The bolt heaters market size was valued at $179.4 million in 2021, and the bolt heaters industry is estimated to reach $269.4 million by 2031, growing at a CAGR of 4.2% from 2022 to 2031.
Bolt heaters are manufactured with a wooden handle attached to a terminal conduit box for easy insertion and removal. It has a wide range of applications in various industries such as oil & gas, marine, power generation, and food & plastic processing. The increase in the investment of the above-mentioned end-use industries is projected to continue during the forecast period as there is a high demand for heavy machinery in these industries.
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The largest application of bolt heater is in the oil & gas market, where it is used to tighten the bolts which are used in heavy machinery and transportation pipelines. The transportation pipeline industry is experiencing rapid growth due to its advantages for the transportation of chemicals and fossil fuels compared to conventional transportation. This increase in the investment of the government in the infrastructure related to the oil & gas industries constitutes the maximum contribution. The increase in demand for transportation pipelines and oil storage facilities is beneficial for the bolt heaters market growth. Bolt heater is used widely in aerospace, power generation, aeronautics, and marine industries. These bolt heaters market trends are expected to boost the market growth during the forecast period.
However, the surge in public and policymaker understanding of the environmental consequences of using coal-based thermal power plants has resulted in the phase-out of coal-based thermal power plants in Europe. Therefore, the demand for bolt heaters in this end-user industry has decreased as the number of coal-based power plants being built globally has decreased. In addition, the availability of alternatives such as manual and mechanical force-based equipment has limited market expansion. Furthermore, a lack of understanding about the utilization of bolt heaters in different small-scale manufacturing enterprises among individuals in emerging and underdeveloped nations is a key issue impeding market expansion.
Key Regulations For the Use Of Bolt Heaters In the Oil and Gas Industry:
- Developing countries such as India have taken initiatives such as a “national gas grid” where huge gas pipelines are being connected from the source of the gas production to the end users. The presence of utilization of gas pipelines in this project has led to the demand for the bolt heaters market.
- In addition, the increase in the investment of developed countries such as the U.S., and Europe have invested huge funds to renovate and repair the oil & gas pipelines which have a significant impact on the development of the market.
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The bolt heaters market forecast is segmented on the basis of type, application, and region. By type, the market is divided into gas bolt heaters, electric bolt heaters, and flexible bolt heaters. The gas bolt heater segment accounted for the largest market share in 2021, owing to its wide range of end-use applications in the oil and gas, aerospace, and marine industry.
By end use, it is divided into oil & gas, marine, power generation, food & plastic packaging, and others. The oil and gas segment accounted for the largest revenue share in the global bolt heaters market in 2021. Bolt heater-based on gas have a wide spectrum of applications such as in oil and gas, food and plastic processing industries, marine industry, and other industries where heavy machinery is utilized.
By end use, the oil and gas segment accounted for the largest share in 2021, owing to the use of bolt heaters for the construction of heavy machinery, pipelines for transportation, and storage containers.
Region-wise, North America accounted for the largest market share in the market and is projected to grow at a CAGR of 3.8% during the forecast period. An increase in the investment of the government and private industries towards the shale and offshore oil and gas resources has benefited the Global bolt heaters market.
Key Findings Of The Study:
- As per bolt heaters market analysis. on the basis of type, the gas bolt heater segment emerged as the global leader by acquiring more than 51.9% of the bolt heater market share in 2021 and is anticipated to continue this trend during the forecast period.
- On the basis of end-use, the oil and gas segment accounted for 34.9% of the global market share in FY2021.
- On the basis of region, North America is the major consumer of bolt heaters among other regions. It accounted for around 38.2% of the global market share in 2021.
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Impact Of Covid-19 On the Global Bolt Heaters Market:
The COVID-19 pandemic led to the temporary long-term halting of manufacturing and construction activities in major economies such as the U.S., Canada, Germany, China, and India. A similar economic decline was witnessed in other countries as well. This decline in manufacturing output and postponement of construction projects deeply hampered the global bolt heaters market opportunities.
Competitive Landscape:
Key players in the bolt heaters industry are Protherm Industries, Durex Industries, Indeeco, Heatrex, Cetal, Bucan Electric Heating Devices Inc., National Plastic Heater Sensor, and Control Inc., Vulcanic TEE, Big Chief Inc., Elektrotermija. These players have adopted various strategies to gain a higher share or retain leading positions in the market.
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