Fired Air Heaters Market

The fired air heaters market size was valued at $516.1 million in 2020, and is expected to reach $797.9 million by 2030, registering a CAGR of 4.2% from 2021 to 2030. Fired air heater is a heat generation equipment that generates heat by combusting of oil or gas or a mixture of both. Heaters used in industries for steam generation and petroleum refining are known as fired air heaters. These fired air heaters are also known as process heaters, furnaces or process furnaces around the world. Fired air heaters are used throughout hydrocarbon and chemical processing industries such as refineries, gas plants, petrochemicals, chemicals & synthetics, olefins, ammonia, and fertilizer plants.

The major driving factor of the fired air heaters market is rise in demand for heating equipment for industrial applications in emerging countries. Increase in continuous and stable energy demand from industries in developing economies, such as China, India, Japan, and Brazil, drives the growth of heating equipment, and thus the fired air heaters market. In addition, owing to properties, such as quick startup time, high efficiency, and reliability of fired air heaters, increase in their demand has been witnessed from sectors such as manufacturing, power generation, and processing industries. In addition, another driving factor for the fired air heaters is increase in investment toward adding power generation capacity. The demand for fired air heaters continues to witness substantial growth due to advancements in product manufacturing technologies over decades. This is attributed to rapid industrialization and urbanization, which has boosted the demand for power generation. Furthermore, the fired air heaters in Asia-Pacific, the Middle East, Latin America, and Europe exhibits potential growth opportunities due to rise in investment toward building and construction of new power generation infrastructure.

However,implementation of stringent government regulations toward environmental pollution acts as a restraint to the market. Alarming rise in air pollution caused due to use of fossil fuels, such as oil and gas, as fuel for operating the fired air heaters acts as a major restraint of the global market. This has resulted in severe health and environmental problems, which are expected to hamper the fired air heaters market growth during the forecast period. Furthermore, during the outbreak of COVID-19, construction, manufacturing, hotel, and tourism industries were majorly affected. Manufacturing activities were halted or restricted. Offices and industries were closed. This led to decline in manufacturing of fired air heaters as well as their demand in the market, thereby restraining the growth of the market. Conversely, industries are gradually resuming their regular manufacturing and services. This is expected to lead to re-initiation of fired air heater companies at their full-scale capacities, which is expected to help the fired air heaters market to recover by the end of 2021.

On the contrary, fired air heaters are widely used in processing industries to heat gases or liquids up to a desired temperature. Upgrading of fired air heaters include integration of IoT in the systems to detect the performance of the operating system. Therefore, integration of Internet of Things (IoT) in fired air heaters will further create opportunity for adoption of fired air heaters and will boost the fired air heaters market trends during the forecast period.

The fired air heaters market is segmented into fired type, fuel type, end-user industry, and region. By fired type, the market is bifurcated into direct and indirect. On the basis of fuel type, it is divided into oil and gas. End-user industries covered in the study include petroleum refineries, power generation, chemical processing, and others. Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Spain, and the rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and the rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

On the basis of fired type, in 2020, the direct segment dominated the fired air heaters, in terms of revenue, whereas the indirect segment is expected to witness growth at the highest CAGR during the forecast period. In 2020, the gas segment dominated the fired air heaters market share and is expected to witness growth at the highest CAGR in the future. By end-user industry, the others segment led the market in 2020, in terms of revenue; however, the power generation segment is anticipated to register highest CAGR during the forecast period. Region-wise, Europe garnered the highest revenue in 2020; however, LAMEA is anticipated to register highest CAGR during the forecast period.

Competition analysis

The major players profiled in the fired air heaters include Allmand Bros., Inc. (Briggs & Stratton), Cambridge Air Solutions, Comtherm Ltd, Exotherm Corporation, Hastings HVAC, JetHeat, LLC, Multitek, Stelter & Brinck, Ltd., Thawzall (Tamarack Industries), and Therm Dynamics. Major players in the market have adopted product launch and business expansion as their key developmental strategies to offer better products and services to customers in the fired air heaters industry.

Key Benefits For Stakeholders

• The report provides an extensive analysis of the current trends, future estimations, and dynamics of the fired air heaters.
• In-depth fired air heaters market analysis is conducted by estimations for the key segments between 2021 and 2030.
• Extensive analysis of the market is conducted by following key product positioning and monitoring of top competitors within the market framework.
• Comprehensive analysis of four major regions is provided to determine the prevailing opportunities.
• The fired air heaters market forecast analysis from 2021 to 2030 is included in the report.
• The key market players operating in the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the market industry.

 Fired Air Heaters Market Report Highlights