Explosion Proof Heaters Market to Reach $1,527.27 Million, Globally, by 2032 at 5.01% CAGR: Allied Market Research
The explosion proof heaters market is driven by several factors, including infrastructure development, increase in global energy demand, and integration of advanced technologies.
WILMINGTON, Del., Nov. 8, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Explosion Proof Heaters Market, by Type (Explosion Proof Unit Heater, Explosion Proof Room Heater, and Explosion Proof Duct Heater), Application (Oil & Gas, Paper & Pulp, Mining, Chemical Process, Food Industry, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global explosion proof heaters industry generated $921.35 million in 2022, and is projected to reach $1,527.27 million by 2032, registering a CAGR of 5.01% from 2023 to 2032.
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Prime Determinants of Growth
The market for explosion-proof heaters is expected to witness substantial expansion during the forecast period, primarily driven by factors such as infrastructure development and the increase in global demand for energy. In addition, the explosion-proof heaters market is expected to benefit from the integration of advanced technologies. However, the complex installation and maintenance requirements present a significant restraint to the growth of the explosion proof heaters market during the forecast period.
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The explosion-proof unit heater segment is anticipated to dominate in terms of revenue during the forecast period-
Based on type, the explosion-proof unit heater segment accounted for over four-fifths of the total revenue in the global explosion proof heaters industry in 2022, and is expected to continue its dominant position throughout the forecast period and is expected to experience the fastest CAGR of 5.19% from 2023 to 2032. The segment's remarkable growth is driven by the critical need for safety in hazardous industrial environments, particularly in sectors like petrochemicals, oil & gas, and manufacturing, where explosion-proof unit heaters ensure compliance with stringent regulations and safe heating solutions.
The oil and gas segment is projected to retain the lion's share by 2032-
Based on application, the oil and gas segment emerged as the market leader in the global explosion proof heaters market in 2022, holding more than one-third of the market share. Simultaneously, the oil and gas segment is projected to witness the fastest CAGR of 5.88% from 2023 to 2032. This dominance can be attributed to the oil and gas sector's high reliance on explosion-proof heaters for safety in potentially explosive environments, along with increase in exploration activities and stringent regulatory compliance.
North America to maintain its dominance by 2032-
Based on region, North America dominated the explosion proof heaters market revenue in 2022, representing over two-fifths of the global market share. This dominance is driven by North America's substantial market share, particularly due to its strong presence in industries like oil and gas, strict safety regulations, and high demand for explosion-proof heaters. However, the Asia-Pacific region is projected to experience the fastest CAGR of 8.03% from 2023 to 2032, primarily propelled by rapid industrialization, expanding industries, and stringent safety regulations, especially in countries like India and China.
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Leading Market Players: -
The report provides a detailed analysis of these key players in the global explosion proof heaters market. These players have adopted various strategies, such as product launches, to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
Key Industry Developments: -
September 2021 - Hazloc Heaters launched the XEC1 ProTektor Series of explosion proof convection air heaters, optimized for heating in hazardous gas atmosphere locations. Tailored to specific requirements, the heaters offer multiple model choices and versatile design features. The launch reaffirms Hazloc Heaters' commitment to pioneering industrial heating solutions since 2004.
Key Benefits for Stakeholders:
Explosion Proof Heaters Market Key Segments:
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