The rapid industrialization and urbanization in emerging economies coupled with the increase in use of heavy machinery for construction activities are supporting the growth of the bolt heaters market. Bolt heater is used in assembly and servicing of various equipment in various industrial sectors including Shipyards, thermal power stations, and metallurgy also boost the demand. Furthermore, increased production and equipment use demand for maintenance and repair (M&R) services of equipment as the equipment tends to wear as it is used. Hence, such market drivers are expected to propel the growth of the market over the forecast period.
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Increase in Demands in Various End Use Industries Results in Market Growth
Growing concerns about the environment, carbon emissions, energy consumption, and energy efficiency encouraged the adoption of bolt heaters. Designing heaters with improved thermal performance, thereby achieving lower costs in both domestic and non-domestic areas reduce the overall heating load, which results in increase in demand for the market.
Urbanization and Industrialization in Asia-Pacific region is bolstering the market growth.
With increase in construction activities in developing economies such as China, Japan, and India, the demand for heavy machineries has increased significantly. This has resulted in demand for increase in servicing activities of these machineries and hence, the market for bolt heaters has experienced a significant rise.
Demand for Bolt Heater Rises Significantly in European Countries
Nowadays, bolt heaters are gaining popularity in Europe from the medical industry attributable to their increase in application in the manufacturing of medical surgical equipment. Fast paced lifestyle, urge for good quality living standards, and increase in demand for clean cooking technologies are some factors, which are expected to sustain the demand for bolt heaters in the region.
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Covid-19 Impact Analysis
- The COVID-19’s unfavorable global effects are already evident, and had a big impact on the bolt heaters market in 2020.
- The World Health Organization (WHO) declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths globally. Exports & Imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy’s already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moments since the financial crisis.
- Since the pandemic, the restriction of imports and exports has affected the bolt heaters market to a great extent as consumers’ consumption and demand patterns are changing amidst the pandemic.
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