WILMINGTON, Del., April 12, 2024 /PRNewswire/ -- Allied Market Research 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 estimated to reach $72.4 billion by 2032, growing at a CAGR of 5.7% from 2023 to 2032.
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Prime determinants of growth
The industrial heating equipment market is expected to witness notable growth owing to rise in demand for steam boilers from various end-use industries and increase in investment toward adding power generation capacity. Moreover, increase in popularity of geothermal heat pump technology is expected to provide lucrative opportunity for the growth of the market during the forecast period. On the contrary, implementation of stringent government regulations toward environmental pollution limits the growth of the industrial heating equipment market.
Report coverage & details
Report Coverage | Details |
Forecast Period | 2022-2032 |
Base Year | 2022 |
Market Size In 2022 | $41.5 Billion |
Market Size In 2032 | $72.4 Billion |
CAGR | 5.67 % |
No. Of Pages In Report | 260 |
Segments Covered | Product Type, Fuel Type, End-User Industry, And Region |
Drivers | Rise In Demand For Steam Boilers From Various End-Use Industries Increase In Investment Toward Adding Power Generation Capacity |
Opportunity | Increase In Popularity Of Geothermal Heat Pump Technology |
Restraint | Implementation Of Stringent Government Regulations Toward Environmental |
The boilers segment to maintain its leadership status throughout the forecast period
Depending on product type, the boilers segment held the highest market share in 2022, accounting for nearly half of the global industrial heating equipment market revenue and is estimated to maintain its leadership status throughout the forecast period. However, the heat pumps segment is projected to register the highest CAGR of 6.1% from 2023 to 2032 owing to low installation cost as compared to the other heating technology, as there is no need to drill boreholes or use expensive equipment for the installation of these pumps.
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The fossil fuel segment to maintain its leadership status throughout the forecast period
On the basis of fuel type, the fossil fuel segment held the highest market share in 2022, accounting for more than half of the global industrial heating equipment market revenue and is estimated to maintain its leadership status throughout the forecast period. However, the electric segment is projected to register the highest CAGR of 5.92% from 2023 to 2032 owing to simplified maintenance and straightforward process control. Furthermore, electricity usage produces no by-products, aiding in pollution reduction.
The others segment to maintain its leadership status throughout the forecast period.
By end-user industry, the others segment held the highest market share in 2022, accounting for more than two-fifths of the global industrial heating equipment market revenue, and is estimated to register the highest CAGR of 6.06% from 2023 to 2032 owing to increase in installation of heating equipment across industries such as electronics, semiconductor, paper & pulp, pharmaceutical, and food processing for operations such as power generation, drying, humidification, and other heating purposes.
Asia-Pacific to maintain its dominance by 2032
Region wise, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global industrial heating equipment market revenue. However, LAMEA is expected to witness the fastest CAGR of 6.99% from 2023 to 2032, owing to strong manufacturing activities, economic development, increase in production activities, and rise in foreign investment.
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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 provides a detailed analysis of these key players of the global industrial heating equipment market. These players have adopted different strategies such as product launch and acquisition to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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