Bolt Heaters Market

Bolt Heaters Market Research, 2031

The global bolt heaters market size was valued at $179.4 million in 2021, and bolt heaters industry is projected to reach $269.4 million by 2031, growing at a CAGR of 4.2% from 2022 to 2031.

The COVID-19 pandemic led to the temporary long-term halting of manufacturing and construction activities in major economies such as the U.S., Canada, Germany, China, and India. A similar economic decline was witnessed in other countries as well. This decline in manufacturing output and postponing of construction projects deeply hampered the global bolt heater market.

Bolt heaters are used to tighten large bolts that secure heavy machinery and equipment. The shaft of the heater is inserted into the hollow bolt and energized to expand it, allowing further tightening of the nut. It has a wide range of applications in cylinders, die blocks, turbines, engine heads, large compressors, presses, and pressure vessels.

There are numerous drivers for the global bolt heater industry. However, an increase in demand for oil & gas resources in the power generation and transportation sector increases demand for bolt heaters. In addition, the rise in demand for marine trade activities drives the growth of the bolt heater market. Growth in population and industrialization is expected to increase demand for huge power generation facilities.

The expansion of oil and gas pipeline building in developing nations like China and India has a beneficial effect on the market's growth. The building of wind and hydropower facilities in response to the rising need for electricity has increased the demand for different types of turbines. The need for turbines in the industry of power production has increased the demand for gas bolt heaters. In addition, the expansion of maritime transportation because of the global commerce boom fuels market expansion.

The electric bolt heater is expected to show a significant growth rate during the forecast period due to increased use of bolt heaters in power production, oil and gas, and other crucial industries. The rise in demand for the food and plastic processing sectors has a considerable effect on bolt heater demand. In addition, there has been a progressive increase in the use of airplanes for commercial transportation, which has increased the need for electric board heaters throughout aircraft buildings. In addition, ocean shipping, which transports around 90% of all commodities around the world via waves, is a significant mode of global commerce transportation. Over 13 million cargo ships are used in the ocean transportation business hence there is a huge demand for bolt heaters that provide various services.

Rise in Use of Bolt Heaters in Various End Use Industries

There is a rise in the use of bolt heaters in various applications such as oil and gas, marine, power generation, food & plastic processing, and others. The global energy consumption is projected to increase by 50% in the following two decades. The rise in global population and increase in living standards in developing nations are both responsible for this increase in demand. Petroleum fuel continues to be a significant energy source globally even if new and renewable energy sources are gaining popularity. Over the next decades, this tendency is anticipated to support the expansion of the downstream oil & gas business. There were plans to build new refineries around the nation, which is projected to boost the expansion of the market.

Marine vessels include any tanker, freighter, barge, or other watercraft used for the bulk transportation of solid or liquid cargo, such as grain, coal, rock, petroleum liquid, or crude oil. The shipbuilding, port, shipbuilding supply, marine engineering, offshore wind energy, and maritime research and development industries are the most significant segments of the maritime sector. The demand for the transportation of goods by waterways is increasing in the seaborne freight sector due to cargo safety and cost-effectiveness. Marine transportation is less costly for shipping products compared to air and road transit. Ships can transport more cargo from one location to another in a short amount of time. Hence, rapid development of the marine industry has a significant impact on the bolt heaters market.

The demand for bolt heater is anticipated to be aided by elements including convenience and the usage of high-performance materials in the food and plastic packaging sectors. The industry is anticipated to develop faster because of increased efficiency in the avoidance of content contamination and improved shelf-life. In addition, factors like increased disposable income, decline in family sizes, and population growth favor market expansion. The bolt heater market is projected to expand because of the abovementioned cause.

In North America, the U.S. aerospace sector is vital to the global aerospace industry since Boeing manufactures most of the commercial aircrafts. In addition, the U.S. is one of the world's top producers of crude oil. Canada is the sixth-largest producer of natural gas and the fourth-largest producer of oil worldwide. Its oil & gas reserves rank third in the globe. The food & beverage processing sector is also Canada's second-largest manufacturing sector in terms of production value, with $125 billion in sales of commodities produced in 2021.

The second-largest location that generates enormous amounts of wind energy is the European Union. In this region, Germany produces the most wind energy. The windmills of the Netherlands are well-known. Additionally, most of the top manufacturers of turbines, including Siemens and Vestas, have their headquarters in this region. In addition, oil & gas imports from Russia via oil & gas pipelines are the main sources of energy for the European continent. There is a need for the bolt heater market since the existence of these oil & gas pipelines mandates the need for services to prolong their lifespan.

Furthermore, In Asia-Pacific, China and India are the largest countries that influence the growth of the Asia-Pacific bolt heaters market, owing to the large population and growth in residential and commercial building projects. The development of wind turbines and other renewable energy sources is anticipated to be fueled by a rise in energy demand. Furthermore, India is spending more than $40 billion to upgrade its pipelines for oil & gas, port-based liquefied natural gas (LNG) regasification facilities, city gas distribution (CGD) systems, and gas exploration initiatives. The manufacturing of military aircraft, turbines, and aerospace-related goods has increased because of Indian government efforts like "Made in India," which is anticipated to create chances for the expansion of the bolt heater market.

The Paris Agreement, which was signed by the governments of several nations, aims to strengthen the parties' capacity to adapt to the consequences of climate change, mobilize adequate funding, and encourage each nation to decide, plan, and periodically report on its commitment to climate-friendly activities to slow global warming. Both emerging and developed nations are being prompted to raise money and support national and international environmental projects aimed at reducing global emissions due to the increased need for alternative and clean energy sources. In addition, the market will benefit from the growing investments made by the key industry players in the creation of several cutting-edge technologies to boost the effectiveness of solar energy harvesting. Thus, the development of renewable energy from wind and hydropower is projected to drive the demand for heavy machines which is anticipated to offer lucrative opportunities for the global bolt heaters market growth.

The global bolt heaters market forecast is segmented on the basis of type, application, and region. By type, the market is categorized into gas bolt heaters, electric bolt heaters, and flexible bolt heaters. By end use, it is divided into ol & gas, marine, power generation, food & plastic packaging, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

On the basis of type, the gas bolt heaters segment accounted for 51.9% of the bolt heaters market share in 2021 and is expected to maintain its dominance during the forecast period. This is owing to its wide range of applications in food and plastic packaging, power generation, and the construction of oil & gas pipelines.

By end use, it is divided into oil & gas, marine, power generation, food & plastic packaging, and others. The oil and gas segment accounted for the largest revenue share in the global bolt heaters market in 2021. The world energy demand is anticipated to grow by 50% in the next two decades. This growth in demand can be attributed to the growing world population and an improvement in living standards in developing countries. Even though new and renewable energy sources are gaining popularity around the world, petroleum fuel remains a major energy source globally. This trend is expected to continue for the next few decades and favor the growth of the oil and gas downstream market.

Region-wise, North America accounted for the largest market share in the market and is projected to grow at a CAGR of 3.8% during the forecast period. This region is a dominant player in the aerospace, oil & gas, and turbine manufacturing industries, hence the growth and demand for these industries will boost the bolt heater market.

Impact of Covid-19 on Global Bolt Heaters Market

The COVID-19 pandemic led to the temporary long-term halting of manufacturing and construction activities in major economies such as the U.S., Canada, Germany, China, and India. A similar economic decline was witnessed in other countries as well. This decline in manufacturing output and postponing of construction projects deeply hampered the global bolt heater market.

Competitive Landscape

Key players in bolt heater industry includes Protherm Industries, Durex Industries, Indeeco, Heatrex, Cetal, Bucan Electric Heating Devices Inc., National Plastic Heater Sensor, and Control Inc., Vulcanic TEE, Big Chief Inc., Elektrotermija.

Key players are focusing on acquisitions and mergers to expand their product portfolio and strengthen their production capacity. For instance, in August 2021, Indian Oil Corporation Limited announced its plan to invest USD 15 billion to increase its refining capacity three times by 2025. In January 2021, the state-run oil refiner Indian Oil’s board of directors approved setting up a new refinery in Nagapattinam in Tamil Nadu. The refinery is expected to have an annual refining capacity of 9 million metric tons and an investment of INR 31,500 crore. In August 2021, the Indian Oil Group had a refining capacity of 80.2 MMTPA (million metric tons per annum), which accounts for 33% of the total national refining capacity (249.87 MMTPA). Moreover, the group announced that it will boost its annual oil refining capacity to 87.55 million tons by 2025. Owing to several major upcoming projects, the bolt heater market is expected to witness significant growth during the forecast period.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the bolt heaters market analysis from 2021 to 2031 to identify the prevailing bolt heaters market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the bolt heaters market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global bolt heaters market trends, key players, market segments, application areas, and market growth strategies.

 Bolt Heaters Market Report Highlights