The global fired air heaters market is expected to grow from US$ 491.73 million in 2021 to US$ 692.24 million by 2028; it is estimated to grow at a CAGR of 5.0% from 2021 to 2028.

The governments of various economies are taking several measures to attract private investments in oil & gas development. The Adana Refinery and Petrochemical Complex in Turkey, for instance, aims to reduce reliance on imports in the energy, mining, refining, and petrochemical industries. The project is currently in the feasibility stage, with a US$ 10 billion investment from a Turkish wealth fund disclosed in December of last year. Expropriation of a 10 million square meter block of land for the planned facilities is the first step. It will be constructed in Ceyhan, Turkey, which is regarded as a petrochemical products hub. It is expected to contribute roughly US$ 1.5 billion per year to Turkey's trade deficit, decreasing its annual petrochemical import cost of US$ 13 billion. A wealth of potential has unfolded as African governments open up development prospects and firms invest extensively in new areas. The Gas Revolution Industrial Park (GRIP), a downstream refinery and petrochemical complex in Nigeria's Delta area, has been in the works for a long time. The Nigerian National Petroleum Corporation (NNPC) owns the entire complex, containing several new chemical factories that would utilize Nigeria's plentiful natural gas as a feedstock. The GRIP has been declared a tax-free zone because it is a government-owned project, allowing for faster planning and access to a broader range of resources.

The fired air heater is used in air conditioning for processing and finishing applications such as paint curing, material drying, and others, which is expected to boost the growth of the fired air heater market. These fired air heaters are inexpensive to build, maintain, and operate compared to other types of furnaces, fueling the growth of the market. The wide range of applications of fired air heaters among end users such as chemicals, manufacturing, mining, oil and gas, pharmaceuticals, warehouses, and others is expected to drive the fired air heaters market.

Impact of COVID-19 Pandemic on Fired Air Heaters Market

The COVID-19 pandemic has significantly affected the world and is continuing to shatter several countries. Until the outbreak of COVID-19, the fired air heater industry was experiencing substantial growth in terms of production. Unfortunately, the COVID-19 outbreak has decimated the demand for fired air heaters across different industries globally, reflecting significantly lower volumes of orders among the aircraft manufacturers, resulting in a lower number of productions. The decline in production volumes adversely affected the businesses of various component manufacturers and associated technologies. Moreover, the weakening of end users like construction, automotive, and mining industries demotivated the market. Thus, the fired air heaters market players' businesses have been severely affected by destabilization in production. During the widespread COVID-19 virus, the entire construction industry came to a halt with minimal resources to foresee the future. Several production units in the US, France, Russia, and China were temporarily paused to adhere to the government rules regarding lockdown and physical distancing. The construction players witnessed a 20-30% reduction in demand for new projects. Additionally, the halt in the ongoing construction projects further weakened the market. This factor negatively impacted the fired air heater market.

The overall fired air heaters market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the fired air heaters market with respect to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the fired air heaters market. The major players operating in the 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.