According to the study, the direct-fired heaters was estimated to account for over 70% market share in the global fired heaters market. The increasing consumer demand for cost-effective yet highly productive fired heaters, coupled with a higher preference for efficient heating equipment has translated into a significant demand for direct-fired heaters, in light of their capability to attain 100% operational efficiency. This rise in demand for direct-fired heaters is prompting leading manufacturers to focus on the development of equipment with improved air volume to heat output ratios.
The study finds that energy demand witnessed a remarkable rise in 2018, and the consumption continues on an upward spiral, primarily driven by pervasive rise in cooling and heating requirements. As fired heaters used in process industries, such as chemical, petrochemical and pharmaceutical, account for a notable energy consumption, leading manufacturers are putting efforts to optimize the heater operation even in fluctuating loads. Development of hardware-based control schemes to reduce the NOx emissions, is another key focus area of leading players in the fired heaters market.
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Attractiveness of East Asia for Fired Heater Manufacturers Endures
According to the study, East Asia will continue to remain the most attractive market for fired heaters, with sales estimated to account for nearly 25% sales in 2019. China continues to remain an attractive market for fired heater manufacturers, and accounts for over 70% sales in East Asia. As China is home to numerous chemical and petrochemical process equipment facilities, the market players continue to focus on strengthening their distribution and optimizing the supply chain to leverage the growth potential in the country.
South Asia will also remain lucrative for fired heater manufacturers, and the study opines that sales in the region will grow at a relative faster rate than those in East Asia in the foreseeable future. This can be significantly attributed to the lucrativeness of key countries such as India, where manufacturing and production facilities of chemical & petrochemical products & equipment are likely to grow in the upcoming years. The opportune potential of East Asian and South Asian markets has traditionally been strong for players in the fired heaters market, and the status-quo is expected to prevail in the near future, as more manufacturers invest into erecting manufacturing facilities in the region to cater growing demand.
Investment of fired heater manufacturers into new product development has gained a remarkable uptick in recent years, owing to the widening application scope of these equipment. These players are also emphasizing discovery of new materials, along with process innovations, to save on cost and comply with sustainability goals of the energy & power industry.
Process-specific production of fired heaters is a key focus area of the market stakeholders, which has gained significant emphasis recently, in line with the growing number of contract-based deals between manufacturers and customers for delivering customized solutions, which in turn has led to application diversity of the fired heaters.
This Fact.MR report offers a long-term perspective of the fired heaters market for the period, 2018 to 2028. The fired heaters market is forecast to record a volume CAGR of nearly 7% through 2028.
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Fired Heaters Market Growth Overview and Predictions on Size, Share and Trend Through 2028
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