The Fired Heaters Market is projected to grow by USD 162.3 million from 2024-2028, driven by rising global refinery capacity and AI's role in redefining the market - Technavio

NEW YORK, Sept. 20, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The global fired heaters market size is estimated to grow by USD 162.3 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of about 3.31% during the forecast period. Rise in global oil and gas refinery capacity is driving market growth, with a trend towards increasing popularity of electric-fired heaters. However, volatility in manufacturing costs poses a challenge - Key market players include Air Industrie Thermique, Boustead Singapore Ltd., ComEnCo Inc., Esteem Projects Pvt. Ltd., Exotherm Corp., G.C. Broach Co., Hastings HVAC Inc., Kilburn Engineering Ltd., Linde Plc, Optimized Process Furnaces, Petrosadid Group, Pirobloc S.A, SCANDIUZZI STEEL CONSTRUCTIONS, Sigma Thermal Inc., Stelter and Brinck Ltd., TechEngineering S.r.l., Thermax Ltd., Tulsa Heaters Midstream, UnitBirwelco Ltd., and WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP..

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Market Driver

Electric-fired heaters, which use electricity to generate steam or hot water, have seen increasing demand in industrial applications due to several factors. The global decrease in the average unit price of electricity, driven by technological improvements in power generation and reduced transmission losses, makes electric-fired heaters a cost-effective alternative to traditional fired heaters. Additionally, the growing availability of reliable electricity in developed and developing countries is expanding their usage. Sigma Thermal Inc.'s electric heaters, ranging from 2 watts to 60 watts per square inch, offer versatility and meet various application requirements. Electric-fired heaters have fewer safety and emission regulations compared to combustion-fired heaters, resulting in lower compliance costs and simpler maintenance and operator training. These factors contribute to the growing popularity of electric-fired heaters and the market's anticipated growth during the forecast period. 

The Fired Heaters market is experiencing significant growth in various industries, particularly Oil and Gas. Direct Fired Heaters and Indirect Fired Heaters are popular choices for heat generation in Refineries, Gas Plants, Petrochemicals, and Chemicals and Synthetics production. Vertical Cylindrical and Horizontal Cylindrical designs are common for Fired Air Heaters and Process Heaters. The market is driven by trends like Digitalization, Connectivity Solutions, and Advanced control systems for automation and emission control. Environmental regulations are pushing for CO2 emissions reduction and adoption of emission control technologies. Rapid industrialization, urbanization, and investment in Manufacturing, Power Generation, and Processing industries are increasing the demand for Fired Heaters. Fossil fuels continue to dominate the market, but concerns over environmental pollution and health problems are driving the shift towards cleaner alternatives. Key players in the market include Oil, Gas, and Steam generation companies, as well as those in the Chemicals, Fertilizer plants, and Furnaces sectors. The market is expected to grow further due to increasing demand from Construction, Hotel, Tourism industries, and Petroleum refineries. Predictive maintenance and IoT technologies are also transforming the market by improving efficiency and reducing downtime. 

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 Market Challenges

• The global fired heaters market is currently experiencing fluctuations in production costs due to the volatility in raw material prices, particularly for stainless steel, iron ore, aluminum, bronze, and other metal alloys. These materials are essential for manufacturing fired heaters, leading to demand-supply disparities and increased manufacturing costs. The high initial investment required to produce fired heaters, which includes expensive components, also affects the cost of ownership and reduces profit margins for manufacturers. Furthermore, the ongoing COVID-19 pandemic and its economic impact, including projected losses of up to USD9 trillion and a global economic contraction of -3%, may negatively affect the fired heaters market. Additionally, sustained deflation levels in major economies, such as Japan, the US, and the EU, can hinder the oil and gas industry's revival, which is a significant market segment for fired heaters. As raw materials account for the majority of the overall cost of fired heaters, the volatility in their prices can hinder market growth and negatively impact profit margins during the forecast period.
• The Fired Heaters Market faces several challenges in various industries such as refineries, gas plants, petrochemicals, and chemicals and synthetics. The primary fuels used in fired heaters are oil and gas, which are subject to price volatility and availability issues. Steam generation is a significant application of fired heaters in manufacturing and power generation, but environmental concerns over fossil fuel usage and air pollution are growing. Rapid industrialization and urbanization lead to increased demand for process heaters in construction, manufacturing activities, hotels, and tourism industries. Investment in new fired heaters is essential to meet this demand, but the high initial cost and maintenance requirements pose challenges. Moreover, the production of olefins, ammonia, and fertilizers in chemical plants requires efficient and cost-effective heat generation solutions. The health problems associated with the use of fossil fuels and the need for sustainable alternatives are also pressing issues. Overall, the Fired Heaters Market must balance the demand for affordable and efficient heat generation with the need to address environmental concerns and health risks.

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Segment Overview 

This fired heaters market report extensively covers market segmentation by

1. Product 
• 1.1 Oil and gas
• 1.2 Chemicals
• 1.3 Others
2. Type 
• 2.1 Direct fired heater
• 2.2 Indirect fired heater
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Oil and gas-In the oil and gas industry, fired heaters play a crucial role in various applications, particularly in refineries for heating thermic fluids, process fluids, feedstock, and charge heating, as well as in steam heating and thermal cracking processes. Fired heaters are essential for petrochemical production through cracking, which splits large hydrocarbon molecules into smaller ones using extreme temperatures and pressures. Two common types of cracking are fluid catalytic cracking for petroleum fractions and steam cracking for natural gas liquids. Vendors like Thermax Ltd. And Exotherm Corp. Provide fired heaters for the oil and gas sector. Exotherm's offerings ensure temperature uniformity and process control, with capabilities including up to 70 MMBtu/Hr heating capacity, efficiencies up to 95%, process temperatures up to 1,700 degF, and process pressures up to 3,000 psi. These units are available in carbon steel, low, and high alloy metallurgies. The global energy demand is increasing, and sectors such as power, transportation, and residential and commercial heating are major consumers. Countries like Qatar, Australia, Russia, China, the US, Malaysia, India, Saudi Arabia, the UAE, Canada, and others are expanding their crude oil refining and natural gas processing capacities. This growth is expected to drive the demand for fired heaters in the end-user segment during the forecast period.

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Research Analysis

Fired heaters are essential components in various industries, particularly in Oil and Gas, for heat generation and process applications. They come in two main types: Direct Fired Heaters, where the process fluid directly contacts the fuel, and Indirect Fired Heaters, where a heat transfer medium separates the process fluid from the fuel. Fired heaters are used extensively in Refineries, Gas Plants, Petrochemicals, and Chemicals industries for steam generation, process heating, and furnaces. The market for fired heaters is driven by the demand for heat in Oil and Gas production and processing. The evolution of technology has led to advancements in fired heater designs, including Vertical Cylindrical and Horizontal Cylindrical types. The integration of Internet of Things (IoT), advanced control systems, automation technologies, and emission control technologies has improved operational efficiency and reduced CO2 emissions. Digitalization, connectivity solutions, predictive maintenance, and environmental regulations are key trends shaping the market. Fired heaters are used in oil, gas, and steam generation applications, and include fired air heaters and heat generation equipment.

Market Research Overview

Fired heaters are essential equipment used in various industries for heat generation, including Oil and Gas, Chemicals, Refineries, Gas Plants, Petrochemicals, Fertilizer plants, Manufacturing, Power Generation, and Processing industries. Fired heaters come in different types such as Direct Fired Heaters and Indirect Fired Heaters, with Vertical Cylindrical and Horizontal Cylindrical being the most common. The market for fired heaters is driven by the increasing demand for heat in various industries and the need for efficient energy usage. The Oil and Gas sector is a significant consumer of fired heaters for steam generation and process heating. The market is also influenced by the Internet of Things (IoT), advanced control systems, automation technologies, and emission control technologies, which enhance the performance and efficiency of fired heaters. Environmental regulations are also a crucial factor, as there is a growing focus on reducing CO2 emissions and addressing environmental pollution from fossil fuels. Digitalization, connectivity solutions, predictive maintenance, and investment are key trends in the fired heaters market. The market is expected to grow rapidly due to urbanization, industrialization, and the increasing demand for heat in various industries, including the Hotel and Tourism industries. However, the market also faces challenges such as air pollution and health problems associated with the use of fossil fuels.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Oil And Gas
• Chemicals
• Others
• Type
• Direct Fired Heater
• Indirect Fired Heater
• Geography
• APAC
• North America
• Europe
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio