Industrial Heating Equipment Market Size, Regional Trends and Opportunities, Revenue Analysis, For 2030
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 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 heating
equipment market revenue growth.
The report also provides
a comprehensive analysis of the competitive landscape and studies the key
competitors of the Industrial Heating Equipment industry. The report focuses on
company overview, financial standing, global market position, revenue
contribution, production and manufacturing capacity, and business expansion
plans. It also focuses on recent mergers and acquisitions, joint ventures,
collaborations, partnerships, agreements, product launches, and brand
promotions, among others. The study includes SWOT analysis and Porter’s Five
Forces analysis to provide a comprehensive overview of the competitive
landscape.
Increasing globalization
and growing trade and commerce among countries has led to rapid industrial
development in developing countries. Rapid increase in the number of private
companies with adequate capital and significant investment by the government
has lead to growth of various industries. Among various industries,
manufacturing industry has registered a substantial growth globally. According
to United Nations Industrial Development Organization, the global manufacturing
production registered a year-over year output growth of 3.3 % in the fourth
quarter of 2021. Production from manufacturing sector in industrially
developing countries registered an annual increase of 4.3 % in the same
quarter. Developed countries reported a growth rate of 3.2 % in a year
over-year comparison.
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Companies
profiled in the global market report include:
Thermax
Limited, Forbes Marshall, Sitson India Pvt. Ltd., Johnson Controls, Inc.,
Danfoss, Carbolite Gero Ltd., Deltech Furnaces, The Schaefer Group, Inc.,
AFC-Holcroft, and 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 fuelling market expansion.
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For the purpose of this
report, Reports and Data has segmented the industrial heating equipment market
based on product, application, fuel type, and region:
Regional
Outlook (Revenue, USD Million; 2018-2030)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
MEA
Product Outlook
(Revenue, USD Billion; 2018–2030)
- Heat Pumps
- Furnaces
- Unitary Heaters
- Boilers
- Radiant Heaters
- Others
Application Outlook
(Revenue, USD Billion; 2018–2030)
- Oil & Gas
- Mining Materials & Metals
- Machinery Manufacturing Industry
- Automotive
- Chemical
- Others
Fuel Type Outlook
(Revenue, USD Billion; 2018–2030)
- Fossil Fuel
- Electric
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Key Points Addressed in the Report:
·
A detailed
analysis of the global Industrial Heating Equipment market through assessment
of key market aspects such as technology, product type, application, end-use,
and overall industry dynamics.
·
Qualitative and
quantitative analysis of the market estimation and CAGR calculation for the
forecast period.
·
All-inclusive
assessment of market dynamics with emphasis on drivers, restraints,
opportunities, and limitations.
·
Extensive
profiling of key companies operating in the market including company overview,
financial standing, product offerings, product portfolio, recent product and
technological advancement, and business expansion plans.
Thank
you for reading this article. You can also get chapter-wise sections or
region-wise report coverage for North America, Europe, Asia Pacific, Latin
America, and Middle East & Africa.
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