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Heating Element Market Size, Trends, Growth Analysis, and Forecast | Valuates Reports
Heating Element Market SizeThe global Heating Element market was valued at US$ 9283.8 million in 2023 and is anticipated to reach US$ 12590 million by 2030, witnessing a CAGR of 4.7% during the forecast period 2024-2030.
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Heating Element Market Trends
1. Rising Adoption in Electric Vehicles (EVs)
The growing adoption of electric vehicles has boosted the demand for advanced heating elements for battery temperature management and cabin heating systems. This trend aligns with the global shift toward sustainable transportation solutions.
2. Innovations in Smart Heating Technologies
The integration of IoT (Internet of Things) in heating elements has led to smart solutions that allow remote control and monitoring. Applications such as smart home appliances and industrial heating systems are driving the market forward.
3. Demand for Energy-Efficient Solutions
Energy efficiency is a critical factor for consumers and industries alike. Heating elements with improved energy consumption and reduced heat loss are gaining popularity, particularly in regions with stringent energy regulations.
Heating Element Market Share
Global core heating element manufacturers include Zoppas Industries, NIBE Industrier AB, Watlow (Tinicum) etc.The top 5 companies hold a share about 25%.Geographically speaking, China holds about 40% of global market share, followed by Europe with about 30% share. In terms of type, tubular heaters segment holds an important share of over 20%. In terms of application, appliances segment accounts for over 30% of the total share.
By Type
• Immersion Heaters
• Tubular Heaters
• Circulation Heaters
• Band Heaters
• Strip Heaters
• Coil Heaters
• Flexible Heaters
By Application
• Chemical Industry
• Pharmaceutical Industry
• Transportation
• Appliances
Key Companies
Zoppas Industries, NIBE Industrier AB, Watlow (Tinicum), Zhenjiang Dongfang Electric Heating Technology, Hangzhou Heatwell Electric Heating Technology Co., Ltd., Tutco, Sino-Japan Electric Heater, Headway Electric Heat Components, Thermowatt (Ariston Thermo), Tempco Electric Heater Corporation, Thermon Group Holdings, Inc., Spirax-Sarco Engineering plc, Minco Products, Inc., Tamman, Hotset GmbH, OMEGA(Spectris plc), Indeeco, Holroyd Components Ltd., Wattco, Industrial Heater Corp., Friedr. Freek GmbH
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