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The global Industrial Heating Equipment Market size is expected to reach USD 63.35 Billion in 2030 and register a revenue CAGR of 6.1% over the forecast period, according to the latest report by Reports and Data. Rising trend of geothermal pump technology, as well as increasing demand for steam boilers by various end-use industries is driving industrial heating equipment market revenue growth.
Increasing globalization and growing trade and commerce among countries has led to rapid industrial development in developing countries. Rapid increase in the number of private companies with adequate capital and significant investment by the government has lead to growth of various industries. Among various industries, manufacturing industry has registered a substantial growth globally. According to United Nations Industrial Development Organization, the global manufacturing production registered a year-over year output growth of 3.3 % in the fourth quarter of 2021. Production from manufacturing sector in industrially developing countries registered an annual increase of 4.3 % in the same quarter. Developed countries reported a growth rate of 3.2 % in a year over-year comparison.
Energy is the most crucial element in daily lives because it powers industries, hospitals, and schools. However, production of energy results in emission of greenhouse gases. Carbon dioxide (CO2) is one of the prominent greenhouse gasses that is produced in abundance by various industries. In response to the rising CO2 emission, many countries are currently working to reduce their primary energy demand and implement strict regulations and policies to govern emission of greenhouse gasses in environment. Heating equipment, for example, heat pumps provide an efficient way to reduce carbon emissions associated with energy generation. Due to this, demand for energy-efficient heat pumps is increasing rapidly among end-users, which in turn is contributing to the growth of industrial heating equipment market.
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Some Key Highlights from the Report:
Companies profiled in the global market report include:
Thermax Limited, Forbes Marshall, Sitson India Pvt. Ltd., Johnson Controls, Inc., Danfoss, Carbolite Gero Ltd., Deltech Furnaces, The Schaefer Group, Inc., AFC-Holcroft, and CHE Furnaces.
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For the purpose of this report, Reports and Data has segmented the industrial heating equipment market based on product, application, fuel type, and region:
Product Outlook (Revenue, USD Billion; 2018–2030)
Application Outlook (Revenue, USD Billion; 2018–2030)
Fuel Type Outlook (Revenue, USD Billion; 2018–2030)
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Furthermore, the research study gives additional insights into the companies’ regional presence through extensive regional analysis. The regional analysis covers the key geographical regions such as North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. The regional analysis segment covers detail about the market share held by each region along with the prospective growth opportunities and revenue generation. The report also offers a projection of the growth rate for each region in the entirety of the forecast timeline. It also offers a country-wise analysis to impart a better understanding of the industry.
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Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
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