According to the report published by Allied Market Research, the global fired air heaters market generated $516.1 million in 2020, and is projected to reach $797.9 million by 2030, witnessing 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.
Increase in demand for heating equipment in industrial applications and surge in investments toward additional power generation capacity drive the growth of the global fired air heaters market. However, implementation of stringent government regulations toward environmental pollution restrains the market growth. On the other hand, integration of internet of things (IoT) creates new opportunities in the coming years.
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The report offers detailed segmentation of the global fired air heaters market based on fired type, fuel type, end-user industry, and region.
Based on fired type, the direct segment contributed to the highest share in 2020, accounting for more than four-fifths of the total share, and is expected to maintain its leadership status during the forecast period. However, the indirect segment is projected to register the largest CAGR of 4.9% from 2021 to 2030.
Based on fuel type, the gas segment held the highest share in 2020, accounting for around three-fourths of the total share of the global fired air heaters market, and is projected to continue its dominant share during the forecast period. Moreover, this segment is estimated to witness the largest CAGR of 4.3% from 2021 to 2030. The report also analyzes the oil segment.
Based on region, Europe accounted for the highest share in 2020, contributing to nearly one-third of the total share, and is estimated to continue its lead position by 2030. However, LAMEA is expected to manifest the fastest CAGR of 5.0% during the forecast period.
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Top Competitors:
Leading players of the global fired air heaters market analyzed in the research include Allmand Bros., Inc. (Briggs & Stratton), Comtherm Ltd., Cambridge Air Solutions, Hastings HVAC, Exotherm Corporation, Multitek, JetHeat, LLC, Thawzall (Tamarack Industries), Stelter & Brinck, Ltd., and Therm Dynamics.
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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