The technology of heating and cooling of systems is one of the most basic areas where a large number of companies across various industrial verticals are adapting their business model. The market for industrial air preheater used in coal-fired and chemical industries is foreseen to witness more incremental growth over the forecast period. Regenerative type industrial air preheater has its application to recover heat from flue gas and reduce excessive heat loss. The market for industrial air preheater is witnessing incremental growth in the coal-fired plants and chemical industries, where it is used to recover heat from flue gas and reduce excessive heat loss through flue gases.
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The global industrial air preheater market is highly consolidated. Several international and domestic players are operating in the industrial air preheater market. Prominent manufacturers have been extensively investing in manufacturing operations in developing economies, such as India & China. The industrial air preheater market is consolidated due to existing and forthcoming coal-fired power plants which have important implications for greenhouse gas (GHG) emissions and climate goals so most of the developed economies are channelizing their inclination towards renewable energy sources such as wind and solar power for power generation to get clean energy and reduce pollution. This factor is likely to be a detriment in the industrial air preheater market growth.
Regenerative type of industrial air preheaters is poised to hold almost over 87% of the market share by 2029, and rotary type regenerative industrial air preheaters are gaining popularity with their contribution in increasing boiler thermic efficiency up to 15%, which is foreseen to benefit various industrial sectors thus bolstering the demand for industrial air preheater in the global market. The key industrial air preheater market players are focusing on mergers and acquisitions to proliferate their regional presence across various countries.
For instance, in April 2019, Flaretec merged with Sigma thermal for improvisation in heating solutions for mechanical application. Both the companies will offer industrial process heating accessories and services in the global industrial air preheater market with higher efficiency, enhanced price to performance ratio and diverse product offerings.
Leading manufacturers in the industrial air preheater market are increasing their center of attention towards acquisition and merger to enhance the market share by consolodating their presence in different countries across the globe. For instance, Guerts International was acquired by Healing Group to hold a substantial position in industrial air preheater market as international supplier.
One of the recent developments by Howden group limited is as follows- an industrial product manufacturing company with Larsen&Toubro are innovating new quad-sector type regenerative industrial air preheater to the latest technology standards which brings wide range of benefits like improved efficiency, greater reliability, reduced operational cost, and optimized performance.
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Such innovations come at an opportune time when thermal power plants are set to grow at a CAGR of approximately 6% in Asian countries over the forecast duration. The prominent players need to pace up their R&D endeavors in order to match the market demand for the industrial air preheaters with better price to performance ratio.
Stringent Regulations to Support Reduced Emission Levels for Greater Industrial Air Preheater Market Penetration
The strict regulations around the reduction of emission of toxic gases are likely to increase the sales for industrial air preheater in the forecast period. The government regulations including the European law that declared emissions limit values (ELVs) for reducing levels of harmful gases like sulphur dioxide (SO2), nitrogen oxides (NOX) and others from all coal-fired plants are enormously bolstering the industrial air preheater market. With rising significance given to low intensity harmful gas emissions, the manufacturers in the industrial air preheater market are focusing on upgrading and enhancing their portfolios to ensure adherence to the same.
Technological Advancements Will Impact the Growth of Industrial Air Preheater Market in the Foreseeable Future
Industry 4.0 is the subset of the forth industrial revolution which is a trend towards automation and data exchange in manufacturing technologies such as the industrial internet of things (IIOT). The continuous changing technology and less involvement of prominent players in newer innovations of industrial air preheater hinders the market growth over the forecast period. Besides, the lifespan of industrial air preheater is nearly 15-20 years so the replacement process is slow as there are a large number of manufacturing sectors involved in the aftermarket services. In the short term outlook, these factors are expected to hamper the growth of industrial air preheater market during forecast period.
High Impact of Global Warming and Growing Preference of Renewable Energy Sources in Developed Economies Likely to Hamper the New Sale for Industrial Air Preheater
Coal-fired power plants highly affect global warming as its burning releases a number of airborne toxins and pollutants. This includes sulfur dioxide, nitrogen oxide, mercury, lead, and various other heavy metals. Although limits are set by the Environmental Protection Agency (EPA) have helped prevent some of these emissions, many industries do not have necessary pollution control installed. Most of the developed economies such as, US, Canada, Brazil are shifting their preference towards renewable energy sources such as wind and solar for power generation to reduce pollution. These factors are estimated to hinder the growth of the industrial air preheater market across the forecast duration.
Asia Pacific Market to Offer Noteworthy Revenue Growth Potential
With the developing industrial sector and the high demand for mechanical equipment, prominent players are not just focusing on the emerging economies, but are leveraging the opportunities provided by the APAC market.
Globally China dominates the industrial air preheater market, followed by India, and other European countries. Furthermore, India is holding a leading market share due to the increase in the potential GDP growth and a higher level of economic growth anticipated for the improvement in the quality of life over the next few years. This will likely to bolster the energy demand. India, for instance, is poised to witness a rise in annual consumption of power up to 3.2% over the forecast period. In some areas, coal is one of the most efficient fuels to produce energy due to its availability which results in expansion of thermal power plants, and this factor will bolster the demand for industrial air preheater.
For instance, on 3 July 2018, General Electric received a twin boiler equipment order from Bharat Heavy Electricals (BHEL) based in India for the country’s two thermal power projects.
Around the globe, China dominates in the industrial air preheater market as currently china is having a large number of coal-fired plants and the Chinese government is targeting expansion of thermal power plants by hundreds over the forecast period. China is having a large number of coal power plants. The country targeted development of ~300-500 new coal power plants by 2030. The power plant for ~130 GW is currently under construction in china. The demand for steel in China is foreseen to create ample opportunities for the industrial air preheater market.
Developed Nations Growing Preference for Renewable Energy Sources will Obstruct Industrial Air Preheater Market Growth
Global warming and climate goals are highly affected by thermal power plants thus restricting the demand of industrial air preheater in this sector. Most of the developed countries like the US, and Brazil are shifting their preference towards the renewable sources of energy for power generation such as wind and solar energy which hinders the industrial air preheater growth. Developed countries are putting a ban on the new installation of the thermal energy sources, and the existing industries of coal-fired plants are also reduced. The renewable sources of energy like – wind and solar power are the natural sources, and the energy generation from these sources are quite less as compared to the coal fired plants. So, these factors are also expected to increase the thermal power plant installation in developed countries over the forecast period. The developed countries are shifting their preference in the current situation to get clean energy and reduce pollution. These factors are estimated to hinder the growth of the industrial air preheater market during the forecast period.
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Increasing Petrochemical Industries in Europe and GCC Countries Bolstering the Demand for Industrial Air Preheater Market
Nowadays, the demand for fuel (petrol, oil & gas) is increasing in every region due to increasing population and a large number of vehicles. This factor helps in expansion of new petrochemicals in GCC countries. The chemical industry demand is also increasing in Europe as the new expansion will create ample opportunities for the industrial air preheater market in Europe and MEA during the forecast period.
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