Fired Heaters Market Estimated to Soar Higher During 2018 to 2028

Posted by Arslan on July 11th, 2019

The purpose of this comprehensive forecast report presented by FactMR is to elaborate the various market projections impacting the global fired heaters market size during the period through 2018-2028. This assessment delivers high-end statistics concerning market size, growth in trends and revenue share (US& Mn) linked to different geographies and segmentation types. Readers can acquire precise insights about market growth trends along with upcoming opportunities that are expected to reshape the overall structure of the fired heaters market during the forecast period.

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Fired Heaters Market in Numbers:

• The fired heaters market registered a value CAGR of over 5% during the period, 2013 to 2017. The fired heaters industry has been significantly influenced by the various open and seamless trade agreements among established players and vendors worldwide.
• The fired heaters market was valued at over US$ 770 Mn in 2018, and is estimated to record approximately 6% Y-o-Y in 2019.
• East Asia will continue to remain the leading market for fired heaters. . China continues to remain attractive, and accounts for 70% sales of fired heaters in East Asia. As China is home to numerous chemical and petrochemical process equipment facilities, the market players continue to focus on strengthening their distribution and optimizing the supply chain to leverage the growth potential in the country.
• South Asia will remain the high-growth market for fired heaters, underpinned by the lucrativeness of key countries such as India where manufacturing and production facilities of chemical & petrochemical products & equipment are likely to grow in the near future.
• A key trend gaining significant momentum in the fired heaters market is the preference for tailor-made fired heaters, designed by considering the specific requirements of clients.

What are Key Factors Driving Growth of the Structured Cabling Market?

• Recent studies indicate that the global energy demand witnessed a marked uptick, with natural gas gaining traction as the fuel of choice - accounting for over two-fifth share of energy consumption. Fired heaters play a vital role in the natural gas-fired furnaces in the energy & power sector, which in turn continues to uphold their demand.
• Expansion of petrochemical and chemical industry has created massive demand for machinery and equipment in use in these industries, which in turn has driven the adoption of fired heaters for improving the combustion performance.
• The companies in end-use sectors are looking for more optimized and efficient equipment for the purpose of heating various hydrocarbons, and fired heaters witnessed sustained demand for efficient provision of energy to these processes.

The global fired heaters market is characterized by a mix of consolidation of high-end solutions, and fragmentation of low end products. The top five companies collectively account for leading shares of the fired heaters market. Product innovation, development of industry-specific solutions, and expansion in proliferating regional markets, are some of the key growth strategies of leading players in the fired heaters market. Investment into new product developments by fired heater manufacturing giants have witnessed a marked rise in the recent past, owing to the expanding application scope of fired heaters. These players are also focusing on discovering new materials and innovations in processes, to save on cost while focusing on sustainability.

Process-specific development of fired heaters is another key focus area of the market players that has gained emphasis recently, in line with growing number of contracts between manufacturers and end users for delivering customized, tailor-made solutions, which has further led to widening application scope of the fired heaters as a consequence. The opportune potential of East Asian and South Asian markets has traditionally been strong for players in the fired heaters market, and the status-quo is expected to prevail in the near future, as more manufacturers invest into erecting manufacturing facilities in the region to cater growing demand.

Key players operating in the fired heaters market, as profiled in the study, include AbsolutAire, Inc., TechEngineering S.r.l., Optimized Process Furnaces, Inc., G.C. Broach Company, Thermax, Exotherm Corporation, Amec Foster Wheeler, Sigma Thermal, Hetsco Inc., Unit Birwelco Group, and Boustead International Heaters Ltd.