Heating Coil Market Size, Share, Growth, and Global Industry Analysis, By Type (Tubular Heater, Cartridge Heaters, Band Heaters, and Others), By Application (HVAC Industry, Industrial Equipment, Home Application, and Others), Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 April 2024

HEATING COIL MARKET REPORT OVERVIEW

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The global heating coil market size is expected to be USD 12710 million in 2022 and is projected to touch USD 16441.27 million by 2031, exhibiting a CAGR of 2.9% during the forecast period.

Heating coil is a device used in a tank or container to heat a substance by converting electrical energy into heat energy with the help of Joule heating. The current passing through the elements has to encounter resistance which results in element heating. It is generally a single turn and are designed to enhance the areas that are to be hardened. They are designed to offer higher efficiency than any other heater. They are used in furnaces, heating equipment, and heaters. The heat is transferred to the sides, back, and front of the coil to start the heating process. The range of heat makes a uniform distribution, gives longer tube life, less coil degradation, and higher operating temperatures.

Heating coils transfer the heat to a larger surface area of the equipment, which also reduces the stack temperature and helps heat the coil more efficiently. The heat is transferred with the help of direct radiation only to the inside surface of the coil. These coils offer various benefits, such as the heating fluid lasts longer when it is heated with a serpentine coil. They require minimal maintenance, which is likely to gain traction in the market. 

Covid-19 Impact: Disruption in the Supply Chain Affected Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with heating coils experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the heating coil market growth and demand returning to pre-pandemic levels once the pandemic is over.

The pandemic impacted every market and has had a long-lasting effect on its growth. The sudden outbreak of the pandemic affected the market in several aspects, such as hampering transportation, manufacturing, and demand. The market growth stood still during the pandemic due to higher demand and no product supply. Thus, the market witnessed a downfall even after the lockdown ended due to higher demand and lower supply of the product. The demand-supply affected the growth rate of the market.

LATEST TRENDS

"Government Schemes to Adopt Safe Heating Equipment to Boost Growth"

Various policies by the government to reduce gas-powered water heating systems and promote the adoption of safe water heating equipment are likely to aid the market growth. Many programs run by the government, such as the solar city in Seoul, to create lucrative opportunities for the expansion of the heating coil market share. Additionally, the trend of shifting from fossil fuel to energy sources is forecasted to drive a trend in the global market. Moreover, the rising adoption of heating equipment in daily household applications is forecasted to boost the adoption of the product. This equipment is easy and safe to use thus; it is likely to gain growth in the global market.

HEATING COIL MARKET SEGMENTATION

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• By Type Analysis

By type, the market is segmented into tubular heaters, cartridge heaters, band heaters, and others. 

• By Application Analysis

Based on application, the market is classified into HVAC industry, industrial equipment, home application, and others. 

DRIVING FACTORS

"Adoption of Innovative Technology to Surge the Market Growth"

The requirement for efficient and optimized equipment for heating various fluids is likely to surge growth in the global market. These coils have developed due to the need for safe heating equipment. Additionally, the use of heating coils in the manufacturing of semiconductors such as LCD screen preheating and plasma etches systems is estimated to increase growth in the market. Furthermore, the heating coils are used in the manufacturing of heating equipment, industrial equipment, and home applications which eventually boosts product demand in the market. These coils are easy maintenance and, thus, are forecasted to gain more customers in the global market.

"Availability of Customized Products to Gain Traction in the Market"

The manufacturing industries are coming up with customized equipment that is likely to gain more customers in the market and help in the growth of the market. The availability of application-specific and order-specific products is likely to encourage industries for the adoption of the product. Additionally, the demand for electric heaters with high voltage, especially for commercial vehicles and passenger cars, is likely to increase the product demand. The need for high voltage coils is likely to gain its sales in the original equipment manufacturers as the original equipment manufacturers explore growth revenues in the developing economies.

RESTRAINING FACTORS

"Higher Installation Costs and Availability of Cheap Products to Impede Market Growth"

Installation of heating coils is higher, which resists the general population, which is likely to retard the market growth. Additionally, the availability of cheap alternatives is attracting the general population, which is expected to hamper the development of the market. Moreover, the deployment of commercial heaters is affected due to the higher cost of upfront installation and repairs. Furthermore, the struggle to meet higher efficiency and quality standards is expected to impede market growth.

HEATING COIL MARKET REGIONAL INSIGHTS

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"Asia Pacific to Lead Due to the Rising Demand for Heater "

Asia Pacific is likely to dominate the global market due to the growth of the heating coil market in the countries existing in the region, such as China, India, and others. China is anticipated to hold approximately 20% of the total heating coil market share due to the rising demand for heaters in various industries such as analytical instruments, defense systems, commercial food equipment, and others. 

North America is forecasted to show significant growth in the market due to rising environmental concerns coupled with the emission of harmful gases from various vehicles leading to an escalated demand for the vehicle. The U.S. is likely to boost maximum growth in the region due to higher adoption of the product by the country’s population. 

KEY INDUSTRY PLAYERS

"Companies to Enhance Product Efficiency to Gain a Competitive Advantage"

Key manufacturers are focused on constantly upgrading their product portfolio by launching advanced features to differentiate their products from other companies' products. Competitors emphasize on increasing their production capacities to meet the customer’s demand. The companies are sustaining the market of strong competition. Major market players also emphasize boosting their growth by making expansions & investments, investments, joint ventures, partnerships, agreements, and partnerships. Various analytical approaches are being made by the key competitors. The emergence of advanced technology in the development of heating coils is expected to escalate the product demand and support the market growth.

List of Market Players Profiled

• Sandvik Materials Technology (Sweden)
• ZI Heating Element Technologies (Italy)
• Escorts Limited (India)
• Kawai Electric Ltd. (China)
• Watlow Electric Manufacturing (U.S.)
• WATTCO (U.S.)
• Tutco (U.S.)
• Rama Corp (U.S.)
• Marathon Heater (India)
• SHANGHAI MINKVON INDUSTRY CO., LTD (China)
• Backer Hotwatt, Inc (U.S.)
• Sunrise Products (India)
• HC Coils (U.K.)
• NTT Heating (Malaysia)
• JFD Tube & Coil Products Inc (U.S.)

REPORT COVERAGE

The report emphasizes on study and analysis of the global market on the basis of its segment, regions, and key competitors. The report constitutes significant factors responsible for the development of the market and surges the heating coil market growth. The report focuses on the key players and their headquarters. Regional analysis is also presented in the report to explain the contribution of various regions in the growth of the market. It constitutes market trends and restraints to understand the market appropriately. This report is a comprehensive insight into the market.