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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~ 5% |
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Base Year Market Size (2023) |
~ USD 800 Million |
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Forecast Year Market Size (2036) |
~ USD 1.5 Billion |
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Regional Scope |
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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:
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Product Type |
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Distribution Channel |
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Application |
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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.
Author Credits: Rushikesh, Richa Gupta
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