Chemical and petrochemical industry is estimated to capture significant share in the global fired heaters market over the forecast period due to the chemical manufacturing plant globally.
Rockville, MD -- (SBWIRE) -- 05/20/2019 -- Fired Heaters, often called as process furnaces, are one of the essential equipment for industrial use. The fired heaters are used in processing facilities to heat liquid or gases to a preferred temperature. Moreover, these fired heaters are widely used in the petrochemical, refinery and pharmaceuticals industry. Industries needs to adhere to high safety standards to operate the fired heaters in all possible industries. As fired heaters consume high amounts of fuel, an innovation to use minimum amount of fuel will help to reduce the huge costs to end users during production.
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Crude oil plays a vital role in the economic growth of key countries. The rapidly growing petrochemical industry in OPAC countries is one the key driving factors for the global fired heaters market over the forecast period. The macroeconomic factors such as industrial gross value add (GVA) growth, crude oil demand and countries GDP growth will fuel the demand for fired heaters globally during the forecast period. Furthermore, high investment in product innovation such as the launch of the indirect fired heater with the centrifugal fan will push the global fired heaters market over the forecast period. In addition, with the high focus on mergers and acquisition with local players for geographical expansion will help prominent market players to increase its geographical presence in the Global Fired Heaters Market during the forecast period. Robust growth in the pharmaceutical industry in developing countries, such as India and China, will lead the global fired heaters market over the forecast period. The key factors such as high installation cost of fired heaters along with stringent government regulations and compliance during manufacturing of fired heaters may hinder the global fired heaters market growth during the forecast period. Besides, high shipment and handling costs due to large and heavy equipment may be one of the key factors that restricts the global fired heaters market.
Chemical and petrochemical industry is estimated to capture significant share in the global fired heaters market over the forecast period due to the chemical manufacturing plant globally. Also, support and maintenance services segment is projected to gain extensive growth due to rising demand for maintenance service for previously installed fired heaters.
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The global fired heaters market can be segmented into seven regions: North America, Latin America, Europe, CIS & Russia, Japan, APEJ (the Asia Pacific excluding Japan) and MEA. Among the aforementioned regions, North America is estimated to account for the highest market share in the global fired heaters market owing to the high demand for fired heaters across rapidly increasing processed food industry. In addition, recently, the U.S. got new oil refineries that will create the demand for new fired heaters in the country. APEJ region is anticipated to showcase robust growth in the global fired heaters market due to the rapidly growing pharmaceuticals industries. MEA will be a highly attractive region in global fired heaters market, which can be attributed to the high production of crude oil in key countries, such as the Kingdom of Saudi Arabia, Qatar, Kuwait, Iran, and many others.
Global Fired Heaters Market: Prominent Players
Prominent players of the global fired heaters market are Thermax, Optimized Process Furnaces, Inc., TechEngineering S.r.l., Unit Birwelco Group, Exotherm Corporation, Sigma Thermal, Amec Foster Wheeler, Hetsco Inc., Boustead International Heaters Ltd., AbsolutAire, Inc., G.C. Broach Company. Born Inc, Arcat, and other key manufacturers. Besides, the prominent market players are targeting to capture high oil producing countries gain significant share in the global fired heaters market and increase the overall profitability.
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