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. Europe accounted for the highest share in 2020, and is estimated to continue its lead position by 2030. During the Covid-19 pandemic, manufacturing activities of fired air heaters restrained completely or partially due to lockdown measures implemented in many countries.
Portland, OR, Oct. 28, 2021 (GLOBE NEWSWIRE) -- 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. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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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Manufacturing activities of fired air heaters restrained completely or partially due to lockdown measures implemented in many countries. Moreover, disruptions in the supply chain and shortage of raw materials presented challenges in carrying out manufacturing with full capacity.
The demand from end-use industries such as petroleum refineries, power generation, chemical processing, and others reduced significantly due to stoppage in day-to-day operations during the lockdown. However, the demand is estimated to grow steadily post-lockdown as daily operations get back on track.
The report offers detailed segmentation of the global fired air heaters market based on fired type, fuel type, end-user industry, and region.
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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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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.
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