Portland, OR, March 27, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global line heaters market generated $20.8 million in 2021 and is estimated to reach $34.4 million by 2031, witnessing a CAGR of 5.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report Coverage & details:
| Report coverage | Details |
| Forecast Period | 2022-2031 |
| Base Year | 2021 |
| Market size in 2021 | $20.8 Million |
| Market size in 2031 | $34.4 Million |
| CAGR | 5.4% |
| No. of Pages in Report | 302 |
| Segments covered | Type, Size, End Use, and Region |
| Drivers | Changes in shale oil and gas exploration activity |
| Favorable government initiatives for the adoption of line heaters at production site | |
| Efforts to lower pipeline maintenance costs | |
| Tightened worker safety regulations in different regions | |
| Easy installation, customizable, reliability, and cost-effective elements of line heater equipment | |
| Opportunities | Increase in oil well excavation projects in different regions |
| Restraints | Availability of affordable, effective, and environment-friendly alternative solutions than line heaters |
Covid-19 Scenario:
- The COVID-19 pandemic had a negative impact on the global line heaters market as the demand for oil and gas products drastically decreased. Oil demand and prices reduced by approximately 50% and liquified natural gas price fell to its historic record. The global line heaters market was greatly impacted by the shutdown of distribution facilities and raw material storage.
- However, the oil and gas, energy and chemical sector slowly got relief from the pandemic situation as the buying increased in the developing countries. This factor is projected to create lucrative opportunities for the global line heaters market.
The report offers a detailed segmentation of the global line heaters market based on type, size, end use, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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Based on type, the indirect line heaters segment held the highest share in 2021, accounting for around three-fourths of the global line heaters market revenue and is expected to continue its leadership status during the forecast period. Also, the same segment is expected to register the highest CAGR of 5.5% from 2022 to 2031. The report also analyzes direct line heaters segment.
In terms of size, the 1 MM BTU segment accounted for the highest share in 2021, generating more than two-fifths of the global line heaters market revenue and is projected to rule the roost by 2031. The same segment would showcase the fastest CAGR of 5.8% from 2022 to 2031. The report also discusses 1.5 MM BTU and 2 MM BTU segments.
On the basis of end use, the oil and gas industry segment accounted for the highest share in 2021, holding nearly three-fourths of the global line heaters market revenue and is expected to maintain its lead in terms of revenue during the forecast period. Also, the same segment is estimated to grow at the highest CAGR of 5.6% from 2022 to 2031. The report also studies chemical industry and other segments.
Based on region, North America held the highest share in 2021, contributing to around two-fifths of the global line heaters market revenue and is projected to maintain its dominant share in terms of revenue during the forecast period. In addition, the LAMEA region is expected to manifest the fastest CAGR of 5.8% from 2022 to 2031. The report also discusses Europe and Asia-Pacific regions.
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The prominent market players analyzed in the global line heaters market report include Arc Energy, ENERFLEX LTD., Inclusive Energy LTD., Sigma Thermal Inc, Aspire Energy Resources Inc., Honeywell International Inc., Allmand Bros., Inc., Integrated Flow Solutions, Inc., Surplus Energy., 12:eleven Production Equipment, and Forum Energy Technologies, Inc. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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