DUBLIN--(BUSINESS WIRE)--The "Industrial Heating Equipment Market Size, Share, Trends, By Product Type, By Fuel Type, By End-use, and By Region Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global industrial heating equipment market 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.
Companies Mentioned
- 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
The growth in this market is attributed to the factors such as increase in demand from various end-use industries, technological advancements, and favorable government policies.
The industrial heating equipment market comprises of several large players and is highly competitive due to the presence of a large number of manufacturers. The key players in this market are focused on strategies such as mergers & acquisitions, new product development, and expansions to gain a competitive edge in the market. For instance, in February 2019, Bosch Thermotechnology acquired U.S.-based climate control company WTW Corporation to expand its product portfolio and strengthen its position in the North American market.
The industrial heating equipment market is expected to grow at a significant pace over the next decade on account of the rising trend of geothermal pump technology. Geothermal heat pumps are used in various industries including manufacturing, textile, food & beverage, pharmaceuticals and construction. The technology uses the earth's heat to warm buildings in winter and cool them in summer. This reduces the need for external energy sources, thereby decreasing the overall operating costs. Additionally, geothermal heat pumps are highly efficient and have a long life span, which is anticipated to fuel their demand over the forecast period.
In sectors such as chemical, oil & gas, metal, mining and others, various processes require heating equipment. The choice of an industrial heater depends on various factors such as operating temperature, power required and process conditions. Some of the common types of industrial heaters are air heaters, band heaters, cartridge heaters, ceramic band heaters, dielectric heaters, immersion heaters, infrared heaters, ovens, patio heaters, radiant heaters, space heaters and others.
Some Key Highlights from the Report
- By type, the market is classified into direct fired heaters, indirect fired heaters, electric heaters, and others. The direct fired heaters segment is expected to grow at the highest CAGR over the forecast period due to their wide range of applications in various industries such as oil & gas, chemical, pharmaceutical, food & beverage, and power generation.
- On the basis of application, the industrial heating equipment market is divided into drying & curing, comfort heating, process heating, and others. The drying & curing segment is expected to grow at the highest CAGR over the forecast period due to the increasing demand for industrial drying equipment from the food & beverage, pharmaceutical, and textile industries.
- On the basis of end-use industry, the industrial heating equipment market is classified into oil & gas, chemical, pharmaceutical, power generation, metal processing, food & beverage, and others. The oil & gas segment is expected to grow at the highest CAGR over the forecast period due to the increasing demand for oil & gas from various end-use industries.
- The Asia Pacific region is expected to grow at the highest CAGR over the forecast period due to the increasing demand from various end-use industries such as oil & gas, chemical, pharmaceutical, and food & beverage. The market in North America is expected to grow at a significant rate over the forecast period due to the presence of a large number of manufacturers in this region.
For the purpose of this report, the author has segmented the industrial heating equipment market based on product, application, fuel type, and region:
Product Type Outlook (Revenue, USD Billion; 2019-2030)
- Heat Pumps
- Furnaces
- 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
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
For more information about this report visit https://www.researchandmarkets.com/r/25nbyh
