Immersion Heater Market Size & Share, by Product Type (Over the Side Immersion Heater, Flanged Immersion Heater, Threaded/Screw Immersion Plug Heater, Oil Immersion Heaters, Screw Plug Immersion Heaters); Distribution Channel (Online, Offline); Application (Chemical & Plastics Industry, Pharmaceutical Industry, Automotive Industry, Marine, Oils & Gas) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5448
  • Published Date: Dec 07, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Immersion Heater Market size is expected to cross USD 1.5 Billion by the end of 2036, growing at a CAGR of 5% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of immersion heater was over USD 800 Million. The construction of smart cities and the quick development of green building projects would drive the market expansion. In comparison to typical structures, energy consumption in green buildings can be reduced by 30%–40%. Water consumption in green buildings can be lowered by 20% to 30%. Up to 35% less CO2 can be released from green buildings.

In addition, the demand for immersion heaters has increased as a result of global government programs and legislation encouraging the adoption of energy-efficient heating systems. Also, immersion heaters are becoming more and more appealing because of the rising cost of electricity, as they are frequently less expensive to run than other heating solutions.


Immersion Heater Market
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Immersion Heater Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~ 5%

Base Year Market Size (2023)

 ~ USD 800 Million

Forecast Year Market Size (2036)

 ~ USD 1.5 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Immersion Heater Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Development of New Technologies- The immersion heater market is expanding due to the development of new technology. With a smartphone or other device, owners of smart immersion heaters, for instance, can remotely regulate the temperature and energy usage. 6.92 billion people use smartphones globally as of 2023, which means that 85.74% of people on the planet are smartphone owners. This has increased the convenience and usability of immersion heaters, increasing their appeal. The growing use of cutting-edge technologies, like low NOx burners and sophisticated immersion heater materials, presents a significant potential for the immersion heater market. These technologies are anticipated to propel market expansion by enhancing the heaters' longevity and efficiency.
  • Vast Potential for Increasing Market Opportunities in Emerging Economies- In the industrialized world, there are still undiscovered immersion heater market. Notwithstanding the fact that non-OECD members account for over 80% of the world's population, their heater purchases pale in comparison to those of member nations. The forecast for instant water heater sales in Asia-Pacific and LAMEA is still good due to the region's sustained economic expansion in recent years. Adjusting hard-sell and soft-sell tactics and letting clients recognize new features from marketing campaigns are critical to future sales. Water-efficient technology that generates saltwater regeneration cycles and tap water is a compelling feature for businesses looking to grow and establish themselves in the Asia-Pacific and LAMEA regions.
  • Increasing Demand in Rural Areas to Accelerate Market Development- Immersion heaters are becoming more and more popular in rural areas with robust, fast-paced infrastructure development. These areas also indicate a projected increase in population. Our focal areas have become semi-urban areas, but there has been little shift in the consumer decision-making heuristic. In an effort to save money on power costs, target groups are more likely to buy energy-efficient heaters. Prominent firms including Havells India Ltd., Ariston Thermo S.P.A., and A.O. Smith Corporation are implementing new technology to cater to this consumer mind process. The combined impact of these advancements will support the expansion of the immersion heater market worldwide.

Challenges

  • Exorbitant Electricity Prices Will Limit Market Expansion- Prices for electricity are a crucial expense that either residential or commercial businesses must pay. The cost of developing and running power plants and energy grids is one of these pricing considerations. Variations in the costs of fuel, operations, maintenance, transmission, and distribution have all added to the overall increase in the price of energy. Although supply and demand determine energy and power usage, the general trend is that industrial units pay less for electricity than do commercial and residential users.
  • Due to unrest in the supply chain and global trade, demand for industrial components like immersion heaters is declining.
  • There are persistent difficulty meeting requirements for energy efficiency and quality. The producers are responsible for making sure their goods adhere to quality and energy efficiency requirements.


Immersion Heater Segmentation

Application (Chemical & Plastics Industry, Pharmaceutical Industry, Automotive Industry, Marine, Oils & Gas)

The chemical & plastic industry is expected to hold 30% share of the global immersion heater market during the forecast period. The market is expanding due to the growing need for energy-efficient heating systems in the plastic and chemical industries. In 2022, there was a 2.2% global improvement in energy efficiency, which was twice as much as the preceding five years combined. Around 1% more energy was consumed worldwide in 2022.  Without advances in energy efficiency, this would have been over three times higher. Immersion heaters have become increasingly common in the chemical and plastics industries over time. They are used for a wide range of applications, such as heating chemical reactions, heating reactor vessels, heating chemical storage tanks, heating viscous liquids, and heating moulds. The chemical and plastic sectors are anticipated to adopt complex technology, such as low-NOx burners and sophisticated materials for immersion heaters, at a faster rate, which will drive the segment's expansion even further.

Product Type (Over the Side Immersion Heater, Flanged Immersion Heater, Threaded/Screw Immersion Plug Heater, Oil Immersion Heaters, Screw Plug Immersion Heaters)

The oil immersion heaters segment in the immersion heater market is projected to hold the largest revenue share of about 30% due to the growing need for oil immersion heaters in sectors including food processing, chemical processing, and oil and gas extraction. These sectors rely on oil immersion heaters for pipeline, tank, and vessel heating, among other heating applications. Furthermore, technological developments have produced oil-immersion heaters that are more economical and ecologically friendly, which has increased their use across a range of industries.

Our in-depth analysis of the global immersion heater market includes the following segments:

     Product Type

  • Over the Side Immersion Heater
  • Flanged Immersion Heater
  • Threaded/Screw Immersion Plug Heater
  • Oil Immersion Heaters
  • Screw Plug Immersion Heaters

     Distribution Channel

  • Online
  • Offline

     Application

  • Chemical & Plastics Industry
  • Pharmaceutical Industry
  • Automotive Industry
  • Marine
  • Oils & Gas

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Immersion Heater Industry - Regional Synopsis

North American Market Forecast

The immersion heater market in North America is anticipated to hold the largest revenue share of about 33% by the end of 2036. It is ascribed to the regulatory measures put in place by the government in the region to reduce the number of low-efficiency and environmentally harmful equipment. It is possible to deploy 1,200–2,000 gigawatts of renewable energy in the US to meet planning reserve requirements and generate 70–80% of the country's electricity by 2050.  The demand for immersion heaters is also rising as a result of well-known manufacturers producing these heaters in compliance with industry standards like UL and CSA, like Wattco and Tempco Electric Heater Corporation. The COVID-19 epidemic, however, has stopped production and is likely to continue for a considerable amount of time.

European Market Statistics

The immersion heater market in the Europe region is expected to rise strongly and hold about 28% of the revenue share during the projected period due to stringent environmental regulations about carbon emissions and fuel efficiency technology in the UK, Germany, Italy, and other European nations. For instance, in February 2020, the NIBE Group bought Nathan Holding B.V. to expand its operations in the Netherlands, Luxembourg, and Belgium offering heating and cooling solutions.

Research Nester
Immersion Heater Market Size
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Companies Dominating the Immersion Heater Market

top-features-companies
    • NIBE Group
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • CIRCOR International, Inc.
    • Chromalox INC
    • Headway Electric Heat Components CO. Ltd
    • Minco Products, Inc
    • Hotset GmbH
    • Phillips & Temro Industries
    • Thermal Corporation
    • Industrial Heater Corporation
    • OMEGA Engineering, Inc.

In-the-news

In The News

  • NIBE Industries AB has made a bold move by taking over a majority stake of 65% in the Canadian stove company Miles Industries Ltd., with the plan to acquire the remaining shares in the near future by 2026. This acquisition will definitely strengthen NIBE's position in the heating market and bring new opportunities for growth
  • Minco Products, Inc. has expanded its product line of ESA (European Space agency) qualified heaters to support their customers in heating applications across missions including, solar system exploration, telecommunication and earth observation.

Author Credits:  Rushikesh, Richa Gupta


  • Report ID: 5448
  • Published Date: Dec 07, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing government programs and development of new technologies are the major factors driving the growth of the immersion heater market.

The market size of immersion heater is anticipated to attain a CAGR of 5% over the forecast period, i.e., 2024-2036.

The major players in the market are CIRCOR International, Inc., Chromalox INC, Headway Electric Heat Components CO. Ltd, Minco Products, Inc, Hotset GmbH, Phillips & Temro Industries, Thermal Corporation, and others.

The chemical & plastic industry segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Immersion Heater Market Report Scope
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