Construction Segment is Expected to be Fastest Growing During Forecast Period for APAC Region  

According to a new market research study on “APAC Fired Air Heaters Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and End-User” is expected to reach US$ 159.29 million by 2028 from US$ 104.33 million in 2021. The market is estimated to grow at a CAGR of 6.2% from 2021 to 2028. The report provides trends prevailing in the APAC fired air heaters market along with the drivers and restraints pertaining to the market growth. Rise in construction sector and growing strategic initiatives by market players are the major factor driving the growth of the APAC fired air heaters market. However, complexities related to life span and operational negligence hinders the growth of APAC fired air heaters market.

In case of COVID-19, APAC is highly affected specially India. The reduction in travel demand coupled with the halt in the construction industry, and border restrictions have resulted in the grounding of fired air heaters market at an unprecedented scale. From manufacturing and assembly viewpoint, China is one of the leading manufacturing countries in the region and has been one of APAC's most affected countries during Q1 and Q2 of 2020. Due to this, the manufacturing facilities have been witnessing severe conditions in different product manufacturing facilities. For instance, the China’s manufacturing industry recorded a low of almost 16% in the starting of the 2020. Moreover, the construction industry across the countries faced losses further depleting the demand for fired air heaters. In 2020, Australia's construction industry shrank by almost 5.7%. Furthermore, in India 45% of contractors are at risk of being destroyed as a result of the outages. All construction work has ceased as a result of the lockdown, and the unemployment rate in March 2020 was 5.9%. However, the manufacturing industry in China reached an all-time high of 39% in January 2021. This is anticipated to recover the fired air heaters market in the region. Moreover, the Tokyo Olympics aided in the recovery of the construction industry in the region. As nations start to witness a declining number of COVID-19 patients, many manufacturing plants and facilities are starting to open up in various regions of the continent and employees returning to work.

The APAC fired air heaters market is segmented into type, end-user, and country. By type, the market is bifurcated into direct fired air heater and indirect fired air heater. The direct fired air heater segment dominated the APAC fired air heaters market in 2020 and same segment is expected to be fastest growing during forecast period. End-User covered in the study include manufacturing, chemicals, mining, construction, oil & gas, pharmaceuticals, food, and others. The chemicals segment dominated the APAC fired air heaters market in 2020 and construction segment is expected to be fastest growing during forecast period. Based on country, the market is analyzed across China, India, Japan, South Korea, Australia, and rest of APAC.

ALLMAND BROS., INC; Pirobloc, S.A.; SIGMA THERMAL, INC; Wacker Neuson SE; and Zeeco, Inc. are among the leading companies in the APAC fired air heaters market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2018, Sigma Thermal and Flaretec has announced that the two companies have joined forces, and Flaretec will now be a part of the Sigma Thermal group.    

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