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Bolt Heaters Market Is Anticipated to Grow further till USD 298.2 million by 2032 | Indeeco, Hotco, Vulcan, Ivaldi, Big Chief
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Market Trends and Drivers
The market is expanding as a result of the accelerated urbanisation and industrialization of emerging nations, as well as the rising use of heavy construction equipment. The need for bolt heaters is being driven up by the usage of these devices in the installation and maintenance of various pieces of industrial equipment in places like shipyards, thermal power plants, and metallurgy. Additionally, since equipment tends to wear down over time as it is utilised, rising production and equipment utilisation create a demand for maintenance and repair (M&R) services. Therefore, during the course of the projected period, these market drivers are anticipated to fuel market expansion.
Global Bolt Heaters Market Segmental Overview
The global bolt heaters market is segmented into type, end use, and region.
Major Players in the Global Bolt Heaters Market
The key players studied in the report are Indeeco, Hotco, Vulcan, Ivaldi, Big Chief, ProTherm, CETAL, HEATCO, ASPEQ, and Thermon Heating Systems among others.
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COVID-19 Impact
Manufacturing and building activities were temporarily and permanently stopped as a result of the COVID-19 epidemic in developed nations like the United States, Canada, Germany, China, and India. Other countries have experienced a similar economic collapse. The global bolt heater market was severely impacted by this drop in manufacturing production and the postponement of construction projects.
Recent Developments
August 2020, Nippon Steel Engineering, Co., Ltd. announced that it has completed modification work on a tundish ordered from Mitsubishi Steel Muroran Inc.
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