According to a recent report by Reports and Data, the global market for industrial heating equipment is projected to reach USD 63.35 billion by 2030, with a compound annual growth rate (CAGR) of 6.1% during the forecast period. The growth is primarily driven by the increasing adoption of geothermal pump technology and the growing demand for steam boilers from various industries.
Industries such as chemicals, oil and gas, metals, mining, and others utilize industrial heating equipment such as boilers, heat pumps, and furnaces to facilitate their manufacturing processes. These machines are equipped with advanced technologies to efficiently generate heat for specific industrial operations while ensuring product quality and reducing energy costs. The effectiveness of heating equipment is measured by its ability to meet quality standards in manufacturing processes.
Energy plays a vital role in powering industries, hospitals, and schools. However, energy production is associated with greenhouse gas emissions, particularly carbon dioxide (CO2). In response to the increasing CO2 emissions, many countries are actively working to reduce their energy demand and implement strict regulations to control greenhouse gas emissions. Heat pumps, such as those used in heating equipment, offer an efficient solution to mitigate carbon emissions related to energy generation. Consequently, there is a significant rise in demand for energy-efficient heat pumps among end-users, contributing to the growth of the industrial heating equipment market.
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Key Highlights from the Report:
- In October 2021, Honeywell, a U.S.-based aerospace and technology company, collaborated with Futraheat, a U.K.-based startup, to replace the refrigerant R-123 in Futraheat's TurboClaw steam compressor with Honeywell's Solstice zd (R-1233zd). This collaboration aims to significantly reduce carbon emissions in a cost-effective manner.
- Boilers are crucial for industrial heating processes due to their benefits such as increased durability, improved heat distribution and efficiency, and longevity. They are extensively used in power plants to generate high-pressure steam for electricity generation. Several factors contribute to enhanced boiler efficiency, including fuel quality, water availability, load factor, operating pressure, and power requirements.
- The oil and gas segment is expected to register a high growth rate during the forecast period. This can be attributed to benefits such as reduced energy costs and improved energy security. The industry also plays a vital role in infrastructure development and provides economic opportunities to communities. Heat exchangers are integral in oil and gas processing, including refining and natural gas liquefaction.
- The Asia Pacific region accounted for the largest revenue share in 2020, mainly driven by the booming construction sector in countries like China and India. These countries are witnessing substantial investments in infrastructure, particularly in retail spaces, commercial office buildings, manufacturing facilities, and metro rail lines. Additionally, the increasing demand for boilers in the thermal power sector is fueling market expansion in the region.
Key companies profiled in the global market report include Thermax Limited, Forbes Marshall, Sitson India Pvt. Ltd., Johnson Controls, Inc., Danfoss, Carbolite Gero Ltd., Deltech Furnaces, The Schaefer Group, Inc., AFC-Holcroft, and CHE Furnaces.
The industrial heating equipment market has been segmented by product type (heat pumps, furnaces, boilers), fuel type (fossil fuel, electric), end-use (oil and gas, mining materials and metals, machinery manufacturing, automotive, chemical, others), and region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa).
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