Industrial Heating Equipment Market to Reach $72.4 Billion Globally by 2032 at a 5.7% CAGR

Allied Market Research recently published a report titled "Industrial Heating Equipment Market by Product Type (Heat Pumps, Furnaces, and Boilers), Fuel Type (Fossil Fuel and Electric), and End-user Industry (Oil & Gas, Metal & Mining, Chemical, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the industrial heating equipment market was valued at $41.5 billion in 2022 and is projected to reach $72.4 billion by 2032, growing at a CAGR of 5.7% from 2023 to 2032.

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Key Drivers of Growth

Increasing demand for steam boilers across various end-use industries.
Rising investments in expanding power generation capacity.
Growing popularity of geothermal heat pump technology, providing lucrative opportunities for market growth.
However, stringent government regulations on environmental pollution pose a restraint on market growth.

Report Coverage & Details

Report Coverage Details

Forecast Period 2023-2032

Base Year 2022

Market Size in 2022 $41.5 Billion

Market Size in 2032 $72.4 Billion

CAGR 5.7%

Pages in Report 260

Segments Covered Product Type, Fuel Type, End-User Industry, Region
Market Segments

Boilers: Held the highest market share in 2022, nearly half of the global revenue, and is expected to maintain its leadership status.
Heat Pumps: Projected to register the highest CAGR of 6.1% from 2023 to 2032 due to lower installation costs.
Fuel Type Segments

Fossil Fuel: Dominated the market in 2022, with over half of the revenue, and is expected to continue leading.
Electric: Expected to register the highest CAGR of 5.92% from 2023 to 2032 due to simplified maintenance and pollution reduction benefits.
End-User Industry Segments

Others: Includes industries like electronics, semiconductor, paper & pulp, pharmaceutical, and food processing. This segment held the largest market share in 2022 and is expected to grow at a CAGR of 6.06%.
Regional Insights

Asia-Pacific: Held the highest market share in 2022, accounting for over one-third of the global revenue.
LAMEA: Expected to witness the fastest CAGR of 6.99% from 2023 to 2032 due to strong manufacturing activities and economic development.
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Leading Market Players

Carrier
Danfoss A/S
Easco Boiler Corp
Emerson Electric Co.
Ingersoll Rand Inc.
Johnson Controls
Lennox International Inc.
McKenna Boiler Works Inc.
Thermcraft, Inc. (Aeco Corp.)
Uponor Corporation

The report offers detailed insights into these key players, highlighting business performance, operating segments, product portfolios, and strategic moves to showcase the competitive landscape.

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