Electric Heater Market Size, Share, Growth, and Industry Analysis, By Type (Immersion Heaters, Tubular Heaters, Circulation Heaters, Band Heaters, Strip Heaters, Coil Heaters, Flexible Heaters, Others), By Application (Chemical & Plastics Industry, Pharmaceutical Industry, Transportation, Appliances, Others) and Regional Insights and Forecast to 2031

Updated On: 29 April 2024

ELECTRIC HEATER MARKET REPORT OVERVIEW

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The global electric heater market size was USD 8384 million in 2022 and the market is projected to touch USD 11657 million by 2031, exhibiting a CAGR of 3.7% during the forecast period.

The electric heater market has experienced significant growth and diversification in recent years, driven by technological advancements, increasing demand for energy-efficient solutions, and the growing need for convenient and portable heating options. This market encompasses a wide array of electric heaters, including convection heaters, radiant heaters, infrared heaters, fan-forced heaters, and more. With a rising emphasis on energy efficiency and sustainability, manufacturers have been developing electric heaters equipped with advanced features such as programmable thermostats, remote control operation, and safety mechanisms.

The electric heater market has seen a surge in demand due to factors such as the increasing adoption of smart home technologies and the preference for personalized heating solutions. This has led to the integration of IoT capabilities in electric heaters, enabling remote control through smartphones and voice-activated assistants, thereby enhancing user convenience.

COVID-19 Impact : Market Growth Restrained by Pandemic due to Reduced Consumer Spending

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The electric heater market, like many other industries, faced notable challenges and changes due to the COVID-19 pandemic. The market witnessed a significant impact as the pandemic disrupted global supply chains, manufacturing operations, and led to reduced consumer spending in certain sectors. Lockdowns and restrictions affected the production and distribution of electric heaters, causing fluctuations in demand. However, the market's adaptability, coupled with the rising need for efficient heating solutions, propelled innovations, pushing the industry to evolve and meet changing consumer demands.

LATEST TRENDS

"Embracing Energy Efficiency to Drive Market Growth"

One prominent trend shaping the electric heater market is the growing emphasis on energy-efficient solutions. With increasing environmental consciousness and the pursuit of sustainable technologies, consumers are seeking electric heaters that offer better energy utilization and reduced carbon footprints. Manufacturers are focusing on developing innovative products that not only provide effective heating but also operate with minimal energy consumption, driving the market towards more eco-friendly and cost-effective solutions.

ELECTRIC HEATER MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into Immersion Heaters, Tubular Heaters, Circulation Heaters, Band Heaters, Strip Heaters, Coil Heaters, Flexible Heaters, Others.

The diverse array of electric heater types, such as immersion, tubular, circulation, band, strip, coil, flexible heaters, and other specialized variants, caters to unique heating requirements across various industries, contributing significantly to the market's versatility.

• By Application

Based on application the global market can be categorized into Chemical & Plastics Industry, Pharmaceutical Industry, Transportation, Appliances, Others.

The adaptability of electric heaters across diverse sectors, such as the chemical and plastics industry, pharmaceuticals, transportation, household appliances, and other specialized areas like agriculture and laboratories, solidifies their demand in the market due to their crucial role in maintaining precise temperatures for manufacturing processes and diverse applications.

DRIVING FACTORS

"Technological Advancements to Boost the Market"

Technological advancements play a pivotal role in increasing the market growth of electric heaters. Innovations in materials, design, and manufacturing processes have led to the development of more efficient and cost-effective heating solutions. Integration of smart technologies, such as IoT-enabled heating systems, has revolutionized the way heaters are controlled and managed, enhancing user experience and further driving the electric heater market growth.

"Expansion of End-User Industries to Expand the Market"

The expanding application of electric heaters across various industries contributes significantly to the electric heater market share. As industries such as pharmaceuticals, automotive, and consumer appliances continue to grow, the demand for reliable and efficient heating solutions rises proportionally. This surge in demand continues to amplify the market share of electric heaters, leading to a broader market presence for these products.

RESTRAINING FACTORS

"Regulatory and Environmental Impacts to Potentially Impede Market Growth"

The electric heater market faces challenges due to evolving regulations and environmental concerns. Increasing emphasis on energy efficiency and environmental sustainability necessitates adherence to stringent regulations. This demand for compliance often requires manufacturers to invest in R&D for more eco-friendly solutions. Additionally, the phase-out of certain materials and components in heaters poses challenges for the industry, impacting production and potentially increasing costs.

ELECTRIC HEATER MARKET REGIONAL INSIGHTS

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"Asia Pacific Being the Key Manufacturing Hubs to Bolster the Market Growth "

The Asia Pacific region dominates the electric heater market share due to the presence of key manufacturing hubs and the rapid industrialization in countries like China and India. The region's robust industrial sector, coupled with the rising adoption of electric heaters in various applications, drives significant electric heater market share growth. Additionally, the increasing focus on renewable energy and the rapid growth of the construction and automotive sectors further propel the electric heater market growth in this region. It's also essential to note that the strategic initiatives and government policies aimed at boosting local manufacturing and enhancing technological capabilities have significantly supported the dominance of the Asia Pacific region in the electric heater market. The incentives provided for research and development, as well as subsidies for manufacturing, have encouraged the growth of the industry, thereby bolstering the region's position as a leader in the global market.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Top companies in the Electric Heater Market are transforming the industry with cutting-edge innovations, global expansion, and tailored heating systems for diverse industrial and consumer needs. These industry leaders pioneer advanced heating technologies across manufacturing, pharmaceuticals, transportation, and residential sectors, offering energy-efficient solutions and prioritizing technological advancements to meet consumer-specific requirements.

List of Market Players Profiled

• Zoppas Industries (Italy)
• NIBE (Sweden)
• Watlow (U.S.)
• Zhenjiang Dongfang Electric Heating Technology (China)
• Spirax-Sarco Engineering plc (U.K.)
• Tutco (U.S.)
• Thermon (U.S.)
• Thermowatt (Ariston Thermo) (Italy)
• Tempco Electric Heater Corporation (U.S.)
• Minco Products, Inc. (U.S.)
• Hotset GmbH (Germany)
• Headway Electric Heat Components (China)
• Honeywell (U.S.)
• OMEGA (Spectris plc) (U.K.)
• Holroyd Components Ltd (U.K.)
• Durex Industries (U.S.)
• Thermal Corporation (U.S.)
• Friedr. Freek GmbH (Germany)
• Wattco (Canada)

INDUSTRIAL DEVELOPMENT

March 2023: Peltier electric heaters: These heaters use the Peltier effect, which is a phenomenon that occurs when two different types of metal are connected together and an electric current is passed through them. This creates a temperature difference between the two metals, which can be used to heat one of them.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.