Industrial Heating Equipment Market is projected to reach $72.4 Bn & growing at a CAGR of 5.67% from 2023 to 2032.

A recent report from Allied Market Research titled "Industrial Heating Equipment Market" sheds light on significant growth prospects. Starting at $41.5 billion in 2022, the market is estimated to reach $72.4 billion by 2032, boasting a compound annual growth rate (CAGR) of 5.67% from 2023 to 2032.

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Industrial heating equipment plays a pivotal role across various industries, providing the necessary thermal energy for manufacturing, processing, and treatment of products. Electric heating systems, including resistance, infrared, induction, and dielectric heating, are commonly used for their energy efficiency, precise control, and cost-effectiveness. Nearly 85% of local manufacturers across industries such as cosmetics, textiles, cement, steel, and others rely on process heaters to meet their temperature requirements for optimal material manufacturing.

The market's growth is propelled by the increasing demand for industrial heating equipment from diverse end-use industries. Key players are investing heavily in enhancing the power generation capacity of industrial heating equipment, further fueling market expansion. However, stringent government regulations regarding environmental pollution pose a significant barrier to market growth. Conversely, the rising popularity of geothermal heat pump technology presents lucrative opportunities for the industrial heating equipment industry globally.

The global industrial heating equipment market is segmented by product type, fuel type, end-user industry, and region. Boilers dominated the market in 2022, but heat pumps are expected to gain major market share by 2032. Similarly, the electric segment is poised to overtake fossil fuels in market share by 2032. End-user industries driving market growth include oil & gas, metal and mining, chemical, among others. Asia-Pacific leads the market revenue, with notable contributions from countries within the region.

Key Findings of the Study:

The global industrial heating equipment market is projected to reach $72.4 billion by 2032, with a CAGR of 5.67% from 2023 to 2032.
Boilers were the highest revenue contributor in 2022.
The fossil fuel segment dominated the market, with $23,124.3 million in revenue in 2022.
Asia-Pacific was the highest revenue contributor, accounting for $14,449.2 million in 2022.
Major players in the market, including Carrier, Emerson Electric Co., Johnson Controls, Inc., and others, are employing strategies like product launch and acquisition to drive growth. For example, in February 2024, Ingersoll Rand Inc. acquired Friulair S.r.l. to enhance its air dryer business and expand its production capabilities for chillers and heat pumps, thereby increasing its market reach and capabilities.

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented

Full Report: https://www.alliedmarketresearch.com/industrial-heating-equipment-market-A08269
in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry

Full Report: https://www.alliedmarketresearch.com/industrial-heating-equipment-market-A08269

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