Fired Heaters Market Share, Size, Trends, Industry Analysis Report, By Product Type (Direct-Fired Heaters and Indirect-Fired Heaters); By Configuration (Vertical Cylindrical, Horizontal Cylindrical, Cabin Type, Others); By End User; By Region; Segment Forecast, 2023 – 2032
- Published Date:Oct-2023
- Pages: 116
- Format: PDF
- Report ID: PM3823
- Base Year: 2022
- Historical Data: 2019-2021
The global fired heaters market was valued at USD 512.55 million in 2022 and is expected to grow at a CAGR of 5.1% during the forecast period.
The rapid expansion of industries such as oil and gas, petrochemicals, refining, chemicals, and power generation, which heavily relies on fired heaters for processes such as heating, distillation, cracking, and reforming along with the increasing penetration on energy efficiency to reduce operating costs and environmental impact, are primary factors fueling the market growth.
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In addition, ongoing maintenance, repair, and replacement needs for existing fired heaters ensure a steady demand in the market, as industries significantly invest in regular maintenance and repair services to optimize the performance and reliability of their fired heaters, thereby pushing the fired heaters market growth forward.
- For instance, in May 2023, Dexon Technology, announced the launch of Dexon Technology Inc. USA, a completely new subsidiary dedicated to serve the Canada and US markets. The recent launch will specialize in smart pigging of both offshore and onshore oil & gas pipelines and fired heaters.
Moreover, continued research and development in fired heater technologies and growing investments in the development of advanced combustion systems, controls, and automation solutions, enabling companies to offer improved performance, better safety features, and enhanced operational efficiency, while complying with safety regulations and emission standards set by government authorities, is further likely to have a positive impact on fired heaters market.
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The outbreak of the COVID-19 pandemic has significantly impacted the growth of the fired heaters market. The rapid spread of deadly coronavirus across the globe led to significant disruptions in global supply chains and temporary closure of manufacturing and processing facilities, as a result of imposed lockdown and other stringent regulations. Industries, particularly in sectors like oil and gas, petrochemicals, and power generation, experienced project delays or cancellations due to the economic uncertainty and reduced demand caused by the pandemic, that negatively influenced the market.
Environmental regulations and the need for energy-efficient solutions are driving the adoption of advanced fired heaters.
The rapidly growing adoption of fired heaters across the globe in order to improve the combustion performance and significant expansion of the chemical and petrochemical industries that significantly requires these types of machineries and equipment coupled with the surging number of companies looking for more efficient and optimized equipment for heating various hydrocarbons, are among the major factors driving the demand and growth of the global market.
Furthermore, with the growing focus on environmental sustainability and reducing emissions worldwide, there is a shift towards cleaner technologies in various industries, creating lucrative opportunities for manufacturers of fired heaters to develop and introduce more environmentally friendly solutions into their product offerings like innovative combustion systems, emission control technologies, and integration of renewable energy sources, helping them to gain a competitive edge in the market.
The market is primarily segmented based on product type, configuration, end user, and region.
By Product Type
By End User
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By Product Type Analysis
Direct-fired heaters segment accounted for the largest market share in 2022
The growth of the segment can be mainly accelerated to its high energy efficiency compared to other heating systems, as they utilize a direct flame to heat the process fluid, which minimizes heat transfer losses and improves overall energy utilization. Along with this, with the growing emphasis on energy conservation and sustainability, many industries are increasingly adopting direct-fired heaters to reduce energy consumption and operating costs, which in turn, has paved the way for higher product adoption globally.
The indirect-fired heaters segment is projected to grow at fastest growth rate over the anticipated period, that is largely accelerated to increasing number of stringent environmental regulations supporting the adoption of indirect-fired heaters, as these heaters offer cleaner combustion and lower emissions compared to direct-fired heaters. Moreover, industries who need to comply with emissions standards and air quality regulations, are extensively seeking and choosing indirect-fired heaters to meet the environmental requirements, that is positively contributing to the segment market growth.
By Configuration Analysis
Vertical cylindrical segment held the significant market share
The vertical cylindrical segment held the maximum market share in terms of revenue in 2022, which is significantly driven by continuous expansion of various industries including oil & gas, petrochemicals, refining, and power generation, leading to growing need for fired heaters mainly across developing economies. Beside this, the rising prevalence about the replacement and upgradation of existing infrastructure equipment because of the factors like aging equipment, stringent government regulations, and higher need for improved energy efficiency, has been propelling the growth of the market.
The cabin type segment is likely to expand at substantial growth rate over the projected period, on account of its flexibility in terms of design and customization, allowing customers to tailor the heaters specifications to meet their specific needs coupled with the surging popularity of product due to its improved insulation, advanced burner technologies, and effective heat recovery systems.
By End User Analysis
Chemicals segment is expected to witness highest growth over the forecast period
The chemicals segment is projected to grow at highest growth rate of during the forecast period, mainly due to increasing number of companies investing heavily in expanding their chemical production capacities that includes the construction of new chemical plants and the expansion of existing facilities. Advancements in fired heater technology like improved combustion systems, advanced controls, and automated operations, making them more attractive and a preferred option for chemical industry applications.
The oil & gas segment led the industry market with considerable revenue share in 2022, due to significant growth in oil and gas exploration and production activities and constant expansion of refining capacities across the globe in order to meet the rising demand for refined petroleum products. In addition, the widespread aging infrastructure in the oil and gas industry worldwide, creates a need for the replacement and modernization of existing fired heaters, thereby propelling the segment market at exponential rate.
North America region dominated the global market in 2022
The North America region dominated the global market with substantial share. The regional market growth can be largely attributed to increasing energy demand in developed countries like US and Canada and presence of well-established oil & gas, petrochemicals, refining, and chemical industries across the region. The major government authorities in the region have imposed several stringent environmental regulations and emissions standards, driving the adoption of cleaner and more efficient fired heaters. As, industries are required to comply with emission limits and reduce their carbon footprint, that results in the replacement of older, less efficient units with newer, low-emission fired heaters.
The Asia Pacific region is expected to emerge as fastest growing region with a healthy CAGR over the course of study period, owing to rapid rate of industrialization and drastic economic growth in the recent years along with the extensive infrastructure development across various sectors including power generation, manufacturing, and transportation mainly in emerging economies like India, China, & Indonesia.
Key Players & Competitive Insight
Key players in the market are constantly upgrading their technologies to stay ahead of the competition and to ensure efficiency, integrity, and safety. These players focus on partnership, product upgrades, and collaboration to gain a competitive edge over their peers and capture a significant market share.
Some of the major players operating in the global market include:
- Allmand Bros
- Amec Foster Wheeler
- Cambridge Air Solutions
- Exotherm Corporation
- Hastings HVAC
- JetHeat LLC
- Petro-Techna International
- Relevant Solutions
- Sigma Thermal
- Stelter & Brinck
- Tamarack Industries
- Therm Dynamics
- Unit Birwelco
- Wacker Neuson SE
- In June 2022, Lummus Technology, introduced Polaris lock closure, used in the company’s heat exchanger equipment. The new launch allow company to effectively deliver innovation and operational performance to the customer need retrofitted or even new heat exchangers.
- In December 2021, Engineers India, announced the launch of its newly indigenously developed web-based software module mainly for the real-time optimization of fired heaters. The newly developed software is one-of-its-kind state-of-the-art product, which helps in addressing, monitoring, and evaluating fired heater operations on real-time basis.
Fired Heaters Market Report Scope
Market size value in 2023
USD 537.87 million
Revenue forecast in 2032
USD 844.48 million
5.1% from 2023 – 2032
2019 – 2021
2023 – 2032
Revenue in USD million and CAGR from 2023 to 2032
By Product Type, By Configuration, By End User, By Region
North America, Europe, Asia Pacific, Latin America; Middle East & Africa
Report customization as per your requirements with respect to countries, region and segmentation
The fired heaters market report covering key segments are product type, configuration, end user, and region.
Fired Heaters Market Size Worth $844.48 Million By 2032.
The global fired heaters market is expected to grow at a CAGR of 5.1% during the forecast period.
North America is leading the global market.
key driving factors in fired heaters market are Environmental regulations and the need for energy-efficient solutions.