In 2020, the global fired air heaters market size was more than USD 316.1 million. The global fired air heaters market is forecast to grow at a compound annual growth rate (CAGR) of nearly 2.2% during the forecast period from 2021-2027.
The combustion of oil, gas or a mix of these fuels generates heat in a fired air heater. Steam generators and petroleum refineries use fired air heaters. Across the world, they are called fired air heaters, furnaces, and process furnaces. Chemical and hydrocarbon processing industries typically use hot air heaters, including refineries, gas plants, petrochemicals, chemical plants, olefins, ammonia, and fertilizer factories.
Factors Affecting the Market
In emerging countries, the growing demand for heating equipment for industrial applications is the leading factor driving the market for fired air heaters.
In developing economies, such as China, India, Japan, and Brazil, continuous and stable energy demand drives the market for heating equipment, and thus for fired air heaters. Fired air heaters are seeing increasing demand in the manufacturing, power generation, and processing sectors because of their quick startup, high efficiency, and reliability.
The increased investment in power generation capacity is also a driving factor for the fired air heaters market. As product manufacturing technologies have advanced over decades, the demand for fired air heaters has grown substantially. Increasing industrialization and urbanization are responsible for the rise in power generation.
Government regulation of pollution levels acts as a market restraint. The rising amount of air pollution due to the burning of fossil fuels such as oil and gas is becoming a serious concern for the global market. It has led to severe health and environmental problems, which will continue to hamper the growth of the fired air heaters market during the forecast period.
The processing industry uses fueled air heaters to heat gases or liquids to the temperature required. A crucial step in the modernization of fuel-fired air heaters is the incorporation of internet-of-things (IoT), which allows for monitoring of the operating system. As a result, the integration of IoT into heated air heaters will create opportunities for the adoption of heated air heaters, leading to significant growth in the fired air heater market in the forecast period.
Covid-19 Impact
When COVID-19 broke out, the construction, manufacturing, hotel, and tourism industries suffered the most. Production activities have slowed or halted. Offices and companies ceased operations. As a result, there was a decline in the production and demand for fired air heaters, which hampered market growth in that region. On the other hand, manufacturing and services are gradually returning to normal. There is an expectation that this will lead to the resumption of full-scale operations of fired air heater companies by the end of 2021, which will help the market for fired air heaters to recovery.
Regional Overview of the Market
Europe held the dominant position in 2020. Latin America, Middle East, and Africa will grow at a higher rate over the forecast period due to investments in the development of new infrastructure.
Key Players
Several leading competitors in the global fired air heater market are:
Aim of the Report
The global fired air heaters market segmentation focuses on Fired Type, Fuel Type, End-User, and Region.
Segmentation based on Fired Type
Segmentation based on Fuel Type
Segmentation based on End-User
Segmentation based on Region
