As per a recent report published by Future Market Insights, the global air preheater market is anticipated to attain a value pool of US$ 10 Billion by 2023-end. Global demand for air preheaters is expected to rise at a CAGR of 4.1% to US$ 15 Billion in 2033.
The Air Preheater market is driven by several factors including:
· Increasing demand for electricity: Air preheaters are used in power plants to increase the efficiency of boilers, which leads to an increase in demand for electricity.
· Government regulations and policies: Governments around the world are implementing regulations to reduce greenhouse gas emissions, which is driving the demand for clean energy and efficient power generation technologies such as air preheaters.
· Rising adoption of renewable energy sources: As countries around the world are increasing their focus on renewable energy sources such as wind and solar power, the demand for air preheaters is also increasing.
· Advancement in technology: Development of advanced technologies such as low NOx burners and advanced materials for air preheaters is expected to drive the market growth.
· Increase in infrastructure and construction activities: The growing construction industry and infrastructure development in emerging economies is expected to drive the air preheater market growth.
Opportunities for the Air Preheater Market Include:
Growing demand for clean energy: The increasing focus on reducing carbon emissions and promoting clean energy is expected to drive the demand for air preheaters as they are used to increase the efficiency of boilers in power plants.
Expansion of Existing Power Plants: As governments around the world are investing in expanding existing power plants to meet the increasing demand for electricity, this presents an opportunity for the air preheater market.
Increasing Investments in Emerging Economies: The growing construction industry and infrastructure development in emerging economies such as India and China is expected to drive the air preheater market growth.
Increasing Adoption of Cogeneration and Trigeneration Systems: The increasing adoption of cogeneration and trigeneration systems is expected to create opportunities for the air preheater market as they are used to increase the efficiency of these systems.Bottom of Form
Development of Air Preheater Market in the Asia Pacific
The air preheater market in the Asia Pacific region is expected to grow at a significant rate due to several factors, such as:
Rapid industrialization and Urbanization: The rapid industrialization and urbanization in countries such as China and India is leading to an increase in demand for electricity, which is driving the demand for air preheaters in the region.
Increasing adoption of renewable energy sources: The Asia-Pacific region is experiencing a growing adoption of renewable energy sources such as solar and wind power, which is increasing the demand for air preheaters.
Presence of major players: Many leading companies in the air preheaters industry are based in the Asia Pacific region, which is contributing to the growth of the market in the region.
Opportunities abound in the Power Generation Segment
The most popular end user in the air preheater market is the power generation segment. The use of air preheaters in power plants is mandated by governments in many countries as a way to promote clean energy and reduce carbon emissions. Therefore, it is considered the most prominent end user of the air preheater market.
Recent Developments in the Air Preheater Market
In January 2023, Danfoss Power Solutions has introduced a new line of high-performance hydraulic crimping equipment and tooling in Europe.
Air Preheater Market: Introduction
The primary objective of an air preheater is to increase the thermal efficiency or heat the air before another process such as combustion in a boiler. Air preheater have a wide range of application in waste heat boiler, flue gas boiler, many others hence favor the manufacturing sectors worldwide.
To recover heat from the flue gas and to reduce excessive heat loss regenerative type air preheater are used.In addition to the increased boiler efficiency, several other advantages of air preheater include, faster load vibration and fluctuation, intensified and improved use of hot air.
Effective integration of work flow & design by various air preheater is anticipated to give impetus to the global air preheater market. Owing to the above mentioned factors, the air preheater market is anticipated to witness moderate growth throughout the forecast period.
Air Preheater Market: Dynamics
Owing to the increase in demand for power generation the demand for regenerative type of air preheater has grown in recent years, as they are used in chemical industries as well as thermal power plants where the large capacity boilers are installed.
Further growth in chemical industries is anticipated to create positive impact on the global air preheater market.
Inclination of several countries towards renewable energy sources for power generation in order to get clean energy is a detriment factor in the demand for air preheater in the global market.
The market of air preheater is flooded with both international and domestic players. Leading manufacturers are heftily investing in manufacturing operations in developing economies, such as India & China.
Recently, Howden Group limited a leading manufacturer, engaged in the innovation of new quad-sector type regenerative air preheater which brings wide range of benefits like greater reliability, improved efficiency, optimized performance and reduced operational cost.
The COVID-19 pandemic has impacted the global economy at various levels no industrial sector has been spared. As a result, a substantial slowdown in manufacturing in the first six months of 2020 has been witnessed as it reverberates through every industry.
The outlook remains uncertain for the remaining half of the year as the scope of the pandemic and its effect on production and demand & supply chains which is anticipated to impede the overall Air Preheater market growth.
Air Preheater Market: Regional Outlook
A large number of coal-fired plants countries such as China and further expansion of thermal power plants is anticipated to reflect in the growth of air preheater market in Asia Pacific in the coming years.
Expansion of new petrochemicals in GCC countries create significant opportunity for the market in Middle East & Africa region. Developing chemical industry in Europe is further projected to create positive impact for the air preheater market during the forecast period. North and Latin America are also anticipated to witness moderate growth in the air preheater market.
