Industrial Heating Equipment Market Size
The market for industrial heating equipment was worth $21.7 billion in 2023. It is expected to increase at a rate of more than 6.8% per year from 2024 to 2032, thanks to rising demand from industries including manufacturing, chemicals, and food processing.
Industrial heating equipment is necessary for many industrial and processing tasks, such as dealing with metal, processing chemicals, making food, and more. These systems are made to create and keep the high temperatures needed for certain industrial processes, making sure that the outcomes are safe, efficient, and consistent. New technologies have made heating systems that use less energy and are better for the environment. These systems can manage the temperature exactly, run automatically, and produce less emissions. These new ideas help businesses achieve their production needs while keeping their impact on the environment and their expenses as low as possible.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Industrial Heating Equipment Market Size in 2023 | USD 21.7 Billion |
| Forecast Period | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR | 6.8% |
| 2032 Value Projection | USD 39.2 Billion |
| Historical Data for | 2021 - 2023 |
| No. of Pages | 150 |
| Tables, Charts & Figures | 54 |
| Segments covered | Technology, Application & Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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Industrial Heating Equipment Market Trends
The industry will increase because of ongoing improvements in energy efficiency and the use of IoT in smart control systems. Also, strict environmental rules and a shift toward renewable energy sources are pushing manufacturers to come up with new ideas and use cleaner heating technology, which speeds up the rollout of the products. More money is going into the manufacturing sector, and small and medium-sized businesses are becoming more contemporary. This will be good for business.
Industrial Heating Equipment Market Analysis
By 2032, the market for industrial heating equipment for furnaces will be worth more than $5 billion. There are some big changes happening in the sector because of new technologies and a greater focus on sustainability. One big trend is that more people are using heat pumps since they are more energy-efficient than traditional heating systems. This means that they can save a lot of energy and lower operating costs. The product's growth will be fueled by a shift toward renewable energy sources that is in line with global initiatives to lower carbon footprints and fight climate change.
The market for food processing industrial heating equipment will expand by more than 7% each year till 2032. The corporate landscape will grow as more people want equipment that supports high efficiency and energy conservation, and as more people focus on equipment that can manage alternative energy sources. The industry's outlook will be boosted by rising disposable income and a growing desire for goods that are more natural and less processed.
By 2032, the market for industrial heating equipment in the Asia Pacific region will be worth more than $12 billion. Flexible FDI policies and government backing give investors great chances to make money. Investors and businesses in the area benefit from having access to cheap labor and the ability to make things in large quantities. Also, the fact that people are moving toward cleaner fuels and taking steps to save energy would increase the market for the product.
The commercial heating equipment market in the U.S. will rise because people are using more energy and are worried about energy security. Rapid investment in businesses in line with the launch of plans and programs creates a positive environment for industry growth. The industry is moving toward smart heating systems that use enhanced controls and the Internet of Things (IoT) to improve heating performance and make users more comfortable. As businesses struggle to meet the country's ambitious renewable energy goals, there is a growing interest in renewable heating solutions that lower carbon emissions. This will make the industry more dynamic.
Industrial Heating Equipment Market Share
Say hello to IHI Corporation, the heating wizards for businesses! They've been making waves in the industry for years, coming up with the newest and best ways to heat things. IHI has heating solutions that are both clever and efficient for everyone from the biggest oil and gas companies to the biggest chemical companies. They always think about the future and sustainable energy, so their tools help businesses save money, cut down on waste, and keep the Earth happy. But it's not only the devices that matter. IHI is a group of professionals who are here to help. They'll help you figure out exactly what you need and make sure your heating system is perfect for your business. When you work with IHI, you're not just getting tools; you're also gaining a partner in making things more productive and sustainable.
Industrial Heating Equipment Market Companies
The key industry players include
- ANDRITZ
- Atlas Copco AB
- Babcock and Wilcox Enterprises, Inc.
- Carrier
- Dalrada Climate Technology
- Chromalox
- Clayton Industries
- Daikin Industries Ltd.
- Emerson Electric Co.
- Groupe Atlantic
- Hurst Boiler and Welding Co, Inc.
- IHI Corporation
- Johnson Controls
- Lennox International Inc.
- MAN Energy Solutions
- Mitsubishi Electric India Pvt. Ltd.
- Miura America Co., LTD.
- Robert Bosch GmbH
- Siemens Energy
- Swegon Ltd.
- Tenova S.p.A
- Thermax Limited
- The Fulton Companies
- Trane Technologies
Industrial Heating Equipment Industry News
- In September 2023, Carrier Global Corporation supports the U.S. Climate Alliance's heat pump initiative to decarbonize buildings. Heat pumps are crucial in fighting climate change globally, with plans to add USD 10 million more in production. They're highly energy-efficient, potentially reducing emissions by 160 million metric tons in U.S. homes. Heat pumps provide both heating and cooling, offering precise temperature control like air conditioners.
- In April 2023, Robert Bosch GmbH unveiled plans to invest USD 1 billion in its European heat pump production by 2030, emphasizing its commitment to climate targets. A significant portion of this investment will go towards producing indoor units for its new propane (R290)-based residential heat pump in Eibelshausen, Germany. Bosch will also allocate around USD 275 million for a new heat pump production facility in Dobromierz, Poland, aiming to start production by 2026 and create 500 jobs by 2027. With an expanded portfolio and growing sales, Bosch anticipates meeting the rising demand for heat pumps in Europe, driven by initiatives like REPowerEU targeting 30 million additional installations by 2030.
This industrial heating equipment market research report includes in-depth coverage of the industry with estimates & forecast in terms of “000 Units” & “USD Million” from 2021 to 2032, for the following segments
Market, By Technology
- Heat Pump
- Boiler
- Furnace
- Water Heater
- Others
Market, By Application
- Food Processing
- Pulp & Paper
- Chemical
- Refinery
- Primary Metal
- Others
The above information has been provided for the following regions and country
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Portugal
- Romania
- Netherlands
- Switzerland
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Latin America
- Brazil
- Argentina
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