Product Code: A102132
The global process heating equipment market was valued at $84.3 billion in 2023, and is projected to reach $107.1 billion by 2032, growing at a CAGR of 2.7% from 2024 to 2032.
Process heating equipment refers to machinery and systems used to generate and apply heat in industrial and manufacturing processes. This equipment is essential for operations such as drying, curing, melting, and chemical processing. Common types include boilers, furnaces, kilns, heat exchangers, and ovens. These devices use various energy sources such as electricity, natural gas, oil, or steam to achieve the desired temperature and heat transfer. The efficiency, control, and safety of process heating equipment are crucial for optimizing production, reducing energy consumption, and ensuring consistent product quality in diverse industries such as metalworking, food processing, and chemical manufacturing.
The global process heating equipment market is experiencing robust growth due to several key factors. A primary driver is rise in demand for energy-efficient heating solutions within industrial processes. Industries are increasingly aiming to cut energy use and lessen their environmental footprint, leading to the adoption of advanced process heating technologies that enhance energy efficiency and lower emissions. Moreover, manufacturers are focusing on developing equipment that meets the heating requirements of various industrial applications and minimizes energy consumption. This shift is driven by rise in the cost of energy and stringent environmental regulations aimed at reducing carbon emissions. Technologies such as advanced heat recovery systems, high-efficiency burners, and improved insulation materials are becoming standard features.
However, adherence to these standards impedes the accessibility and affordability of specific equipment for most consumers, thus limiting the market's overall growth. Contrarily, integration of the Internet of Things (IoT) and Industry 4.0 principles offers lucrative opportunities in the process heating equipment market. IoT-enabled heating systems provide real-time monitoring, predictive maintenance, and advanced analytics, leading to improved operational efficiency and reduced downtime. These smart systems collect and analyze data on temperature, energy consumption, and equipment performance, allowing operators to make informed decisions and quickly address any issues. For instance, Siemens AG is recognized for its advancements in digitalization and automation technologies, key components of Industry 4.0 initiatives. Their products leverage IoT to enhance industrial processes, increase efficiency, and support predictive maintenance, all crucial in the sector of process heating equipment markets.
Segmentation Overview
The process heating equipment market is segmented into equipment type, temperature range, end-user industry, and region. Depending on equipment type, the market is divided into heat pump, furnaces, and boilers. As per temperature range, it is segregated into 50 to 200 degree Celsius, 201 to 500 degree Celsius, 501 to 1, 500 degree Celsius, and Above 1, 500 degree Celsius. According to end-user industry, the market is classified into chemicals, food and beverage, pharmaceuticals, plastic and rubber, metal, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
By equipment type, the heat pump segment is anticipated to experience faster growth during the forecast period.
Depending on temperature range, the 501 to 1, 500-degree Celsius segment is expected to garner the highest market share throughout the projection period.
According to end-user industry, the metal segment is projected to dominate the process heating equipment market during the forecast period.
Region wise, Asia-Pacific to maintain its dominance by 2032.
Competitive Scenario
The major players operating in the process heating equipment market include Babcock Wanson International, Siemens AG, Armstrong International Inc., Mitsubishi Electric Corporation, Thermax Limited, Johnson Controls International PLC, Danfoss, Hurst Boiler & Welding Company, Inc., Carrier, and Chromalox. These players have adopted several strategies, including mergers & acquisitions, partnerships, collaborations, and product development & diversification, to maintain their position in the dynamic market.
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Key Market Segments
By Equipment Type
- Heat pump
- Furnaces
- Boilers
By Temperature Range
- 50 to 200 Degree Celsius
- 201 to 500 Degree Celsius
- 501 to 1,500 Degree Celsius
- Above 1,500 Degree Celsius
By End-User Industry
- Chemical
- Food and beverage
- Pharmaceutical
- Plastic and rubber
- Metal
- Others
By Region
- North America
- Europe
- France
- Germany
- Italy
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players:
- Babcock Wanson International
- Siemens AG
- Armstrong International Inc.
- Mitsubishi Electric Corporation
- Thermax Limited
- Johnson Controls International PLC
- Danfoss
- Hurst Boiler & Welding Company, Inc.
- Carrier
- Chromalox, Inc.
TABLE OF CONTENTS
CHAPTER 1: INTRODUCTION
- 1.1. Report Description
- 1.2. Key Market Segments
- 1.3. Key Benefits
- 1.4. Research Methodology
- 1.4.1. Primary Research
- 1.4.2. Secondary Research
- 1.4.3. Analyst Tools and Models
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
- 3.1. Market Definition and Scope
- 3.2. Key Findings
- 3.2.1. Top Investment Pockets
- 3.2.2. Top Winning Strategies
- 3.3. Porter's Five Forces Analysis
- 3.3.1. Bargaining Power of Suppliers
- 3.3.2. Threat of New Entrants
- 3.3.3. Threat of Substitutes
- 3.3.4. Competitive Rivalry
- 3.3.5. Bargaining Power among Buyers
- 3.4. Market Dynamics
- 3.4.1. Drivers
- 3.4.2. Restraints
- 3.4.3. Opportunities
CHAPTER 4: PROCESS HEATING EQUIPMENT MARKET, BY EQUIPMENT TYPE
- 4.1. Market Overview
- 4.1.1 Market Size and Forecast, By Equipment Type
- 4.2. Heat Pump
- 4.2.1. Key Market Trends, Growth Factors and Opportunities
- 4.2.2. Market Size and Forecast, By Region
- 4.2.3. Market Share Analysis, By Country
- 4.3. Furnaces
- 4.3.1. Key Market Trends, Growth Factors and Opportunities
- 4.3.2. Market Size and Forecast, By Region
- 4.3.3. Market Share Analysis, By Country
- 4.4. Boilers
- 4.4.1. Key Market Trends, Growth Factors and Opportunities
- 4.4.2. Market Size and Forecast, By Region
- 4.4.3. Market Share Analysis, By Country
CHAPTER 5: PROCESS HEATING EQUIPMENT MARKET, BY TEMPERATURE RANGE
- 5.1. Market Overview
- 5.1.1 Market Size and Forecast, By Temperature Range
- 5.2. 50 To 200 Degree Celsius
- 5.2.1. Key Market Trends, Growth Factors and Opportunities
- 5.2.2. Market Size and Forecast, By Region
- 5.2.3. Market Share Analysis, By Country
- 5.3. 201 To 500 Degree Celsius
- 5.3.1. Key Market Trends, Growth Factors and Opportunities
- 5.3.2. Market Size and Forecast, By Region
- 5.3.3. Market Share Analysis, By Country
- 5.4. 501 To 1, 500 Degree Celsius
- 5.4.1. Key Market Trends, Growth Factors and Opportunities
- 5.4.2. Market Size and Forecast, By Region
- 5.4.3. Market Share Analysis, By Country
- 5.5. Above 1, 500 Degree Celsius
- 5.5.1. Key Market Trends, Growth Factors and Opportunities
- 5.5.2. Market Size and Forecast, By Region
- 5.5.3. Market Share Analysis, By Country
CHAPTER 6: PROCESS HEATING EQUIPMENT MARKET, BY END-USER INDUSTRY
- 6.1. Market Overview
- 6.1.1 Market Size and Forecast, By End-user Industry
- 6.2. Chemical
- 6.2.1. Key Market Trends, Growth Factors and Opportunities
- 6.2.2. Market Size and Forecast, By Region
- 6.2.3. Market Share Analysis, By Country
- 6.3. Food And Beverage
- 6.3.1. Key Market Trends, Growth Factors and Opportunities
- 6.3.2. Market Size and Forecast, By Region
- 6.3.3. Market Share Analysis, By Country
- 6.4. Pharmaceutical
- 6.4.1. Key Market Trends, Growth Factors and Opportunities
- 6.4.2. Market Size and Forecast, By Region
- 6.4.3. Market Share Analysis, By Country
- 6.5. Plastic And Rubber
- 6.5.1. Key Market Trends, Growth Factors and Opportunities
- 6.5.2. Market Size and Forecast, By Region
- 6.5.3. Market Share Analysis, By Country
- 6.6. Metal
- 6.6.1. Key Market Trends, Growth Factors and Opportunities
- 6.6.2. Market Size and Forecast, By Region
- 6.6.3. Market Share Analysis, By Country
- 6.7. Others
- 6.7.1. Key Market Trends, Growth Factors and Opportunities
- 6.7.2. Market Size and Forecast, By Region
- 6.7.3. Market Share Analysis, By Country
CHAPTER 7: PROCESS HEATING EQUIPMENT MARKET, BY REGION
- 7.1. Market Overview
- 7.1.1 Market Size and Forecast, By Region
- 7.2. North America
- 7.2.1. Key Market Trends and Opportunities
- 7.2.2. Market Size and Forecast, By Equipment Type
- 7.2.3. Market Size and Forecast, By Temperature Range
- 7.2.4. Market Size and Forecast, By End-user Industry
- 7.2.5. Market Size and Forecast, By Country
- 7.2.6. U.S. Process Heating Equipment Market
- 7.2.6.1. Market Size and Forecast, By Equipment Type
- 7.2.6.2. Market Size and Forecast, By Temperature Range
- 7.2.6.3. Market Size and Forecast, By End-user Industry
- 7.2.7. Canada Process Heating Equipment Market
- 7.2.7.1. Market Size and Forecast, By Equipment Type
- 7.2.7.2. Market Size and Forecast, By Temperature Range
- 7.2.7.3. Market Size and Forecast, By End-user Industry
- 7.2.8. Mexico Process Heating Equipment Market
- 7.2.8.1. Market Size and Forecast, By Equipment Type
- 7.2.8.2. Market Size and Forecast, By Temperature Range
- 7.2.8.3. Market Size and Forecast, By End-user Industry
- 7.3. Europe
- 7.3.1. Key Market Trends and Opportunities
- 7.3.2. Market Size and Forecast, By Equipment Type
- 7.3.3. Market Size and Forecast, By Temperature Range
- 7.3.4. Market Size and Forecast, By End-user Industry
- 7.3.5. Market Size and Forecast, By Country
- 7.3.6. France Process Heating Equipment Market
- 7.3.6.1. Market Size and Forecast, By Equipment Type
- 7.3.6.2. Market Size and Forecast, By Temperature Range
- 7.3.6.3. Market Size and Forecast, By End-user Industry
- 7.3.7. Germany Process Heating Equipment Market
- 7.3.7.1. Market Size and Forecast, By Equipment Type
- 7.3.7.2. Market Size and Forecast, By Temperature Range
- 7.3.7.3. Market Size and Forecast, By End-user Industry
- 7.3.8. Italy Process Heating Equipment Market
- 7.3.8.1. Market Size and Forecast, By Equipment Type
- 7.3.8.2. Market Size and Forecast, By Temperature Range
- 7.3.8.3. Market Size and Forecast, By End-user Industry
- 7.3.9. UK Process Heating Equipment Market
- 7.3.9.1. Market Size and Forecast, By Equipment Type
- 7.3.9.2. Market Size and Forecast, By Temperature Range
- 7.3.9.3. Market Size and Forecast, By End-user Industry
- 7.3.10. Rest of Europe Process Heating Equipment Market
- 7.3.10.1. Market Size and Forecast, By Equipment Type
- 7.3.10.2. Market Size and Forecast, By Temperature Range
- 7.3.10.3. Market Size and Forecast, By End-user Industry
- 7.4. Asia-Pacific
- 7.4.1. Key Market Trends and Opportunities
- 7.4.2. Market Size and Forecast, By Equipment Type
- 7.4.3. Market Size and Forecast, By Temperature Range
- 7.4.4. Market Size and Forecast, By End-user Industry
- 7.4.5. Market Size and Forecast, By Country
- 7.4.6. China Process Heating Equipment Market
- 7.4.6.1. Market Size and Forecast, By Equipment Type
- 7.4.6.2. Market Size and Forecast, By Temperature Range
- 7.4.6.3. Market Size and Forecast, By End-user Industry
- 7.4.7. Japan Process Heating Equipment Market
- 7.4.7.1. Market Size and Forecast, By Equipment Type
- 7.4.7.2. Market Size and Forecast, By Temperature Range
- 7.4.7.3. Market Size and Forecast, By End-user Industry
- 7.4.8. India Process Heating Equipment Market
- 7.4.8.1. Market Size and Forecast, By Equipment Type
- 7.4.8.2. Market Size and Forecast, By Temperature Range
- 7.4.8.3. Market Size and Forecast, By End-user Industry
- 7.4.9. South Korea Process Heating Equipment Market
- 7.4.9.1. Market Size and Forecast, By Equipment Type
- 7.4.9.2. Market Size and Forecast, By Temperature Range
- 7.4.9.3. Market Size and Forecast, By End-user Industry
- 7.4.10. Rest of Asia-Pacific Process Heating Equipment Market
- 7.4.10.1. Market Size and Forecast, By Equipment Type
- 7.4.10.2. Market Size and Forecast, By Temperature Range
- 7.4.10.3. Market Size and Forecast, By End-user Industry
- 7.5. LAMEA
- 7.5.1. Key Market Trends and Opportunities
- 7.5.2. Market Size and Forecast, By Equipment Type
- 7.5.3. Market Size and Forecast, By Temperature Range
- 7.5.4. Market Size and Forecast, By End-user Industry
- 7.5.5. Market Size and Forecast, By Country
- 7.5.6. Latin America Process Heating Equipment Market
- 7.5.6.1. Market Size and Forecast, By Equipment Type
- 7.5.6.2. Market Size and Forecast, By Temperature Range
- 7.5.6.3. Market Size and Forecast, By End-user Industry
- 7.5.7. Middle East Process Heating Equipment Market
- 7.5.7.1. Market Size and Forecast, By Equipment Type
- 7.5.7.2. Market Size and Forecast, By Temperature Range
- 7.5.7.3. Market Size and Forecast, By End-user Industry
- 7.5.8. Africa Process Heating Equipment Market
- 7.5.8.1. Market Size and Forecast, By Equipment Type
- 7.5.8.2. Market Size and Forecast, By Temperature Range
- 7.5.8.3. Market Size and Forecast, By End-user Industry
CHAPTER 8: COMPETITIVE LANDSCAPE
- 8.1. Introduction
- 8.2. Top Winning Strategies
- 8.3. Product Mapping of Top 10 Player
- 8.4. Competitive Dashboard
- 8.5. Competitive Heatmap
- 8.6. Top Player Positioning, 2023
CHAPTER 9: COMPANY PROFILES
- 9.1. Babcock Wanson International
- 9.1.1. Company Overview
- 9.1.2. Key Executives
- 9.1.3. Company Snapshot
- 9.1.4. Operating Business Segments
- 9.1.5. Product Portfolio
- 9.1.6. Business Performance
- 9.1.7. Key Strategic Moves and Developments
- 9.2. Siemens AG
- 9.2.1. Company Overview
- 9.2.2. Key Executives
- 9.2.3. Company Snapshot
- 9.2.4. Operating Business Segments
- 9.2.5. Product Portfolio
- 9.2.6. Business Performance
- 9.2.7. Key Strategic Moves and Developments
- 9.3. Armstrong International Inc.
- 9.3.1. Company Overview
- 9.3.2. Key Executives
- 9.3.3. Company Snapshot
- 9.3.4. Operating Business Segments
- 9.3.5. Product Portfolio
- 9.3.6. Business Performance
- 9.3.7. Key Strategic Moves and Developments
- 9.4. Mitsubishi Electric Corporation
- 9.4.1. Company Overview
- 9.4.2. Key Executives
- 9.4.3. Company Snapshot
- 9.4.4. Operating Business Segments
- 9.4.5. Product Portfolio
- 9.4.6. Business Performance
- 9.4.7. Key Strategic Moves and Developments
- 9.5. Thermax Limited
- 9.5.1. Company Overview
- 9.5.2. Key Executives
- 9.5.3. Company Snapshot
- 9.5.4. Operating Business Segments
- 9.5.5. Product Portfolio
- 9.5.6. Business Performance
- 9.5.7. Key Strategic Moves and Developments
- 9.6. Johnson Controls International PLC
- 9.6.1. Company Overview
- 9.6.2. Key Executives
- 9.6.3. Company Snapshot
- 9.6.4. Operating Business Segments
- 9.6.5. Product Portfolio
- 9.6.6. Business Performance
- 9.6.7. Key Strategic Moves and Developments
- 9.7. Danfoss
- 9.7.1. Company Overview
- 9.7.2. Key Executives
- 9.7.3. Company Snapshot
- 9.7.4. Operating Business Segments
- 9.7.5. Product Portfolio
- 9.7.6. Business Performance
- 9.7.7. Key Strategic Moves and Developments
- 9.8. Hurst Boiler And Welding Company, Inc.
- 9.8.1. Company Overview
- 9.8.2. Key Executives
- 9.8.3. Company Snapshot
- 9.8.4. Operating Business Segments
- 9.8.5. Product Portfolio
- 9.8.6. Business Performance
- 9.8.7. Key Strategic Moves and Developments
- 9.9. Carrier
- 9.9.1. Company Overview
- 9.9.2. Key Executives
- 9.9.3. Company Snapshot
- 9.9.4. Operating Business Segments
- 9.9.5. Product Portfolio
- 9.9.6. Business Performance
- 9.9.7. Key Strategic Moves and Developments
- 9.10. Chromalox, Inc.
- 9.10.1. Company Overview
- 9.10.2. Key Executives
- 9.10.3. Company Snapshot
- 9.10.4. Operating Business Segments
- 9.10.5. Product Portfolio
- 9.10.6. Business Performance
- 9.10.7. Key Strategic Moves and Developments