Portland,OR, Sept. 09, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global industrial heating equipment market was estimated at $36.86 billion in 2020 and is expected to hit $64.13 billion by 2030, registering a CAGR of 5.8% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in demand for steam boilers from various end-use industries and rise in investment toward adding power generation capacity drive the growth of the global industrial heating equipment market. On the other hand, implementation of stringent government regulations toward environmental pollution impedes the growth to some extent. However, surge in popularity of geothermal heat pump technology is projected to create lucrative opportunities in the industry.
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COVID-19 scenario-
- The outbreak of the pandemic led to closure of a number of industrial units across the world, which in turn gave way to a steep decline in demand for industrial heating equipment, thereby impacting the market negatively.
- However, as the global situation is getting restored at a slow & steady pace, the market is anticipated to revive soon.
The global industrial heating equipment market is analyzed across product type, fuel type, end-user industry, and region. Based on product type, the boilers segment accounted for nearly half of the total market revenue in 2020, and is expected to lead the trail by 2030. The heat pumps segment, on the other hand, would cite the fastest CAGR of 7.2% during the forecast period.
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Based on fuel type, the fossil fuel segment contributed to nearly three-fifths of the total market share in 2020, and is anticipated to dominate by 2030. At the same time, the electric segment would cite the fastest CAGR of 6.0% throughout the forecast period.
Based on region, Asia-Pacific held the major share in 2020, garnering more than one-third of the global industrial heating equipment market. At the same time, the market across LAMEA would showcase the fastest CAGR of 7.0% from 2021 to 2030.The other provinces studied in the report include Europe and North America.
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Leading Players:
The key market players analyzed in the global industrial heating equipment market report include Easco Boiler Corp., Emerson Electric Co., Uponor Corporation, Johnson Controls, Inc., Lennox International Inc., Carrier, McKenna Boiler Works Inc., The Danfoss Group, Thermcraft, Inc., Ingersoll Rand Inc.These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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