Electric Fuel Oil Heaters Market

Electric Fuel Oil Heaters Market Size 2024 - 2029):

The Global Electric Fuel Oil Heaters Market was valued at US$ 18.99 billion in 2023 and is predicted to reach a valuation of US$ 25.16 billion by 2029, and is predicted to register a CAGR of 5.79% between 2024-2029.

Electric fuel oil heaters are primarily employed to heat oil to a preferred or required temperature before burning it in a boiler. Since these heaters are employed to preheat oil, they are also called preheaters. To reduce the number of pollutants and increase efficiency, it is essential to ensure the complete combustion of the fuel oil. This can be achieved by keeping the oil temperature at the desired level. The use of electric fuel oil heating is of great importance simply because it promises high tool and machine efficiency, lower energy consumption, and protection against wear. At low temperatures, the viscosity of the oils increases. This can result in a considerable high-pressure loss in pipes, filters, and cooling systems. If cold, viscous oil is employed directly as fuel, it experiences high-pressure build-up in the system, resulting in significantly high losses in components throughout the system, reducing efficiency. Thus, with the help of a pre-heater, the oil in the tank is heated to the required temperature, which facilitates the starting of the machines.

Market Trends:

As the use of fuel oil for heating applications began, solid fuels such as coal and wood were largely replaced. This is simply due to the fact that the effective heat generated by these fuel oils is high, with minimal impact on the environment (generation of ash). Although fuel oil generates emissions similar to solid fuel, it is cleaner and more efficient than solid fuel. Therefore, it is preferred as a furnace fuel or as boiler fuel. Electric fuel oil heaters can be employed in different industries, such as pharmaceutical, food, chemical, and forged products, where the heating process involves the use of a boiler or furnace. Additionally, household-level electric fuel oil heaters are needed for apartment complexes, hospitals, and industrial buildings in the coldest parts of the world.

Market Drivers:

Electric fuel oil heaters play a vital role in manufacturing and processing applications. The use of electric fuel oil heating offers characteristics such as machine efficiency and lower energy consumption. Electric fuel oil heaters are widely employed in different end-user industries where efficient and reliable heating applications are required. The rapid expansion of end-user industries is driving the expansion of the worldwide fuel oil heaters market

Market Restraints:

The development of electric vehicles, which do not require electric fuel oil heaters, is predicted to limit the expansion of the worldwide market for electric fuel oil heaters.

Market Recent Developments:

• Space heater sales posted one of their best deals this winter, with sales more than doubling in the North, especially in belts like Delhi-NCR, due to a sharp drop in the mercury level. Manufacturers and retailers have said that all brands were out of stock during the year-end cold snap.

• Havells India Limited launched an electric water heater manufacturing facility on 12 September 2015, the company's 12th manufacturing unit in India, in Neemrana, Rajasthan. The Havells water heater plant, purportedly part of the 40-acre Havells complex in Neemrana, is the company's first manufacturing plant in the appliance business.

ELECTRIC FUEL OIL HEATERS MARKET REPORT COVERAGE:

Market Segmentation:

Electric Fuel Oil Heaters Market - By Type:

• Flange Type
• Screw Plug Type

The screw plug segment is predicted to contribute a significant share of the worldwide market for electric fuel oil heaters during the foreseen period. Screw cap heaters are employed to heat gas or liquid to achieve a heat transfer rate for rapid heating.

Electric Fuel Oil Heaters Market - By End User:

• Pharmaceutical
• Food
• Chemical
• Forging
• Others

The chemical industry is predicted to grow at a considerable CAGR during the conjecture period. Electric heaters are needed to cope with chemical action. Chemical heating reduces the viscosity of liquids. Chemical companies are estimated to optimize the potential benefits of electric fuel oil heaters to maintain their respective market share and maximize their efficiency.

Market Regional Analysis:

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

Asia-Pacific is the main potential market for electric fuel oil heaters, due to the escalating number of small players in the chemical and pharmaceutical industries of the region, which require heating applications. The North American and European markets also present great expansion opportunities, due to well-established industries that require heating operations in these regions. The Asia-Pacific region is predicted to grow with the highest CAGR of the worldwide market for electric fuel oil heaters during the foreseen period. The region is a significant industry for electric fuel oil heaters owing to the presence of chemical and pharmaceutical businesses that need heating applications.

Asia-Pacific is the third largest pharmaceutical market in the world, followed by North America and Europe, respectively. The pharmaceutical industry in the region is estimated to grow at a rapid pace with the ageing of the population and the imminent expiration of patented drugs. The growing pharmaceutical industry is increasing the need for electric fuel oil heaters which are foreseen to drive expansion in the regional market. Some of the major key market players are focusing on introducing innovative solutions to increase their market share.

Impact of COVID-19 on the Electric Fuel Oil Heaters Market:

The oil and gas industry is experiencing its third price crash in 12 years. After the first two crashes, the industry recovered and the status quo continued. This time it is different. The present scenario collaborates a supply shock with an unprecedented decline in call and a worldwide humanitarian crisis. Also, the financial and structural health of the sector is worse than in previous crises. The advent of shale, oversupply, and generous financial markets that neglected limited capital discipline contributed to low returns. Today, with prices reaching their lowest level in 30 years and mounting social pressure, leaders feel that change is inevitable. The COVID-19 pandemic is boosting what was already shaping up to be one of the industry's most transformative times. At its current course and speed, the industry may now enter an era defined by intense competition, rapid supply response driven by technology, stable or declining call, scepticism from investors, and mounting pressure from the public and government on the impact of the climate and environment. However, in most scenarios, oil and gas will remain a trillion-dollar market for decades. Given its role in providing affordable energy, it is too important to fail. So, the question of how to create value in the next normal is critical. To change the current paradigm, the industry will need to dig deep and build on its proud history of bold structural moves, innovation, and safe and profitable operations in the most difficult conditions. The winners will be those who take advantage of this crisis to boldly reposition their portfolios and transform their operating models. Companies that will not inevitably restructure or atrophy. The industry operates through long megacycles of changing supply and call, accompanied by shocks along the way. These megacycles have experienced strong fluctuations in value creation.

Market Key Players:

The key players in the Global Electric Fuel Oil Heaters Market are

1. Warren Electric Corporation
2. San Electro Heat
3. Saz Boilers
4. Bosch
5. Modin Manufacturing
6. Delta T
7. Wattco
8. Bobst
9. Chromalox
10. Universal Hydraulik
11. Elmess