Industrial Heating Equipment Market Size - By Technology (Heat Pump, Boiler, Furnace, Water Heater), By Application (Food Processing, Pulp & Paper, Chemical, Refinery, Primary Metal), By Regional Outlook & Forecast, 2024 – 2032

Industrial Heating Equipment Market Size - By Technology (Heat Pump, Boiler, Furnace, Water Heater), By Application (Food Processing, Pulp & Paper, Chemical, Refinery, Primary Metal), By Regional Outlook & Forecast, 2024 – 2032

Industrial Heating Equipment Market Size

Industrial Heating Equipment Market was valued at USD 21.7 billion in 2023 and is estimated to grow at a CAGR of over 6.8% from 2024 to 2032, driven by increasing demand from various end-use industries comprising of manufacturing, chemical, and food processing.

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Industrial heating equipment is essential for a wide range of manufacturing and processing applications, including metalworking, chemical processing, food production, and more. These systems are designed to generate and maintain high temperatures required for specific industrial processes, ensuring efficient, safe, and consistent results. Advances in technology have led to the development of more energy-efficient and environmentally friendly heating solutions, incorporating features comprising of precise temperature control, automated operation, and reduced emissions. These innovations help industries meet production demands while minimizing their environmental footprint and operating costs.
 

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Industrial Heating Equipment Market Trends

Ongoing technological advancements in energy efficiency and the integration of IoT for smart control systems will propel the industry growth. Additionally, stringent environmental regulations and a shift towards sustainable energy sources are influencing manufacturers to innovate and adopt cleaner heating technologies, accelerating the product deployment. Increasing investment across the manufacturing sector along with surging modernization of small & medium scale industries will positively sway the business potential.

Industrial Heating Equipment Market Analysis

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The furnace industrial heating equipment industry will exceed over USD 5 billion by 2032. The industry is experiencing notable trends shaped by advancements in technology and the growing emphasis on sustainability. One significant trend is the increased adoption of heat pumps due to their superior energy efficiency compared to traditional heating systems, as they can provide substantial energy savings and reduce operational costs. Paradigm shift toward renewable energy sources aligning with global efforts to reduce carbon footprints and combat climate change will fuel the product penetration.

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The food processing industrial heating equipment market size will witness a growth rate of over 7% through 2032. Increasing demand for equipment that supports high efficiency and energy conservation along with growing focus on equipment that can handle alternative energy sources will augment the business landscape. Increasing consumer demand toward more natural and minimally processed foods along with surging disposable income will fuel the industry outlook.

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Asia Pacific industrial heating equipment market is set to surpass USD 12 billion by 2032. Flexible FDI policies along with government support, providing lucrative opportunities for the investors. Availability of low-cost labour and mass production capabilities provide added advantage to the investors and operating companies across the region. In addition, shifting consumer inclination toward cleaner fuels combined with active measures toward energy conservation will augment the product demand.

Rising energy consumption along with growing energy security concerns will fuel the growth of commercial heating equipment market growth across the U.S. Rapid investment across commercial establishments in line with introduction of schemes and programs lay favorable grounds for industry expansion. The industry is experiencing a shift towards smart heating systems, incorporating advanced controls and IoT integration to optimize heating performance and enhance user comfort. Growing inclination toward renewable heating solutions reducing carbon emissions, as businesses seek to align with the nation’s ambitious renewable energy targets, will in turn escalate the industry dynamic.

Industrial Heating Equipment Market Share

IHI Corporation is one of the leading providers of industrial heating equipment. The company has established itself as a pioneer in the development and manufacturing of advanced industrial machinery and infrastructure. Their industrial heating equipment division is known for its innovative solutions that cater to a wide range of applications, including petrochemical, chemical, and power generation industries. Its cutting-edge technology and commitment to sustainability ensure their products deliver high efficiency, reliability, and reduced environmental impact. The company's expertise in engineering and comprehensive support services make it a trusted partner for businesses seeking state-of-the-art heating solutions tailored to their specific industrial needs.

Industrial Heating Equipment Market Companies

The key industry players include

• ANDRITZ
• Atlas Copco AB
• Babcock and Wilcox Enterprises, Inc.
• Carrier
• Dalrada Climate Technology
• Chromalox
• Clayton Industries
• Daikin Industries Ltd.
• Emerson Electric Co.
• Groupe Atlantic
• Hurst Boiler and Welding Co, Inc.
• IHI Corporation
• Johnson Controls
• Lennox International Inc.
• MAN Energy Solutions
• Mitsubishi Electric India Pvt. Ltd.
• Miura America Co., LTD.
• Robert Bosch GmbH
• Siemens Energy
• Swegon Ltd.
• Tenova S.p.A
• Thermax Limited
• The Fulton Companies
• Trane Technologies

Industrial Heating Equipment Industry News

• In September 2023, Carrier Global Corporation supports the U.S. Climate Alliance's heat pump initiative to decarbonize buildings. Heat pumps are crucial in fighting climate change globally, with plans to add USD 10 million more in production. They're highly energy-efficient, potentially reducing emissions by 160 million metric tons in U.S. homes. Heat pumps provide both heating and cooling, offering precise temperature control like air conditioners.
   
• In April 2023, Robert Bosch GmbH unveiled plans to invest USD 1 billion in its European heat pump production by 2030, emphasizing its commitment to climate targets. A significant portion of this investment will go towards producing indoor units for its new propane (R290)-based residential heat pump in Eibelshausen, Germany. Bosch will also allocate around USD 275 million for a new heat pump production facility in Dobromierz, Poland, aiming to start production by 2026 and create 500 jobs by 2027. With an expanded portfolio and growing sales, Bosch anticipates meeting the rising demand for heat pumps in Europe, driven by initiatives like REPowerEU targeting 30 million additional installations by 2030.

This industrial heating equipment market research report includes in-depth coverage of the industry with estimates & forecast in terms of “000 Units” & “USD Million” from 2021 to 2032, for the following segments

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Market, By Technology

• Heat Pump
• Boiler
• Furnace
• Water Heater
• Others

Market, By Application

• Food Processing
• Pulp & Paper
• Chemical
• Refinery
• Primary Metal
• Others

The above information has been provided for the following regions and country

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Portugal
  • Romania
  • Netherlands
  • Switzerland
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
• Latin America
  • Brazil
  • Argentina