Business View Magazine March 2023

7 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 3 Source- Newswire-Allied Analytics LLP, First published February 20, 2022 The industrial heating equipment market has seen significant growth in recent years, driven by the increasing demand for more efficient and innovative heating solutions in various industrial sectors. Industrial heating equipment includes a range of products, such as furnaces, boilers, and heat exchangers, that are used to heat a variety of industrial processes, such as melting, welding, and drying. The industrial heating equipment market was valued at $36,861.7 million in 2020, and is expected to reach $64,134.8 million by 2030, registering a CAGR of 5.8% from 2021 to 2030. The use of industrial heating equipment has revolutionized the way industrial processes are heated, making the process faster, more efficient, and more cost-effective. The use of energy- efficient heating equipment has also helped reduce the carbon footprint of industrial processes, making them more environmentally friendly. The industrial heating equipment market is highly competitive, with several key players dominating the industry. Some of the leading companies include Honeywell, Siemens, and Johnson Controls. These companies are investing in research and development to develop new and innovative industrial heating equipment solutions, and are focusing on expanding their market share by acquiring smaller companies. One of the challenges faced by the industrial heating equipment market is the high cost OPENING L INES HEATING UP: EXPLORING THE BOOMING INDUSTRIAL HEATING EQUIPMENT MARKET FORECAST BY 2031 O p e n i n g L i n e s