The global Industrial Heating Equipment market is expected to reach USD 3,870.9 Million by 2028, according to a new report by Reports and Data. Global trade in the early first half of 2018 has shown significant improvement after a disappointing trade flow in 2016-2017 owing to low global manufacturing output along with unstable crude oil prices. Moving forward to 2019 and the following years, vulnerability in raw material prices remains a concern along with unpredictable trade policies adopted by major consumers and manufacturers' country. The chemical and the mining segment accounted for the largest share of the industrial heating equipment market. This has been carefully calculated by keeping in mind the chemical industries outlook for the future along with giving precedence to capacity addition of the chemical and the mineral, material and mining industries Increase in demand for residential buildings in U.S. driven by low interest rates, decrease in unemployment rates and low debt service rations will positively contribute to the construction activities which in turn will aid to the growth of Industrial Heating Equipment Market
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Further key findings from the report suggest
- Heat pump was valuated at USD 2.44 billion at 2017 and is estimated to reach USD 3.33 billion by the end of the forecasted period. Growth rate attributed to this segment is 4.0%. This segment's growth is attributed to the exponential growth in capacity of the SME's under the specialty chemical industry in Asia. This segment had a decline in production by 11% during the period 2014-2016, however is expected to pick up by the end of 2019.
- The U.S. region is expected to grow significantly during the forecasted period at a CAGR of 4.6%. The industrial sector in U.S. contributed over 30% to the thermal demand U.S. Petroleum refining and Chemicals industry accounted for 31% and 20% of the total process heating energy use in 2010.The petroleum refining and chemicals industries each use more than 1,000 TBtu (1 quad) of energy for process heating.
- The demand for thermal energy of a refinery varies from 900 gigajoules to 3.6 terajoules depending on the size of the plant. Canada industrial manufacturing sector accounts for over 65% of the total thermal energy demand. The paper & pulp and petroleum refining industry are the largest consumers of industrial heating equipment
- In June 2018, Danfoss announced the acquisition of additional shares in Leanheat, Finland based developer and provider of turnkey IoT solutions. The company plans to strengthen its global position in building energy optimization and management.
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Key participants include: Danfoss, United Technologies Corporation, Ingersoll-Rand Plc, Lennox International, Inc., Daikin Industries Ltd., Johnson Controls, Robert Bosch GmbH, Uponor Corporation, Emerson Electric Co. and Honeywell International Inc. For the purpose of this report, Reports and Data have segmented global Industrial Heating Equipment market on the basis of Product, application and region:
Product (Revenue, USD Million; 2018-2028)
- Heat Pumps
- Unitary Heaters
- Radiant Heaters
Application Outlook (Revenue, USD Million; 2018-2028)
- Oil & Gas
- Mining Materials & Metals
- Machinery Manufacturing Industry
Regional Outlook (Revenue USD Million; 2018-2028)
- North America
- The U.S.
- The UK
- Asia Pacific
- Latin America
- Middle East & Africa
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