The increasing demand for industrial heaters from various industries such as manufacturing, food & beverages and others is predicted to boost the industrial heaters market growth, says Fortune Business Insights™ in a report, titled “Industrial Heaters Market Size, Share & Industry Analysis, By Technology (Electric-based, Steam-based, Hybrid-based Fuel-based), By Product Type (Pipe Heaters, Duct Heaters, Cartridge Heaters, Immersion Heaters, Circulation Heaters ), By Industry (Oil & Gas, Food & Beverages, Petrochemical Industry, Automotive, Pharmaceuticals, Others) and Regional Forecast, 2019-2026” The rising focus of companies towards partnerships and acquisitions to develop innovative products is predicted to accelerate the growth of the market in the forthcoming years.
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Some of the Major Companies in the Industrial Heaters Market Include:
- Auzhan Electric Appliances Co. Ltd.
- Excel Heaters, Wattco
- Elmatic Ltd.
- Powrmatic Ltd.
- Watlow Electric Manufacturing Company
- Dragon Power Electric Co. Ltd.
According to the Report, based on technology, the market is classified into electric-based, steam-based, hybrid-based fuel-based. The electric-based and steam-based heaters are predicted to witness high growth during the forecast period owing to the rising demand for industries. Furthermore, the increasing adoption of process heaters by industries is predicted to accelerate the growth of the market in the foreseeable future. For instance, as per the analytical results, industrial process heating operations accounts or 65% of the manufacturing sector process energy end-use. Moreover, Industries use different types of industrial heaters, depending on temperature, availability, fuel, and others. Additionally, the growing inclination of industries towards enhancing productivity is likely to enable healthy growth of the market in the forthcoming years. Industrial heaters work on different heating process technologies and designs, such as electric-based, fuel-based, steam-based and hybrid process heating technologies. In addition, increasing technological advancement in electric-based, fuel-based, steam-based, and hybrid process heating technologies is expected to spur new growth opportunities for the market in the forthcoming years.
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1. By Technology
2. By Product Type
- Pipe Heaters
- Duct Heaters
- Cartridge Heaters
- Immersion Heaters
- Circulation Heaters
3. By End-Use Industry
- Oil & Gas
- Food & Beverages
- Petrochemical Industry
4. By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
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Acquisition of CCI Thermal Technologies Inc. by Thermon Group Holdings, Inc. to Create Lucrative Business Opportunities
The increasing technological advancements in the manufacturing sector is predicted to favor the healthy growth of the market. The increasing focus on deducting an operational cost, enhance productivity, increase profit margins and to reduce the greenhouse gases is expected to create lucrative business opportunities for the market in the forthcoming years. Furthermore, the merger between Thermon Group Holdings, Inc and CCI Thermal Technologies Inc. is expected to aid the expansion of the market in the foreseeable future. For instance, October 2017 – Thermon Group Holdings, Inc. acquired CCI Thermal Technologies Inc., a global leader heating and filtration solutions for industrial purposes. This will help Thermon Group is expanding its product portfolio across the globe. Furthermore, the increasing acceptance of different types of industrial heaters in various end-use industries is expected to boost the industrial heaters market revenue during the forecast period. on different heating process technologies and designs, such as electric-based, fuel-based, steam-based, and hybrid process heating technologies.
Key Market Driver – Increasing demand for electro-technologies for efficient workflow in the industrial sectors is driving the market.
Key Market Restraint – Environmental policies by governments, high initial costs, and maintenance are the primary factors that are hindering the growth of the market.
Rising Number Of Registered And Non-Registered Manufacturers to Aid Expansion in North America
Geographically, the industrial heaters market is classified into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. North America is predicted to grow significantly owing to the increasing number of registered and non-registered manufacturers in the region. Increasing demand for industrial heaters in increasing the performance of a manufacturing plant is expected to boost the growth of the market in North America. Moreover, in Asia Pacific, the industrial heaters market is predicted to grow considerably, owing to the adoption of smart and efficient ignition systems in residential and industrial sectors. In addition, the increasing population in countries, such as India and China, is another factor that is predicted to drive the market in the region.
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Key Recent Developments –
- October, 2017 – Thermon Group Holdings, Inc. acquired CCI Thermal Technologies Inc., which is a leader in the development of engineered heating and filtration solutions for industrial purposes. This will help Thermon Group in expending its product portfolio, across the globe.
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