Industrial Heater Market Trends

Growth Drivers

• Growing focus on environmental sustainability - Reducing the environmental impact of industrial heating can also be achieved by using industrial heaters, which are a more sustainable choice since they consume less energy and emit fewer greenhouse gases.
  
  In 2023, more than 55% of businesses began utilizing more environmentally friendly resources, such as recycled materials and goods with reduced emissions.
• Expanding oil and gas industry - One of the most crucial components in the heating of gas and oil is the industrial heater, which is an incredibly effective appliance that delivers substantial amounts of immediate heat where it's needed.
  
  As per the International Energy Agency, the oil and gas industry's average return on capital between 2010 and 2022 was between 6 and 9%.
• Growing sales of automobiles - The automotive sector is expanding rapidly, which will bolster demand for car heaters to satisfy the needs of manufacturing processes at high temperatures, and to enhance the engine's cold starting performance. Global auto sales increased from around 66 million vehicles in 2021 to over 67 million vehicles in 2022.

Challenges

• Stringent rules and regulations - For many establishments and businesses, industrial heating is necessary, however, installation of industrial heating systems may be subject to legal or construction regulations that contribute to an appliance's reasonable level of safety.
  
  Respecting the heater standards and regulations established by industry associations and regulatory agencies is essential to ensuring the safe operation of heaters, which are made to protect people and their belongings from any risks that could arise from using heaters. Moreover, adhering to these standards can pose a challenge for the heater producers since it can be time-consuming and resource-intensive.
• Fluctuating cost of raw materials - Volatility in prices of raw materials such as steel, and aluminum can lead to supply chain disruptions causing production delays and impacting the overall production costs.