Crude Heater Market – Industry Analysis and Forecast (2023-2029)

Crude Heater Market size was valued at US$ 3.78 Bn. in 2022 and the total revenue is expected to grow at 5.2% through 2022 to 2029, reaching nearly US$ 5.40 Bn.
Crude Heater Market Overview:
The Crude Heater Market was valued at USD 3.78 billion in 2022, and is predicted to grow at a CAGR of 5.2 percent to USD 5.40 billion by 2029. The Crude Heater Market is studied by segments like Type (5,000- 10,000 Barrels per Day; 10,000 – 20,000 Barrels per Day; Above 20,000 Barrels per Day), Application (Refinery Industry, Other Oil Industry), and Region (North America, Europe, Asia-Pacific, and Rest of the World). The report consists of the Trend, Forecast, Competitive Analysis, and Growth Opportunities of the market. For the forecast period of 2023 to 2029, the report provides a complete analysis that reflects today's Crude Heater Market realities and future market prospects. To provide a comprehensive perspective of the market, the research segments and analyses it in great detail. The key data and observations offered in the study can help market participants and investors identify low-hanging fruit in the market and build growth strategies.

Impact of COVID-19 on Crude Heater Market

The COVID-19 virus spread to practically every country on the planet, prompting the World Health Organization to declare it a public health emergency. The global effects of the coronavirus pandemic are already being seen, and the Crude Heater industry will be considerably impacted in the future. Flight cancellations, travel bans, and quarantines; all indoor/outdoor events restricted; restaurants closed; over forty countries declared states of emergency; massive supply chain slowdown; stock market volatility; growing panic among the community, and uncertainty about the future have all been impacted by the COVID-19 outbreak. Many industries are suffering as a result of the COVID-19 outbreak. The coronavirus outbreak has had a severe influence on the global crude heating business. Crude oil prices have dropped dramatically. The global standstill has lowered demand for autos, lowering fuel usage. Furthermore, the international travel prohibition is projected to lower oil demand in the aviation sector even more. During the foreseeable period, these factors will diminish demand for crude heaters. To know about the Research Methodology:-Request Free Sample Report
Crude Heater Market Dynamics:
The key growth driver for the global crude heater market is the increasing demand for durable and efficient crude heaters in the oil & gas industry. The oil business is expected to increase steadily in the near future, thanks to rising demand for fuel and gasoline. The growing demand for the refinery products across a variety of end-use industries is an indication of future need for high-quality crude oil. Vendors have improved their refinery capacities to meet the demand for crude oil products. PDVSA and PETROBRAS, for example, have improved their refining capacities in recent years. As a result, demand for crude heaters is expected to rise over the anticipated period.

The global demand for crude oil has increased as a result of the rapid rise in industrialization and increased use of oil and petroleum compounds such as gasoline, liquefied petroleum gas (LPG), diesel, and others. According to a research published by the International Energy Agency, global demand for crude oil grew 1 million barrels per day from 2019 to 2021. As a result, governments in a number of nations are attempting to boost crude oil output in order to meet rising demand.

As per the India Brand Equity Foundation, the Indian government has committed almost US$ 2.86 billion to building more than 120 exploration wells in order to increase the country's oil and gas production by 2022. Crude heaters are widely used in oil and gas refineries and production lines to improve crude oil separation and fluidity. Initiatives to increase crude oil production are expected to fuel demand in the global market.

The introduction of flameless combustion process by Great Southern Flameless is a growing trend in the oil and gas business (GSF). This method was first used in the glass and steel industries many years ago, because both of these industries operate at extremely high temperatures and in constant steady-state conditions, which are excellent for flameless combustion. The commercialization of flameless-fired crude heaters necessitated a number of design requirements in order for a flameless heater to work in a refining setting.

Companies in the crude heater sector encounter some hurdles as a result of the government's strict rules. The EU government's regulatory legislation – REACH that is - Registration, Evaluation, Authorization and Restriction of Chemicals – addresses the production and use of chemical substances like process oil, as well as their potential impacts on humans and the environment, in order to reduce VOC (Volatile Organic Carbon) emissions from industries. Other regions' parliaments, such as those in Europe, have outlawed oil with high hydrocarbon content, affecting oil production volume and, as a result, slowing the expansion of the crude heater industry. Thus, due to the growing environmental concerns about greenhouse gas emissions as well as volatile organic compounds (VOCs), the government and other regulatory bodies are enacting a bunch of new laws aimed at reducing crude oil production.

Furthermore, the growing trend of electrification, the restriction on the sale of new diesel automobiles, and a growing preference for electric vehicles has resulted in a decrease in need for crude oil products, which has hampered crude oil sales in the market.
Crude Heater Market Segment Analysis:
Based on Type, the crude heater market is classified into 5,000- 10,000 Barrels per Day; 10,000 – 20,000 Barrels per Day; Above 20,000 Barrels per Day. Due to the rapid growth and demand for crude oil, crude heaters with higher capacities are preferred. But the segment of 10,000 to 20,000 barrels per day is the highest due to its flexibility and effective refining throughout.Based on Application, the crude heater market is classified into Refinery Industry, Other Oil Industry. Refinery industry is expected to hold largest market share of xx% by 2029, due to Petroleum (crude oil) is processed and refined into usable products like gasoline (petrol), asphalt base, diesel fuel, fuel oils, kerosene, liquefied petroleum gas, heating oil, and petroleum naphtha in an oil refinery or petroleum refinery. Crude oil imports increased dramatically from US$ 70.72 billion in FY17 to US$ 94.3 billion in FY22 (April to January). India's oil refining capacity was 248.9 million metric tonnes per annum (MMTPA) on September 1, 2021, making it Asia's second-largest refiner.
Crude Heater Market Regional Insights:
Globalization, population increase, and economic developments have all helped to boost the crude oil business, as well as the quality of oil and gas services. The need for crude heaters is expected to rise as the number of refinery projects in the Middle East and Europe grows, particularly in Russia, Kazakhstan, Saudi Arabia, and other countries. These countries have massive oil reserves, which drives up demand for crude heaters. Furthermore, due to the establishment of new refineries to fulfill the increased demand for new units in developing countries, Asia Pacific is expected to be a key opportunistic market. During the forecast period, this might have a favorable impact on the worldwide crude heater market.

North America is expected to hold a considerable share of the crude heater market by 2029. A rapid increase in automobile vehicle sales is being seen across North America, which is driving up demand for crude oil heaters. As a result, many industry players are planning to build additional crude oil refineries to fulfill the rising demand. For example, Targa Resources Corporation, a Texas-based oil and gas corporation, announced the opening of a new petroleum refinery in Channelview, Texas in 2019, with a refining capacity of 35,000 barrels each day. As crude heaters become more common in oil and gas refineries, such advancements in the United States and Canada are expected to boost demand in the North American market.

According to the report, the global crude heater market will grow the fastest from 2022 to 2029 in Asia Pacific excluding Japan. The burgeoning automobile industry, as well as the developing trend of urbanization and industrialization across Asia Pacific, are driving up demand for crude oil derivatives. To take advantage of the current opportunity, prominent industry companies are investing in growing their production capacity and improving refining efficiency.

For example, over a five-year period, Bharat Petroleum Corporation Ltd, which is an Indian petroleum refinery firm, announced an investment of about 13.66 billion dollars to improve refining efficiency, boost petrochemical capacity, and increase petroleum derivatives production. A number of such advancements are expected to boost crude heater sales in the APAC region excluding Japan market.

To understand the Crude Heater industry and study the market trends. Focusing on the regional market and other segmentations, knowing the drivers and challenges of the same. Understanding the market segment geographically to gauge the growth potential.

The report includes analytical models like the Porter’s Five Forces, which helps in understanding the operating environment of the competition in the Crude Heater Market and thereby study the stakeholders to derive an efficient strategy; and PESTLE Analysis to gain a macro perspective of the Crude Heater Industry in terms of political aspects like Government stability, policies, trade regulation and economic aspects like market trends, taxes and inflation. It also provides the effect of environmental factors and influence of social and legal aspects on the Crude Heater Market.
Crude Heater Market Scope: Inquire before buying



Global Crude Heater Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2022-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 3.78 Bn.


Forecast Period 2022 to 2029 CAGR:
5.2 %
Market Size in 2029:
US $ 5.40 Bn.


 Segments Covered:
by Type
5,000- 10,000 Barrels per Day
10,000 – 20,000 Barrels per Day
Above 20,000 Barrels per Day


by Application
Refinery Industry
Other Oil Industry



Crude Heater Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Crude Heater Market Key Players
1. Amec Foster Wheeler (UK)
2. PROCESS SYSTEMS (UK)
3. American Heating Company (US)
4. Exotherm (US)
5. G.C. Broach (US)
6. Furnace Improvements Services (India)
7. Kirchner (Italy)
8. Sigma Thermal (US)
9. Dorf Ketal (US)
10.Tulsa Heaters (US)
11.Petro-Tech (US)
12.Wattco (US)
13.Heatec (US)
14.IHI (Japan)
15.JNK Heaters Co. Ltd. (Korea)
16.Linde (Germany)

Frequently Asked Questions:

1] What segments are covered in the Crude Heater Market report?
Ans. The segments of Application, Type and Region are covered in the Crude Heater Market report.

2] Which Region is expected to grow at a high CAGR in the Crude Heater Market?
Ans. The APAC region is expected to grow at a high CAGR in the Crude Heater Market.

3] What is the market size of the Crude Heater Market by 2029?
Ans. The market size of the Crude Heater Market is expected to reach 4.88 Bn by 2029.

4] What is the forecast period for the Crude Heater Market?
Ans. The forecast period for the Crude Heater Market is 2023-2029.

5] What was the market size of the Crude Heater Market in 2022?
Ans. The market size of the Crude Heater Market in 2022 was 3.78 Bn.