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The Global Fired Heaters Market is estimated to grow by USD 158.27 million and the size of the market is forecast to increase by CAGR of 3.32% between 2022 and 2027. There are several factors attributing to the growth of the fired heaters market such as the rise in global oil and gas refinery capacity, emerging regulations and increasing government initiatives to reduce emissions, growth in global petrochemical and specialty chemicals industries, and many more.
This report extensively covers market segmentation by Product (oil and gas, chemicals, and others), Type (direct fired heater and indirect fired heater), and Geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Fired Heaters Market Customer Landscape
Based on product, the market is segmented into oil and gas, chemicals, and others. The market share growth by the oil and gas segment will be significant during the forecast period. The oil and gas segment was valued at USD 408.57 million in 2017 and continue to grow by 2027. 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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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.
Direct-fired heaters will have a positive impact on the market. Direct-fired heaters basically work by using fuel, such as oil or gas, to heat the air. Virtually any style of furnace burner can be used in single or multi-burner configurations due to the flexible design of direct-fired heaters. Some of the major advantages of direct-fired heaters include the following: inexpensive to purchase and easy to install. Additionally, direct-fired heaters can utilize radiant, and convection heat transfer sections and can be constructed in various ways depending on the specific requirements of the customers. Virtually any style of furnace burner can be used in single or multi-burner configurations due to the flexible design of direct-fired heaters. For instance, Sigma Thermal offers convection style, API 560, and non-API radiant, convective heaters from 1MM to 80MM Btu/hr. These factors will influence the growth of the market.
APAC is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The regional market is driven by capacity expansions in the food and beverage, oil and gas, and chemical industries. Various countries in APAC, such as China, Japan, India, Indonesia, Malaysia, and Bangladesh, are witnessing a significant increase in urbanization and the disposable incomes of their citizens. Developing countries such as India, Indonesia, and Malaysia are focusing on improving their domestic manufacturing industries (including food production and chemicals), which will spur the demand for fluid filtration systems in industrial processes. For instance, to promote investment in the manufacturing industry, the Government of India introduced the Make in India initiative. This initiative allows 100% foreign direct investment (FDI) across several manufacturing industries, including food production and chemicals, in the country.
In H2 2021, due to the introduction of vaccines, lockdowns were lifted which has led to the reopening of oil and gas refineries, food processing units, and chemical processing units in the region. By the end of 2022, APAC's oil demand is expected to climb by 1.7 million barrels per day, up from 1.2 million barrels per day in 2021. This has had a favourable effect on the oil and gas industry's expansion. As a result, the demand for fired heaters is predicted to rise, propelling the market forward during the forecast period.
The innovative features and user interfaces are notably driving the market growth, although factors such as growing demand for the global shift toward solar and wind energy may impede the market growth. Our researchers analyzed the data with 2022 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.
Key Fired Heaters Market Driver
Growth in global petrochemical and specialty chemicals industries will drive the fired heaters 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.
Significant Fired Heaters Market Trend
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.
Major Fired Heaters Market Challenge
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.
Vendors 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.
Sigmathermal- Sigmathermal is a major player in the fired heaters market. The company offers fired heaters such as convection heaters, radiant convection heaters. Additionally, the company also offers various products such as thermal fluid systems, electric process heaters, direct fired heaters, process bath heaters, biomass energy systems, waste heat recovery, and other products.
Linde- This company is also a renowned fired heaters manufacturer. It offers fired heaters namely LINDOFLAMM. The company has captured markets primarily in the US, Canada, Mexico and Brazil, approximately 350 of which are mainly cryogenic air separation plants, hydrogen plants, and carbon dioxide plants.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
The report offers, clients a deeper understanding of the market and its players through a combined qualitative and quantitative analysis of the vendors. The analysis classifies vendors into categories based on their business approach, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak to understand the dos and don’ts of business which in turn can help a client make the best decision.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Fired Heaters Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.32% |
Market growth 2023-2027 |
$ 158.27 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.1 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 31% |
Key countries |
US, Canada, China, Japan, India, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, 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 |
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 forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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