Global Steam Heaters Market to Observe Growth rate of 5.3% | Emergen Research
Discover the global steam heaters market's steady growth driven by residential and commercial adoption, industrial applications, and energy conservation initiatives
Vancouver, Nov. 06, 2023 (GLOBE NEWSWIRE) -- The global steam heaters market is expected to register a rapid revenue CAGR of 5.3 % during the forecast period. The increasing demand for steam heaters in residential and commercial buildings, driven by their cost-effectiveness and versatility, is a significant factor contributing to this growth.
*Residential and Commercial Adoption Drives Growth*
Residential and commercial buildings are increasingly turning to steam heaters to provide warmth during cold seasons when central heating systems are unavailable. These small space heaters are not only budget-friendly but also versatile, with capacities ranging between 10,000 to 40,000 Btu per hour and running on electricity, propane, natural gas, and kerosene. In the United States alone, around 4.96 million households relied on heating oil for space heating in the winter of 2022-23.
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Furthermore, the adoption of solar-powered steam heaters is gaining momentum as consumers seek to reduce annual heating costs. In the United States, the installation of solar power heaters comes with a 30% federal tax credit, encouraging eco-friendly energy solutions.
*Industrial Application and Energy Conservation Initiatives*
The food processing industry is also a major contributor to the steam heaters market. These heaters are crucial for generating high-pressure steam, making food preparation faster and more efficient. The use of electricity for heating, known as power-to-heat, is cost-effective and offers significant savings compared to older heating methods.
Government initiatives aimed at energy conservation are another driver for the market. For example, the Louisville city council has initiated a reduction in upfront costs for electric heating, ventilation, and air conditioning systems in multi-family buildings, further encouraging the adoption of efficient heating solutions.
*Challenges Ahead*
However, the market does face challenges, with space heaters being inefficient and potentially hazardous if not used correctly. Portable space heaters are linked to residential fires and injuries, prompting the need for careful use.
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*Product Type Insights*
· Storage Steam Water Heaters: This segment is expected to lead the market due to the rising demand for thermal batteries, providing cost-effective electricity and heat savings.
· Instantaneous Steam Heaters: While this segment is growing at a moderate pace, its compact design and precise temperature control make it suitable for various environments.
*End-Use Insights*
· Residential Buildings: The adoption of steam heaters for hot water, room heating, and food preparation is driving growth in this segment. Technological advancements, like heat pump water heaters, are contributing to energy efficiency and lower electricity costs.
· Food Processing: Steam heaters are essential for high-pressure steam generation, making food processing more efficient and cost-effective.
*Regional Insights*
· North America: The market in North America is flourishing, particularly in office buildings, with steam heating being prevalent due to cold winters. Additionally, government support and investments in energy-efficient heating solutions are driving growth in this region.
· Europe: Europe is experiencing the fastest revenue growth rate in the global steam heaters market. The emphasis on energy efficiency and the reduction of fossil fuel consumption are key factors contributing to this growth.
· Asia Pacific: This region is seeing considerable growth, with China leading the way in manufacturing and exporting steam heaters. The use of thermal batteries is on the rise, making steam heaters more energy-efficient.
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*Scope of Research *
*Report Details* *Outcome*
Market Size in 2022 USD xx Billion
CAGR (2023–2032) 5.3 %
Revenue Forecast To 2032 USD xx Billion
Base Year Of Estimation 2022
Historical Data 2019–2021
Forecast Period 2023–2032
Quantitative Units Revenue in USD Billion and CAGR in % from 2023 to 2032
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered Product type, end use, and region
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies Profiled Patterson-Kelley, AERCO, PVI, Graham Manufacturing, CIRCOR International, Armstrong Engineering Associates, Hubbell Heaters, Ace Heaters, LLC, Therma-Flow, Inc., and HESCO
Customization Scope 10 hours of free customization and expert consultation
*Major Companies and Competitive Landscape *
The global steam heaters market is fragmented, with several key players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new products and solutions. Some major players included in the global steam heaters market report are:
· Patterson-Kelley
· AERCO
· PVI
· Graham Manufacturing
· CIRCOR International
· Armstrong Engineering Associates
· Hubbell Heaters
· Ace Heaters, LLC
· Therma-Flow, Inc.
· HESCO
*Strategic Development*
· On 17 January 2023, Hintastica Private Limited (HPL), a 50:50 joint venture between Hindware Home Innovation Limited and Groupe Atlantic of France, begun the commercial production of heating appliances from its manufacturing facility Jadcherla, which is 90 km from Hyderabad. The 5.7-acre plant, set with an investment of USD 25.17 Mn, can produce 600 thousand units a year.
· On 18 October 2022, Holtec International completed the design and computer simulation phases for its HI-HEAT district heating system, which has been underway since May 2020. HI-HEAT is intended to provide a carbon-free solution for district heating in countries facing a cut-off of Russian fuel supplies as well as countries aiming to shrink the footprint of fossil fuels in their national economies.
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*Segments Covered in Report*
For the purpose of this report, Emergen Research has segmented the global steam heaters market on the basis of product type, size, end-use, and region:
· *Product Type Outlook (Revenue, USD Billion; 2019-2032)*
· Instantaneous steam water heaters
· Semi-instantaneous steam water heaters
· Storage steam water heaters
· Others
· *Size Outlook (Revenue, USD Billion; 2019-2032)*
· Small-scale steam heaters
· Medium-scale steam heaters
· Large-scale steam heaters
· *End-use Outlook (Revenue, USD Billion; 2019-2032)*
· Residential buildings
· Commercial buildings
· Hospitals
· Universities
· Hotels
· Others
· Food processing
· Other industries
· *Regional Outlook (Revenue, USD Billion; 2019–2032)*
· North America
· U.S.
· Canada
· Mexico
· Europe
· Germany
· France
· UK
· Italy
· Spain
· Benelux
· Rest of Europe
· Asia Pacific
· China
· India
· Japan
· South Korea
· Rest of APAC
· Latin America
· Brazil
· Rest of LATAM
· Middle East & Africa
· Saudi Arabia
· UAE
· South Africa
· Turkey
· Rest of Middle East & Africa
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