Fired Air Heaters Market is expected to reach US$ 692.24 Million by 2028

Strategic Initiatives of Market Players to Provide Growth Opportunities for Fired Air Heaters Market During 2021–2028

According to our latest market study on “Fired Air Heaters Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and End User,” the market was valued at US$ 491.73 million in 2021 and is projected to reach US$ 692.24 million by 2028; it is expected to grow at a CAGR of 5.0% from 2021 to 2028.

The rise in demand for heating equipment for industrial applications in emerging countries is a major driving force for the fired air heaters market. The need for fired air heaters is driven by increased energy demand from companies in rising economies like China, India, Japan, and Brazil. Furthermore, due to short start time, high efficiency, and reliability, the demand for fired air heaters in manufacturing, power generation, and processing, has increased. In addition, increased investment in power generation capacity is another driving driver for fired air heaters. Major players in the market have adopted product launch and business expansion as their key developmental strategies to offer better products and services to customers in the fired air heaters industry. The various strategic initiatives of market players are as follows:

• Sigma Thermal combined with Flarectec in April 2019 to increase its capacity to supply high-quality heating solutions for industrial applications. The company has strengthened its direct fired heater experience and product line by working together. Radiant-convective heaters, convection heaters, and radiant heaters are among the three types of direct-fired heaters that it designs and manufactures. API 560 is a design code for direct-fired heaters that are widely used. Flaretec direct-fired heaters can be developed and built to meet all or part of the API 560 requirements.
• In 2019, Zeeco, Inc. announced an expansion plan for the Chinese market. The investment plan includes a fully functioning new team, a second Shanghai office, and an engineering and fabrication facility which will significantly increase Zeeco’s market position in China. For Zeeco's future company growth, the Chinese market is a key potential. For the past seven years, Zeeco has had a dedicated staff focused solely on China's power heating and steam industry, and they have had excellent success serving and growing this market.

The market is expected to become more competitive during the forecast period as many companies from various sectors are eyeing the potential benefits of fired air heaters to use the huge opportunities in the market. With all these strategies, the companies enhance their product offerings and footprint globally across all industries, thereby boosting the annual revenue growth.

The fired air heaters market has been segmented based on type, end-user, and geography. Based on type, the market is bifurcated into direct fire heaters and indirect fired air heaters. In 2020, the direct fired air heaters segment led the market and accounted for a larger market share. In terms of end-user, the market is segmented into manufacturing, chemicals, mining, construction, oil & gas, pharmaceuticals, food, and others. In 2020, the chemical segment accounted for the largest share in the market. Geographically, the fired air heaters market is broadly segmented into North America, Europe, APAC (Asia Pacific), MEA (the Middle East & Africa), and SAM (South America). In 2020, North America accounted for the largest market share.

Impact of COVID-19 Pandemic on Fired Air Heaters Market

The COVID-19 pandemic has significantly affected the world and is continuing to shatter several countries. Until the outbreak of COVID-19, the fired air heater industry was experiencing substantial growth in terms of production. Unfortunately, the COVID-19 outbreak has decimated the demand for fired air heaters across different industries globally, reflecting significantly lower volumes of orders among the aircraft manufacturers, resulting in a lower number of productions. The decline in production volumes adversely affected the businesses of various component manufacturers and associated technologies. Moreover, the weakening of end users like construction, automotive, and mining industries demotivated the market. Thus, the fired air heaters market players' businesses have been severely affected by destabilization in production. During the widespread COVID-19 virus, the entire construction industry came to a halt with minimal resources to foresee the future. Several production units in the US, France, Russia, and China were temporarily paused to adhere to the government rules regarding lockdown and physical distancing. The construction players witnessed a 20–30% reduction in demand for new projects. Additionally, the halt in the ongoing construction projects further weakened the market. This factor negatively impacted the fired air heater market.

The key players operating in the global fired air heaters market include Allmand Bros., Inc. (Briggs & Stratton); Exotherm Corporation; Pirobloc, S.A.; Hastings HVAC; Wacker Neuson SE; Zeeco, Inc.; Stelter & Brinck, Ltd.; and Therm Dynamics. Major players in the market have adopted product launch and business expansion as their key developmental strategies to offer better products and services to customers in the fired air heaters industry.

Fired Air Heaters Market – by Geography, 2020 and 2028 (%)

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Fired Air Heaters Market to Grow at a CAGR of 5.0% to reach US$ 692.24 Million from 2021 to 2028

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Fired Air Heaters Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Direct Fired Air Heater and Indirect Fired Air Heater) and End User (Manufacturing, Chemicals, Mining, Construction, Oil and Gas, Pharmaceuticals, Food, and Others)

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