Fired Air Heaters Market Size, Trends and Growth Analysis by 2027

The global market for fired air heaters is projected to expand from US$ 491.73 million in 2021 to US$ 692.24 million by 2028, reflecting a compound annual growth rate (CAGR) of 5.0% during the period from 2021 to 2028.

Governments across various nations are implementing numerous strategies to attract private investments in the oil and gas sector. A notable example is the Adana Refinery and Petrochemical Complex in Turkey, which aims to lessen the country's dependence on energy imports. Currently in the feasibility phase, this ambitious project has secured a US$ 10 billion investment from a Turkish wealth fund, as announced in December of the previous year. The initial step involves the expropriation of a 10 million square meter land parcel designated for the facilities, which will be located in Ceyhan, Turkey, a recognized hub for petrochemical products. This initiative is anticipated to contribute approximately US$ 1.5 billion annually to Turkey's trade balance, significantly reducing its yearly petrochemical import expenditure of US$ 13 billion.

In Africa, the opening of development opportunities by various governments has led to substantial investments in new projects. One such initiative is the Gas Revolution Industrial Park (GRIP) in Nigeria's Delta region, which has been under development for an extended period. Owned entirely by the Nigerian National Petroleum Corporation (NNPC), this complex will feature several new chemical plants that will utilize Nigeria's abundant natural gas as a feedstock. The GRIP has been designated as a tax-free zone due to its government ownership, facilitating expedited planning and access to a wider array of resources.

Fired air heaters play a crucial role in air conditioning systems, particularly in processing and finishing applications such as paint curing and material drying. This versatility is expected to drive the growth of the fired air heater market. These heaters are relatively inexpensive to construct, maintain, and operate compared to alternative furnace types, further propelling market expansion. The diverse applications of fired air heaters across various sectors, including chemicals, manufacturing, mining, oil and gas, pharmaceuticals, and warehousing, are anticipated to significantly boost market demand.

Impact of the COVID-19 Pandemic on the Fired Air Heaters Market

The COVID-19 pandemic has had a profound impact globally, disrupting numerous industries. Prior to the pandemic, the fired air heater sector was witnessing robust growth in production. However, the outbreak led to a dramatic decline in demand for fired air heaters across multiple industries worldwide, resulting in significantly reduced order volumes from aircraft manufacturers and a corresponding drop in production levels. This downturn adversely affected the operations of various component manufacturers and related technologies.

The pandemic also weakened key end-user sectors such as construction, automotive, and mining, which further dampened market prospects. Consequently, businesses involved in the fired air heater market faced severe challenges due to production instability. During the peak of the COVID-19 crisis, the construction industry experienced a complete standstill, with limited resources available to plan for the future. Numerous production facilities in the United States, France, Russia, and China were temporarily shut down to comply with government mandates regarding lockdowns and social distancing measures. As a result, construction firms reported a 20-30% decrease in demand for new projects, and the suspension of ongoing construction activities further weakened the market, negatively impacting the fired air heater sector.

The overall size of the fired air heaters market has been determined through a combination of primary and secondary research methodologies. The research process began with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. This approach also aimed to provide a comprehensive overview and forecast for the fired air heaters market across all segments. Additionally, primary interviews were conducted with industry stakeholders and experts to validate the data and gain deeper analytical insights. Participants in this research included industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the fired air heaters market.

Key players in the fired air heaters market include Allmand Bros., Inc. (Briggs & Stratton), Exotherm Corporation, Pirobloc, S.A., Hastings HVAC, Wacker Neuson SE, Zeeco, Inc., Stelter & Brinck, Ltd., and Therm Dynamics.