Research Nester’s recent market research analysis on “Immersion Heater Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global immersion heater market in terms of market segmentation by product type, distribution type, application, and by region.
Increasing Focus Towards Energy Efficiency to Promote Global Market Share of Immersion Heater Market
The development of green building projects and the creation of smart cities is expected to propel the growth of the immersion heater market. Green buildings have an energy usage of 30% to 40% less than regular constructions. It is possible to reduce water use in green buildings by 20% to 30%. Green buildings have the potential to emit up to 35% less CO2. Furthermore, worldwide government initiatives and laws promoting the use of energy-efficient heating systems have raised the demand for immersion heaters. Due to the fact that immersion heaters are typically less expensive to operate than other heating options, they are also growing in popularity as a result of the rising cost of power.
Some of the major growth factors and challenges that are associated with the growth of the global immersion heater market are:
Growth Drivers:
• Surge in Development of New Technologies
• Rising Construction of Green Buildings
Challenges:
Electricity costs are an essential expense that both household and commercial businesses have to cover. One of these pricing factors is the cost of building and maintaining energy infrastructure and power plants. The price of energy has increased overall due to variations in the costs of fuel, operations, maintenance, gearbox, and distribution. The typical trend is that industrial units pay less for electricity than do commercial and residential users, even though supply and demand dictate energy and power usage.
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By application, the global immersion heater market is segmented into chemical & plastics industry, pharmaceutical industry, automotive industry, marine, oils & gas. The chemical & plastics industry segment is to garner the highest revenue by the end of 2036 by growing at a significant CAGR over the forecast period. The market is developing as a result of the chemical and plastic industries' increasing demand for energy-efficient heating systems. Global energy efficiency improved by 2.2% in 2022, more than twice as much as in the five years prior combined. Global energy consumption increased by about 1% 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.
By region, the Asia Pacific immersion heater market is to generate the highest revenue by the end of 2036. This could be explained by the manufacturing sectors in Asian nations including South Korea, Japan, China, India, and China experiencing a sharp increase in demand for immersion heaters. Over the course of the projection period, China's demand for immersion heaters will be further bolstered by rising investment and innovation in the building sector, as well as funding for research and development and the implementation of mandatory CO2 emission reduction measures.
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This report also provides the existing competitive scenario of some of the key players of the global immersion heater market which includes company profiling of CIRCOR International, Inc., Chromalox INC, Headway Electric Heat Components CO. Ltd, Minco Products, Inc, Hotset GmbH, Phillips & Temro Industries, Thermal Corporation, and others.
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