LONDON--(BUSINESS WIRE)--The fired heaters market research report from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the rise in global oil and gas refinery capacity”, says a senior analyst for Industrials at Technavio.
The rise in oil and gas demand has led to a significant increase in global refinery capacity. Many oil and gas E&P companies are focusing on the addition of new refineries or expanding existing refinery complexes. This is expected to create huge growth opportunities for market players during the forecast period. As the markets recover Technavio expects the fired heaters market size to grow by USD 135.78 million during the period 2020-2024.
Fired Heaters Market Segment Highlights for 2020
- The fired heaters market is expected to post a year-over-year growth rate of 0.93%.
- In 2019, the global fired heaters market saw maximum demand for fired heaters from end-users in the oil and gas industry.
- The growth of the market in the oil and gas segment will be significant during the forecast period.
- 48% of the growth will originate from the APAC region.
- The growth of the market is driven by capacity expansions in the food and beverage, oil and gas, and chemical industries.
- China and Japan are the key markets for fired heaters in APAC.
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- The fired heaters market size is expected to accelerate at a CAGR of about 3% during the forecast period.
- The fired heaters market is segmented End-user (Oil and gas, Chemicals, and Others).
- The market is fragmented due to the presence of many/few established vendors holding significant market share.
- The research report offers information on several market vendors, including Boustead Singapore Ltd., Esteem Projects Pvt. Ltd., Exotherm Corp., Linde AG, Scelerin Heaters LLC, Sigma Thermal Inc., Stelter and Brinck Ltd., Thermax Ltd., UnitBirwelco Ltd., and Wabtec Corp.
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