According to a recent Fact.MR analysis, global sales of fired heaters were close to 695 units in 2018, and are expected to increase by about 5% year over year in 2019. A variety of variables continue to influence the fired heaters market, ranging from continuous acceptance in the chemical and petrochemical industries to manufacturers’ focus on optimising the operational efficiencies of fired heaters to reduce energy consumption.
According to the report, energy demand increased dramatically in 2018, and consumption is continuing to rise, owing mostly to an increase in cooling and heating requirements. Process industries such as chemical, petrochemical, and pharmaceutical consume a significant amount of energy due to the use of fired heaters.
Attractiveness of East Asia for Fired Heater Manufacturers Endures
East Asia will continue to be the most appealing market for fired heaters, according to the study, with sales expected to account for roughly 25% of total sales in 2019. China is a lucrative market for fired heater makers, accounting for more than 70% of sales in East Asia.
South Asia will continue to be profitable for fired heater makers, according to the report, and sales in the region will expand at a higher rate than sales in East Asia in the near future. This is due in large part to the lucrativeness of major countries like India, where chemical and petrochemical product and equipment manufacturing and production facilities are expected to expand in the approaching years.
Key Strategies Implemented by Fired Heaters Market Players
The global market for fired heaters is characterised by a mix of high-end solution consolidation and low-end product fragmentation. The top five businesses account for the majority of the market for fired heaters. Some of the key growth strategies of top players in the fired heaters market include product innovation, development of industry-specific solutions, and entry into growing regional markets.
Because of the expanding application breadth of fired heaters, investment in new product development by fired heater manufacturing behemoths has increased dramatically in recent years. These companies are also concentrating on the development of new materials and process innovations in order to reduce costs while maintaining a focus on sustainability.