Industrial Heating Equipment Market

The industrial heating equipment market was valued at $36,861.7 million in 2020, and is expected to reach $64,134.8 million by 2030, registering a CAGR of 5.8% from 2021 to 2030. Industrial heating equipment include systems such as boilers, heat pumps and furnaces used in industries such as chemical, oil & gas, metal, mining and others to carry out manufacturing processes. Boiler is a closed vessel in which water or other liquid is heated and steam is generated, which then acts as a driving force for machines when disposed under high pressure. In addition, heat pump is a device used to warm or cool the spaces by transferring the heat. Moreover, furnaces are devices used as a major component of a central heating system.

The COVID-19 pandemic had a negative impact during the first and second quarter of 2020. However, the market started recovering thereafter in the third and fourth quarter.

The industrial heating equipment market is majorly driven by rise in demand for steam boilers from various end-use industries. Increase in continuous and stable energy demands from industries in developing economies, such as China, India, Japan, and Brazil, boosts the growth of the steam boiler, which in turn drives the industrial heating equipment market. Also, increase in oil & gas exploration and production activities and rise in expansion projects coupled with other construction activities in developing and developed economies propels the demand for steam boilers, which, in turn, drives the growth of the market in the coming years. In addition, increase in investment toward adding power generation capacity is driving the industrial heating equipment market. The industrial heating equipment market in regions, such as 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 in the region.

However, implementation of stringent government regulations toward environmental pollution acts as restraint to the industrial heating equipment market growth. Alarming rise in air pollution caused due to use of fossil fuels for operating the heating equipment acts as a major restraint in the global market. Furthermore, during the COVID-19 outbreak, mining, manufacturing, and oil & gas industries were majorly affected.

Construction activities were also stopped or restricted to a huge extent. Manufacturing and transportation activities along with their supply chains were hampered on a global level. This directly hampered the industrial heating equipment market growth. However, the market gained stability in third and fourth quarter of 2020. Moreover, gradually all industries are resuming their regular manufacturing and services. This is further expected to lead to re-initiation of industrial heating equipment companies at their full-scale capacities, which is expected to help the market to start to recover by mid of 2021.

On the contrary, increase in popularity of geothermal heat pump technology has led to adoption of these heat pumps in manufacturing processes and will be a major opportunity for industrial heating equipment market during the forecast period.

The industrial heating equipment market is segmented on the basis of product type, fuel type, end-user industry and region. On the basis of product type, the market is divided into heat pumps, furnaces and boilers. On the basis of fuel type, the market is divided into fossil fuel and electric. Depending on end-user industry, it is classified into oil & gas, metal & mining, chemical and others. By region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Spain and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

By product type, in 2020, the boilers segment dominated the industrial heating equipment market, in terms of revenue, and heat pumps segment is expected to witness growth at the highest CAGR during the forecast period. On the basis of fuel type, the fossil fuel segment led the market in 2020, in terms of revenue, and electric segment is anticipated to register highest CAGR during the forecast period. On the basis of end-user industry, the others segment led the market in 2020, in terms of revenue, and is anticipated to register highest CAGR during the forecast period. By region, the Asia-Pacific region led the market in 2020, in terms of revenue, and LAMEA region is anticipated to register the highest CAGR during the forecast period.

Competition analysis

The major players profiled in the industrial heating equipment market include Carrier, Easco Boiler Corp., Emerson Electric Co., Ingersoll Rand Inc., Johnson Controls, Inc., Lennox International Inc., McKenna Boiler Works Inc., The Danfoss Group, Thermcraft, Inc. and Uponor Corporation. Major companies in the market have adopted strategies such as product launch, acquisition and partnership, to offer better products and services to customers in the industrial heating equipment market. 

Key Benefits For Stakeholders

• The report provides an extensive analysis of the current and emerging industrial heating equipment market trends and dynamics. 
• In-depth industrial heating equipment 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.
• A comprehensive analysis of four major regions is provided to determine the prevailing opportunities.
• The 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 understand the competitive outlook of the market industry.

 Industrial Heating Equipment Market Report Highlights