Fired Heaters Market in Numbers:
- The fired heaters market registered a value CAGR of over 5% during the period, 2013 to 2017. The fired heaters industry has been significantly influenced by the various open and seamless trade agreements among established players and vendors worldwide.
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- The fired heaters market was valued at over US$ 770 Mn in 2018, and is estimated to record approximately 6% Y-o-Y in 2019.
- East Asia will continue to remain the leading market for fired heaters. . China continues to remain attractive, and accounts for 70% sales of fired heaters in East Asia. As China is home to numerous chemical and petrochemical process equipment facilities, the market players continue to focus on strengthening their distribution and optimizing the supply chain to leverage the growth potential in the country.
- South Asia will remain the high-growth market for fired heaters, underpinned by the lucrativeness of key countries such as India where manufacturing and production facilities of chemical & petrochemical products & equipment are likely to grow in the near future.
- A key trend gaining significant momentum in the fired heaters market is the preference for tailor-made fired heaters, designed by considering the specific requirements of clients.
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What are Key Factors Driving Growth of the Structured Cabling Market?
- Recent studies indicate that the global energy demand witnessed a marked uptick, with natural gas gaining traction as the fuel of choice – accounting for over two-fifth share of energy consumption. Fired heaters play a vital role in the natural gas-fired furnaces in the energy & power sector, which in turn continues to uphold their demand.
- Expansion of petrochemical and chemical industry has created massive demand for machinery and equipment in use in these industries, which in turn has driven the adoption of fired heaters for improving the combustion performance.
- The companies in end-use sectors are looking for more optimized and efficient equipment for the purpose of heating various hydrocarbons, and fired heaters witnessed sustained demand for efficient provision of energy to these processes.
- Key developments and approaches to control carbon emission in industries has shifted focus of end-users to adoption of fired heaters with closed combustion systems, as these allow conveyance of the combustion air from the surrounding. . The use of such fired heaters helps save-up on energy, thereby enabling cost-optimization for end-users and driving sales.
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- The control and measurement viewpoints applied in fired heaters are being evaluated on a large scale. Implementation of new control philosophies that combine advanced data analytics, combustion expertise, and new measurement technologies, have paved new opportunities for fired heater manufacturers to leverage technology6 advances and enhance heater performance.
Fired Heaters Market – Key Restraints
- Manufacturers of fired heaters are expected to adhere to certain regulatory standards imposed by international regulatory bodies. The regulations pertaining to material used for lining fired heaters are most crucial, making manufacturers to fetch for sustainable alternatives.
- The complex and large profile of fired heaters make it essential for professional installation, resulting in additional costs to the end users. In addition, the relatively greater maintenance costs add to the expenses of fired heater deployments, which in turn continues to hinder adoption of fired heaters.
Key Strategies Implemented by Fired Heaters Market Players
The global fired heaters market is characterized by a mix of consolidation of high-end solutions, and fragmentation of low end products. The top five companies collectively account for leading shares of the fired heaters market. Product innovation, development of industry-specific solutions, and expansion in proliferating regional markets, are some of the key growth strategies of leading players in the fired heaters market.
Investment into new product developments by fired heater manufacturing giants have witnessed a marked rise in the recent past, owing to the expanding application scope of fired heaters. These players are also focusing on discovering new materials and innovations in processes, to save on cost while focusing on sustainability.
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