The technology of heating and cooling of systems is one of the most basic areas where a large number of companies across various industrial verticals are adapting their business model. The market for industrial air preheater used in coal-fired and chemical industries is foreseen to witness more incremental growth over the forecast period.
Regenerative type industrial air preheater has its application to recover heat from flue gas and reduce excessive heat loss. The market for industrial air preheater is witnessing incremental growth in the coal-fired plants and chemical industries, where it is used to recover heat from flue gas and reduce excessive heat loss through flue gases.
The global industrial air preheater market is highly consolidated. Several international and domestic players are operating in the industrial air preheater market. Prominent manufacturers have been extensively investing in manufacturing operations in developing economies, such as India & China.
The industrial air preheater market is consolidated due to existing and forthcoming coal-fired power plants which have important implications for greenhouse gas (GHG) emissions and climate goals so most of the developed economies are channelizing their inclination towards renewable energy sources such as wind and solar power for power generation to get clean energy and reduce pollution. This factor is likely to be a detriment in the industrial air preheater market growth.
Regenerative type of industrial air preheaters is poised to hold almost over 87% of the market share by 2029, and rotary type regenerative industrial air preheaters are gaining popularity with their contribution in increasing boiler thermic efficiency up to 15%, which is foreseen to benefit various industrial sectors thus bolstering the demand for industrial air preheater in the global market. The key industrial air preheater market players are focusing on mergers and acquisitions to proliferate their regional presence across various countries.
For instance, in April 2019, Flaretec merged with Sigma thermal for improvisation in heating solutions for mechanical application. Both the companies will offer industrial process heating accessories and services in the global industrial air preheater market with higher efficiency, enhanced price to performance ratio and diverse product offerings.
Leading manufacturers in the industrial air preheater market are increasing their center of attention towards acquisition and merger to enhance the market share by consolodating their presence in different countries across the globe.
For instance, Guerts International was acquired by Healing Group to hold a substantial position in industrial air preheater market as international supplier.
One of the recent developments by Howden group limited is as follows- an industrial product manufacturing company with Larsen&Toubro are innovating new quad-sector type regenerative industrial air preheater to the latest technology standards which brings wide range of benefits like improved efficiency, greater reliability, reduced operational cost, and optimized performance.
Such innovations come at an opportune time when thermal power plants are set to grow at a CAGR of approximately 6% in Asian countries over the forecast duration. The prominent players need to pace up their R&D endeavors in order to match the market demand for the industrial air preheaters with better price to performance ratio.
Stringent Regulations to Support Reduced Emission Levels for Greater Industrial Air Preheater Market Penetration
The strict regulations around the reduction of emission of toxic gases are likely to increase the sales for industrial air preheater in the forecast period. The government regulations including the European law that declared emissions limit values (ELVs) for reducing levels of harmful gases like sulphur dioxide (SO2), nitrogen oxides (NOX) and others from all coal-fired plants are enormously bolstering the industrial air preheater market.
With rising significance given to low intensity harmful gas emissions, the manufacturers in the industrial air preheater market are focusing on upgrading and enhancing their portfolios to ensure adherence to the same.
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Technological Advancements Will Impact the Growth of Industrial Air Preheater Market in the Foreseeable Future
Industry 4.0 is the subset of the forth industrial revolution which is a trend towards automation and data exchange in manufacturing technologies such as the industrial internet of things (IIOT). The continuous changing technology and less involvement of prominent players in newer innovations of industrial air preheater hinders the market growth over the forecast period.
Besides, the lifespan of industrial air preheater is nearly 15-20 years so the replacement process is slow as there are a large number of manufacturing sectors involved in the aftermarket services. In the short term outlook, these factors are expected to hamper the growth of industrial air preheater market during forecast period.
High Impact of Global Warming and Growing Preference of Renewable Energy Sources in Developed Economies Likely to Hamper the New Sale for Industrial Air Preheater
Coal-fired power plants highly affect global warming as its burning releases a number of airborne toxins and pollutants. This includes sulfur dioxide, nitrogen oxide, mercury, lead, and various other heavy metals. Although limits are set by the Environmental Protection Agency (EPA) have helped prevent some of these emissions, many industries do not have necessary pollution control installed.
Most of the developed economies such as, US, Canada, Brazil are shifting their preference towards renewable energy sources such as wind and solar for power generation to reduce pollution. These factors are estimated to hinder the growth of the industrial air preheater market across the forecast duration.
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Asia Pacific Market to Offer Noteworthy Revenue Growth Potential
With the developing industrial sector and the high demand for mechanical equipment, prominent players are not just focusing on the emerging economies, but are leveraging the opportunities provided by the APAC market.
Globally China dominates the industrial air preheater market, followed by India, and other European countries. Furthermore, India is holding a leading market share due to the increase in the potential GDP growth and a higher level of economic growth anticipated for the improvement in the quality of life over the next few years.
This will likely to bolster the energy demand. India, for instance, is poised to witness a rise in annual consumption of power up to 3.2% over the forecast period. In some areas, coal is one of the most efficient fuels to produce energy due to its availability which results in expansion of thermal power plants, and this factor will bolster the demand for industrial air preheater.
For instance, on 3 July 2018, General Electric received a twin boiler equipment order from Bharat Heavy Electricals (BHEL) based in India for the country’s two thermal power projects.
Around the globe, China dominates in the industrial air preheater market as currently china is having a large number of coal-fired plants and the Chinese government is targeting expansion of thermal power plants by hundreds over the forecast period.
China is having a large number of coal power plants. The country targeted development of ~300-500 new coal power plants by 2030. The power plant for ~130 GW is currently under construction in china. The demand for steel in China is foreseen to create ample opportunities for the industrial air preheater market.
Developed Nations Growing Preference for Renewable Energy Sources will Obstruct Industrial Air Preheater Market Growth
Global warming and climate goals are highly affected by thermal power plants thus restricting the demand of industrial air preheater in this sector. Most of the developed countries like the US, and Brazil are shifting their preference towards the renewable sources of energy for power generation such as wind and solar energy
which hinders the industrial air preheater growth. Developed countries are putting a ban on the new installation of the thermal energy sources, and the existing industries of coal-fired plants are also reduced. The renewable sources of energy like – wind and solar power are the natural sources, and the energy generation from these sources are quite less as compared to the coal fired plants.
So, these factors are also expected to increase the thermal power plant installation in developed countries over the forecast period. The developed countries are shifting their preference in the current situation to get clean energy and reduce pollution. These factors are estimated to hinder the growth of the industrial air preheater market during the forecast period.
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Increasing Petrochemical Industries in Europe and GCC Countries Bolstering the Demand for Industrial Air Preheater Market
Nowadays, the demand for fuel (petrol, oil & gas) is increasing in every region due to increasing population and a large number of vehicles. This factor helps in expansion of new petrochemicals in GCC countries. The chemical industry demand is also increasing in Europe as the new expansion will create ample opportunities for the industrial air preheater market in Europe and MEA during the forecast period.
The Analyst’s Viewpoint
A comprehensive view of the industrial air preheater market has led our analysts to conclude that, the market is growing at a considerable rate, with East Asia, Europe, and South Asia holding a significant demand in the global demand for industrial air preheater market. The rising expansion in energy generation by coal and increasing industrialization in developing countries such as India and China also spurring the industrial air preheater demand.
Owing to the demand for large capacity boilers used in different end uses such as thermal power plants and chemical industries, regenerative industrial air preheater will remain dominant over the recuperative industrial air preheater. Effective integration of design and work flow by various industrial air preheater will also give impetus to the global industrial air preheater market.
Technological breakthroughs such as increasing efficiency of industrial air preheater, long lifespan and aftermarket services could provide timely succor as a cost effective and time saving strategy thereby increasing profit margins for market players.
Companies with R&D capabilities and technological prowess will gather momentum and profitability in the industrial air preheater market. The leading players who are leveraging technology will continue to grow exponentially and have a considerable market revenue share. However, the high installation and maintenance cost could hamper the growth of the industrial air preheater market.
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Key Segments of the Industrial Air Preheater Market
Fact.MR study on the industrial air preheater market offers information divided into three important segments- Product, End use and regional analysis. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Industrial Air Preheater Market - Scope of the Report
Fact.MR recently published a market study on the global market for Industrial Air Preheater. The study provides detailed assessment on the key market dynamics, including the drivers, trends, opportunities restraints, and detailed information about the industrial air preheater market structure.
The market study presents exclusive information about how the industrial air preheater market will grow during the forecast period of 2019-2029.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, value chain, supply chain analysis, and Compounded Annual Growth Rate (CAGR) are explained in Fact.MR study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the industrial air preheater market during the forecast period.
The study is relevant for stakeholders in the industrial air preheater market, including air preheater manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Stakeholders in the industrial air preheater market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in Fact.MR study.
The study also includes statistics as well as facts related to the macro as well as microeconomic factors that are impacting developments in the market. It also offers actionable insights based on the future trends in the industrial air preheater market. Furthermore, small businesses and new entrants in the industrial air preheater market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Questions Answered in Fact.MR Industrial Air Preheater Market Report
- Which regions will continue to remain the most profitable regional markets for industrial air preheater market players?
- Which factors will induce a change in the demand for industrial air preheater during the assessment period?
- How will changing trends impact the industrial air preheater market?
- How can market players capture the low-hanging opportunities in the industrial air preheater market in developed regions?
- Which companies are leading the industrial air preheater market?
- What are the winning strategies of stakeholders in the industrial air preheater market to upscale their position in this landscape?
Industrial Air Preheater Market: Research Methodology
In Fact.MRs study, a unique research methodology is utilized to conduct extensive research on the growth of the industrial air preheater market, and reach conclusions on the future growth parameters of the market.
This research methodology is a combination of primary and secondary research, which helps analysts ensure accuracy and reliability of the conclusions.
Secondary resources referred to analysts during the production of the industrial air preheater market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases.
Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary resources and secondary resources acts as a validation from companies in the industrial air preheater market, and makes Fact.MR projection on the growth prospects of the industrial air preheater market more accurate and reliable.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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