-flammable, ultra-low global warming potential refrigerant, is expected
to replace R-123 in Futraheat's TurboClaw steam compressor. This will help
to reduce carbon emissions significantly and cost-effectively.
- Boilers
are important for industrial heating process due to benefits such as
increased durability, improved heat distribution and efficiency and most
importantly, longevity. Boilers are commonly used in power plants to
generate high-pressure steam, which allows the plant to generate
electricity. The process of operating a boiler typically entails obtaining
energy from a fuel source such as coal, natural gas, or nuclear fuel in
order to convert water into steam. Several factors contribute to increased
boiler efficiency. Some of these factors include quality of the fuel,
availability of water, load factor, operating pressure, and power
required.
- Oil
& gas segment revenue is expected to register high growth rate during
the forecast period owing to benefits such as reduced energy costs and
improved energy security. The industry also contributes to
infrastructure development and provides economic opportunities to communities
across the country. Heat exchangers, for example, play an important role
in the processing of oil and gas. They are also used in the refining
process in cracking units, as well as in natural gas liquefaction.
- Market
in Asia Pacific accounted for largest revenue share in 2020. This is
mainly attributed to the expanding construction sector in countries such
as China and India, which are witnessing massive investments in
infrastructure, specifically for retail spaces, commercial office
buildings, manufacturing facilities, and metro rail lines. Furthermore,
rising demand for boilers in thermal power sector is fueling market
expansion.
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Segments covered in the report:
Product Type Outlook (Revenue, USD
Billion; 2019–2030)
- Heat
Pumps
- Furnaces
- Boilers
- Water-tube
boilers
- Fire-tube
boilers
Fuel Type Outlook (Revenue, USD Billion; 2019–2030)
- Fossil
Fuel
- Electric
End-use Outlook (Revenue, USD Billion;
2019–2030)
- Oil
& gas
- Mining
materials & metals
- Machinery
manufacturing
- Automotive
- Chemical
- Others
Regional Outlook (Revenue, USD Billion;
2019–2030)
- North
America
- Europe
- Asia
Pacific
- Latin
America
- Middle
East & Africa
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