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Industrial Heating Equipment Market's Journey from $36.9 Billion in 2020 to Projected $64.1 Billion by 2030, with a 5.8% CAGR from 2021
The industrial heating equipment market was valued at $36,861.7 million in 2020, and is expected to reach $64,134.8 million by 2030, registering a CAGR of 5.8% from 2021 to 2030Download Sample Copy: https://www.alliedmarketresearch.com/request-sample/A08269
The global industrial heating equipment market is experiencing notable growth, fueled by several key factors. Government investments aimed at boosting industrial growth and productivity, coupled with the rapid adoption of Industry 4.0 technologies, have catalyzed market expansion. Furthermore, advancements in process heating systems, the surge in demand for steam boilers across various fuel type industries, and increased investment in power generation capacity are driving forces behind market growth. Additionally, the growing popularity of dual-source heat pumps is contributing significantly to market expansion.
Market Growth Drivers
The proliferation of industrialization and burgeoning trade and commerce between nations have spurred rapid industrial development in emerging economies. The surge in the number of private companies with substantial capital, combined with significant government investments, has propelled growth across various industries. Particularly, the manufacturing sector has witnessed substantial global growth. According to the United Nations Industrial Development Organization, global manufacturing production exhibited a year-over-year output growth of 3.3% in the fourth quarter of 2021. Industrially developing countries recorded a robust annual increase of 4.3% in manufacturing sector production during the same period, while developed countries reported a growth rate of 3.2% in year-over-year comparison.
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Process Heating and Its Importance
Process heating, essential for manufacturing most industrial products comprising metal, plastic, rubber, concrete, glass, and ceramics, accounts for 2% to 15% of total production costs. Efficient industrial heating systems significantly contribute to the production process, resulting in reduced energy requirements. The rapid uptake of Industry 4.0 technologies and advancements in process heating systems are anticipated to drive demand for enhanced process heating technologies, including advanced sensors, control systems related to combustion products, and integrated heating systems such as super boilers. Companies like Pirobloc, S.A. are designing and installing customized industrial heating systems optimized for parameters such as efficiency, safety, and reliability, thereby bolstering market revenues.
Rise in Demand for Steam Boilers and Dual-Source Heat Pumps
Increasing demand for steam boilers from various fuel type industries and the adoption of dual-source heat pumps are key factors propelling revenue growth. The popularity of steam boilers can be attributed to their ease of integration and operation with turbines or engines, flexible design capabilities, and reduced construction costs. Steam boilers play a pivotal role in heating systems within manufacturing facilities and have seen significant global trade, underscoring their importance. Recent innovations in the boiler industry, including low NOx boilers, packaged skid solutions, plug-and-play boilers, Industrial Internet of Things (IoT) integration, and remote monitoring, have further driven market demand. Additionally, dual-source heat pumps, which combine air-source and geothermal heat pump systems, offer higher efficiency ratings and cost advantages over single geothermal units, thus stimulating market growth.
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Market Dynamics
Drivers: Government investments to boost industrial growth and productivity, along with initiatives to augment power generation capacity, are key market drivers. Process heating plays a pivotal role in the power generation industry, with around 70% of process energy in the manufacturing sector attributed to industrial process heating operations. Investments in process air heating and plant utility heating contribute significantly to maintaining energy efficiency and cost-effectiveness in power generation facilities.
Restraints: Despite market growth, challenges such as pollution associated with fossil fuel combustion in process heating and issues related to scaling and corrosion are impacting maintenance costs. Approximately 90% of the heat during process heating is derived from fossil fuel combustion, necessitating a shift toward renewable fuels to mitigate environmental concerns. Additionally, scaling and corrosion of heating equipment further compound maintenance expenses, restraining market growth.
Product Type Insights
The global industrial heating equipment market comprises heat pumps, furnaces, and boilers. Boilers, including water-tube and fire-tube variants, dominate market revenues owing to their durability and superior heat distribution capabilities. Water-tube boilers, favored for their minimal water consumption, adaptability to shifting loads, and higher efficiency, are preferred over fire-tube boilers. Advancements in boiler technology focus on energy efficiency, low-cost design, and emission reduction, with increasing demand for steam boilers based on renewable energy sources anticipated to drive segment growth.
Competitive Landscape
The global industrial heating equipment market features a fragmented competitive landscape, with numerous key companies operating at both global and regional levels. These companies engage in product development and strategic alliances to expand their product portfolios and bolster their market presence. Major players in the market include 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., and CHE Furnaces
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