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The fired heaters market size is forecast to increase by USD 162.3 million, at a CAGR of 3.31% between 2023 and 2028. The global oil and gas refinery capacity is on the rise, driven by increasing demand for refined products worldwide. Concurrently, emerging regulations and escalating government initiatives aimed at reducing emissions are reshaping the energy landscape, prompting the adoption of cleaner technologies and sustainable practices across the industry. Moreover, the global petrochemical and specialty chemicals industries are experiencing robust growth, fueled by evolving consumer preferences, technological advancements, and expanding applications across various sectors. These interconnected trends underscore the complex dynamics shaping the energy and chemicals sectors, where efforts to meet growing demand for energy while mitigating environmental impact are driving innovation and restructuring industry operations. As stakeholders navigate this evolving landscape, there are opportunities for collaboration, investment in research and development, and the adoption of more efficient and sustainable practices to foster long-term viability and resilience in the face of changing market dynamics and regulatory frameworks. Our market growth analysis report examines historic data from 2018 - 2022, besides analyzing the current and forecasts market scenario.
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The market is witnessing a paradigm shift with the integration of advanced technologies like the Internet of Things (IoT) and digitalization, revolutionizing heat generation processes. With a focus on reducing CO2 emissions and adhering to stringent environmental regulations, the industry is adopting advanced control systems and automation technologies to optimize efficiency. Direct Fired Heaters and Indirect Fired Heaters, including horizontal cylindrical variants, are pivotal in various applications such as fired air heaters, steam generation, and process heaters in gas plants. Connectivity solutions enable real-time monitoring and predictive maintenance, ensuring seamless operations and minimizing downtime. Moreover, the integration of emission control technologies further enhances environmental sustainability while meeting industry demands for reliable and efficient heat generation equipment. As the market continues to evolve, fired heaters play a crucial role in driving innovation and progress across diverse sectors. Our researchers studied the market research and growth data for years, with 2023 as the base year along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growth in global petrochemical and specialty chemicals industries will drive the market growth. Petrochemical products such as polyethylene, polypropylene, polyvinyl chloride, polystyrene, and polycarbonate, fertilizers, and specialty chemicals such as paints, coating, industrial cleaning chemicals, and catalysts form most of the global chemical industry output. The output from these industries is used across a variety of fields and end-use applications. As a result, the demand for fired heaters from the petrochemical industry is high.
The rising demands for NOx reduction driving design variations will notably impact the market growth positively. In the past decade, fired heaters were designed with industry specifications to meet regulations and standards at the time of installation. However, the scenario has changed largely. Fired heater companies are incorporating necessary equipment and design patterns to modify the fired heater to meet the upgrades in standards and regulations. As per the current regulations, the emission standard of NOx is 76 parts per million by volume (ppmv). Many manufacturers are designing their heaters to meet future demands which will fuel the market during the forecast period.
Wind and solar power plants are increasingly preferred over fossil fuel-based power plants, especially in developed countries. Fossil fuel-based power plants that traditionally provide baseload power capacity are increasingly used to supplement the increased demand for electricity during peak hours, which cannot be met by renewable energy in some countries.
For instance, the share of coal in generating electricity decreased to less than 10% in Austria, France, New Zealand, Luxembourg, Switzerland, and the UK, as of November 2020. This is the major factor slowing down the fired heaters market growth.
The market share growth by the oil and gas segment will be significant during the forecast period. In the oil and gas segment, fired heaters are essential for heating thermic fluids, process fluids, feedstock, charge heating, steam heating, and thermal cracking in refineries. The design of these units depends on the application and the choice between vertical cylindrical or box-type furnace designs. These units are offered either for offshore or onshore installation.
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The oil and gas segment was valued at USD 419.30 million in 2018. Petrochemicals are produced through a process called cracking. This entails splitting large hydrocarbon molecules into small molecules. Two different kinds of cracking are common: fluid catalytic cracking is used for petroleum fractions, and steam cracking is used for natural gas liquids. These processes frequently include the use of extreme temperature and pressure.
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APAC is estimated to contribute 31% to the growth by 2027. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Air Industrie Thermique, Boustead Singapore Ltd., ComEnCo Inc., Esteem Projects Pvt. Ltd., Exotherm Corp., G.C. Broach Co., Hastings HVAC Inc., Kilburn Engineering Ltd., Optimized Process Furnaces, Petrosadid Group, Pirobloc S.A, SCANDIUZZI STEEL CONSTRUCTIONS, Sigma Thermal Inc., Stelter and Brinck Ltd., TechEngineering S.r.l., Thermax Ltd., Tulsa Heaters Midstream, UnitBirwelco Ltd., and WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP.
Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market plays a critical role in various industries, including chemicals and synthetics, fertilizer plants, petroleum refineries, and manufacturing activities. With a focus on efficient heat generation, these heaters are essential for processes involving olefins, ammonia, and chemical processing. As rapid industrialization and urbanization drive demand, the need for reliable power generation and processing industries equipment increases. However, this growth also contributes to environmental pollution and air pollution, leading to health problems and environmental degradation. Fired heaters address the energy requirements of diverse sectors while mitigating reliance on fossil fuels and reducing emissions. They are integral to construction, hotel, and tourism industries, supporting essential operations and ensuring comfort and safety. As industries strive for sustainability, the adoption of advanced fired heater technologies becomes imperative to balance industrial growth with environmental preservation.
Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.31% |
Market Growth 2024-2028 |
USD 162.3 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.16 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 31% |
Key countries |
US, China, Germany, Canada, Japan, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Air Industrie Thermique, Boustead Singapore Ltd., ComEnCo Inc., Esteem Projects Pvt. Ltd., Exotherm Corp., G.C. Broach Co., Hastings HVAC Inc., Kilburn Engineering Ltd., Linde Plc, Optimized Process Furnaces, Petrosadid Group, Pirobloc S.A, SCANDIUZZI STEEL CONSTRUCTIONS, Sigma Thermal Inc., Stelter and Brinck Ltd., TechEngineering S.r.l., Thermax Ltd., Tulsa Heaters Midstream, UnitBirwelco Ltd., and WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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