Industrial Heating Element Market Outlook 2031:
The North America Industrial heating element market size was valued at USD 1.29 Billion in 2022 and is projected to reach USD 1.88 Billion by 2031, expanding at a CAGR of 4.3% during the forecast period 2023 - 2031. Heating elements covert electrical energy into heat energy by Joule heating process. The heating occurs due to the resistance encountered by electric current.
A typical electric heating element is usually a ribbon, coil or a strip of wire which give out heat. As the electric current passes through the equipment, it becomes red hot and converts electric energypassing through it into heat that radiates in all directions.
Increase in energy consumption, also as strict environmental regulations, have positively influenced the demand for certified energy-efficient products. The rising energy bills encourage many commercial and industrial organizations to modify to effective also as efficient heating equipment on their sites.
The market is additionally likely to register strong growth on account of the constant replacement of existing heating equipment that's at the top of their operational lifespan. Also, the growing consumption of fossil fuels like coal, oil, and gas to satisfy heating requirements is harmful to the environment. Growing awareness about global climate change and greenhouse emission emissions are expected to spice up the demand for energy-efficient products and technologies.
Growth of the housing and construction sector for single and multi-unit dwellings is predicted to spice up the merchandise demand over the years to return. Changing spending habits and increasing spending capacity of consumers are projected to extend the revenue of restaurants and other commercial establishments, which, in turn, is predicted to drive the merchandise demand from the commercial sector.
Industrial Heating Element Market Dynamics
Furthermore, the arrival of the newest technologies like semiconductors, sensors, automatic timers including growing manufacturing industries has surged the necessity for tabular heaters. The factors like rapid urbanization have escalated the necessity for heaters in household activities like ovens, drying cabinets, and water heating coils. These factors have fueled the worldwide tubular heaters market.
There are certain restraints and challenges faced which can hinder the general market growth. The factors like questions of safety, high costs, corrosion problems, and high consumption of electricity are inhibiting the expansion of the market. Besides, cleaning and maintenance of heaters regularly may be a time-consuming task. the supply of substitutes within the market is that the major restraint hampering the general growth of the worldwide tubular heaters market.
Increasing demand for electric heating elements
Increasing demand for industrial electrical heaters is a major factor responsible for the growth of the market in North America. Demand is rising, due to several advantages of industrial electrical heaters such as clean heating and temperature-controlled process. Industrial electric heating elements generate heat without the requirement of fire; hence it is free from dust & flue gases.
Industrial electric heating elements are easy to operate, hence the demand for these heaters increases, which is responsible for driving the market. All these features compelled manufacturers to generate industrial electric heating elements, which is expected to fuel the demand in the region. Since dust and ash are completely eliminated in electric heating system, it is a clean system and cleaning costs are rendered to a minimum. This increases the demand for the electric heating elements.
Availability of Counterfeit & Inferior Products and Lack of Skilled Labor
Presence of fake and low-graded industrial electric heating elements is projected to hamper the North America industrial electric heating element market during the forecast period. Lack of training among workers in specific regions is expected to hinder the growth of the market over the forecast period.
Less skilled and trained labor for operating the hÐµÐ°tÑ–ng Ñ€rÐ¾ÑÐµÑ•Ñ•ÐµÑ• increases risks related to these processes, which is anticipated to hamper the market growth during the forecast period.
The use of low graded or fake industrial electric heating elements may results into the slower heating as the electric furnace used in this system may takes longer time to power up the heating element which increases the waiting period. This can hamper the growth of the industrial electric heating element market.
Changing lifestyle of people
Changing lifestyle of people and the people adopting to better lifestyle due to improved economic condition is expected to boost the construction segment of the market. The growing concern of the people to use clean energy rather than the products using natural resources that produce smoke and ash which damage the environment will also help in the growth of the market.
The other segment that is expected to drive the growth of the market is the food industry where it is expected that the people will spend more due to improved economic conditions.
Scope of Industrial Electric Heating Element Market Report
The report on the global industrial electric heating element market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|Industrial Electric Heating Element Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|2016 – 2021
|Product Type ( Band Heaters, Circulation Heaters, Coil Heaters, Immersion Heaters, Strip Heaters, Tubular Heaters, Infrared Heaters, and Others), and End User ( Building & Construction, Chemical & Plastic, Food Processing, Oil & Gas, Pharmaceutical, and Others)
|Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
|Key Players Covered in the Report
|hromalox (Spirax-Sarco Engineering), Minco Products Inc, Omega Engineering (Spectris plc), Indeeco, Durex Industries, Industrial Heater (Industrial Heater Corp), Tempco Electric Heater Corporation, Accutherm, Inc, American Heating Company, Inc., Hotset GmbH, NIBE Industrier AB, and Rama Corporation.
Industrial Electric Heating Element Market Segment Analysis
Tubular Heaters represents major share among the product type segment
The growing demand from end-use sectors, like commercial, industrial and scientific drives the demand for tubular heaters. Moreover, the growing trend of green house plants to save lots of the environment has increased the demand for heating devices also because the latest technological advancements in heaters especially in tabular categories like U-shape, Ss tabular heaters boosts global market.
U.S. has high CAGR during the forecast period
The U.S. is the largest marketplace for heating equipment. The implementation of favorable government policies is projected to drive the demand in near future. Installing an energy-efficient heating plant may qualify the customer for several tax credits. Tax rebates also are offered for using renewable systems like geothermal heat pumps.
Canada is the second-largest region within the North America heating equipment market. Provinces like Ontario and Quebec have a highly concentrated business of heating equipment due to high population density and proximity to residential and commercial downstream markets. climate and growing repair and replacement activities are projected to play an important role in driving regional product demand.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the Global Industrial electric heating element Market
- Historical, Current and Projected Market Size in terms of Value and Volume
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Industrial Electric Heating Element Market Performance
- Band Heaters
- Circulation Heaters
- Coil Heaters
- Immersion Heaters
- Strip Heaters
- Tubular Heaters
- Infrared Heaters
- Building & Construction
- Chemical & Plastic
- Food Processing
- Oil & Gas
- Chromalox (Spirax-Sarco Engineering)
- Minco Products Inc
- Omega Engineering (Spectris plc)
- Durex Industries
- Industrial Heater (Industrial Heater Corp)
- Tempco Electric Heater Corporation
- Accutherm, Inc
- American Heating Company, Inc.
- Hotset GmbH
- NIBE Industrier AB
- Rama Corporation
- Top players in the market include Chromalox (Spirax-Sarco Engineering), Minco Products Inc, Omega Engineering (Spectris plc), Indeeco, Durex Industries, Industrial Heater (Industrial Heater Corp), Tempco Electric Heater Corporation, Accutherm, Inc, American Heating Company, Inc., Hotset GmbH, NIBE Industrier AB, and Rama Corporation. These companies are considered as key manufacturers of Industrial Electric Heating Element based on their revenue, research development.
- The players are adopting key strategies such as acquisition, collaborations, and geographical expansion where potential opportunity for the industrial electric heating element market.