The fired air heaters market was valued at $516.1 million in 2020, and is expected to reach $797.9 million by 2030, registering a CAGR of 4.2% from 2021 to 2030. Fired air heaters are used to increase the temperature to carry out manufacturing processes in refineries, gas plants, petrochemical, chemicals, and synthetics industries. Fired air heaters are fired by using oil or gas or both as fuel. The direct fired air heaters usually use gas as fuel and have high efficiency, whereas indirect fired air heaters use both oil and gas as per requirement.
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Increase in investment toward adding power generation capacity, owing to rise in industrialization, urbanization, and commercialization in emerging countries is one of the major driving factors of the fired air heaters market. The demand for fired air heaters continues to witness substantial growth due to advancements in product manufacturing technologies over decades. Moreover, increase in continuous and stable energy demand from industries in developing economies has given rise in demand for heating equipment for industrial applications in emerging countries, which is another driving factor of the fired air heaters market.
However, government bodies around the world have implemented stringent regulations toward environmental pollution caused by combustion of oil and gas, which acts as a restraint to the fired air heaters market. Furthermore, the outbreak of COVID-19 has led to halt in logistics and manufacturing activities across the globe, which, in turn, led to interruption of supply chain, thereby hindering the growth of the fired air heaters market. However, this situation is expected to improve as governments have started relaxing norms around the world for resuming business activities.
On the contrary, integration of IoT in fired air heaters makes them operate more efficiently, which is anticipated to open new avenues for the fired air heaters market during the forecast period.
The fired air heaters market is segmented into fired type, fuel type, end-user industry, and region. By fired type, the market is bifurcated into direct and indirect. On the basis of fuel type, it is divided into oil and gas. End-user industries covered in the study include petroleum refineries, power generation, chemical processing, and others. Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Spain, and the rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and the rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
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Leading Players:
The major players profiled in the fired air heaters market include Allmand Bros., Inc. (Briggs & Stratton), Cambridge Air Solutions, Comtherm Ltd, Exotherm Corporation, Hastings HVAC, JetHeat, LLC, Multitek, Stelter & Brinck, Ltd., Thawzall (Tamarack Industries), and Therm Dynamics. Major players in the market have adopted product launch and business expansion as their key developmental strategies to offer better products and services to customers in the fired air heaters market.
KEY FINDINGS OF THE STUDY
- By fired type, the direct segment was the highest revenue contributor in 2020.
- By fuel type duration, the gas segment was the highest revenue contributor in 2020.
- By end-user industry, the others segment dominated the market in 2020.
- By region, Europe generated the highest revenue in 2020.
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