Asia-Pacific Fired Air Heaters Market
The fired air heaters market in APAC is estimated to grow at a significant CAGR, owing to the substantial demand from manufacturing and construction sectors. As a result, the demand for fired air heaters in the region is increasing. The rise of heating equipment, and hence the market for fired air heaters, is driven by increased energy demand from companies, especially in upcoming economies such as China, and India. Furthermore, due to short start time, high efficiency, and reliability, the demand for fired air heaters in industries such as manufacturing, power generation, and processing, has increased. With 4.4 billion people, Asia-Pacific forms a large, diversified, and dynamic region of the world. The region accounts for more than half of the world's energy consumption, with fossil fuels accounting for 85% of that consumption. Energy demand is rising due to rapid urbanization and industrialization, and there are significant chances to prevent long-term reliance on carbon-based energy technology. Along with a lot of renewable energy potential, the region already has a lot of renewable energy knowledge and expertise. Furthermore, governments will need to have a clear vision and a strong commitment to making the transition to a sustainable, low-carbon energy future, which will further escalate the fired air heaters market in the region. The construction market in APAC is predicted to develop at a 4.09% CAGR.
In case of COVID-19, APAC is highly affected specially India. The reduction in travel demand coupled with the halt in the construction industry, and border restrictions have resulted in the grounding of fired air heaters market at an unprecedented scale. From manufacturing and assembly viewpoint, China is one of the leading manufacturing countries in the region and has been one of APAC's most affected countries during Q1 and Q2 of 2020. Due to this, the manufacturing facilities have been witnessing severe conditions in different product manufacturing facilities. For instance, the China’s manufacturing industry recorded a low of almost 16% in the starting of the 2020. Moreover, the construction industry across the countries faced losses further depleting the demand for fired air heaters. In 2020, Australia's construction industry shrank by almost 5.7%. Furthermore, in India 45% of contractors are at risk of being destroyed as a result of the outages. All construction work has ceased as a result of the lockdown, and the unemployment rate in March 2020 was 5.9%. However, the manufacturing industry in China reached an all-time high of 39% in January 2021. This is anticipated to recover the fired air heaters market in the region. Moreover, the Tokyo Olympics aided in the recovery of the construction industry in the region. As nations start to witness a declining number of COVID-19 patients, many manufacturing plants and facilities are starting to open up in various regions of the continent and employees returning to work.
Strategic insights for the Asia-Pacific Fired Air Heaters provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 104.33 Million |
| Market Size by 2028 | US$ 159.29 Million |
| Global CAGR (2021 - 2028) | 6.2% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
The geographic scope of the Asia-Pacific Fired Air Heaters refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The APAC fired air heaters market is expected to grow from US$ 104.33 million in 2021 to US$ 159.29 million by 2028; it is estimated to grow at a CAGR of 6.2% from 2021 to 2028. In the oil & gas industry, fired heaters heat thermodynamic fluids, process fluids, feedstock, charge heating, steam heating, and thermal cracking in refineries. The unit type depends on the application and whether it is a "vertical cylindrical" or a "box-type furnace." These devices are available for installation, either offshore or onshore. Fired air heaters, which are common in refineries and petrochemical industries, pose serious safety concerns. Various process fluids are heated, vaporized, and thermally cracked using them. These heaters must control the system to ensure adequate fuel combustion and safe operation and control temperature and charge rate. The governments of various economies are taking several measures to attract private investments in oil & gas development. Furthermore, China's refineries are becoming more significant in the international gasoline, diesel, and other fuel markets. The China National Development and Reform Commission, for example, has approved China National Petroleum Corporation's plans to build a 10-million-tonne-per-year refinery in Jieyang, Guangdong Province. The rise in oil & gas refinery capacity and expansion of petrochemical and specialty chemicals sectors are driving the APAC fired air heaters market.
In terms of type, the direct fired air heater segment accounted for the largest share of the APAC fired air heaters market in 2020. In terms of end-user, the chemicals segment held a larger market share of the APAC fired air heaters market in 2020.
A few major primary and secondary sources referred to for preparing this report on the APAC fired air heaters market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are ALLMAND BROS., INC; Pirobloc, S.A.; SIGMA THERMAL, INC; Wacker Neuson SE; and Zeeco, Inc.
The Asia-Pacific Fired Air Heaters Market is valued at US$ 104.33 Million in 2021, it is projected to reach US$ 159.29 Million by 2028.
As per our report Asia-Pacific Fired Air Heaters Market, the market size is valued at US$ 104.33 Million in 2021, projecting it to reach US$ 159.29 Million by 2028. This translates to a CAGR of approximately 6.2% during the forecast period.
The Asia-Pacific Fired Air Heaters Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia-Pacific Fired Air Heaters Market report:
The Asia-Pacific Fired Air Heaters Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia-Pacific Fired Air Heaters Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia-Pacific Fired Air Heaters Market value chain can benefit from the information contained in a comprehensive market report.
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