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Furthermore, the thermal oil heaters market is segmented on the basis of type, end-use industry and operating system. In terms of type, the market is segmented into solid fuel fired, oil fired, and air heating systems. Solid fuel fired thermal oil heaters are further classified into natural gas fired, oil fired, and propane fired heaters. Oil fired thermal oil heaters are classified into residential oil fired heaters and commercial oil fired heaters. Air heating systems include ambient air heaters, radiant heaters, and geothermal heat pumps. On the basis of end-use industry, the thermal oil heaters market is segmented into residential water heaters, commercial water heaters, industrial water heaters, and agriculture water heaters. Similarly, the thermal oil heaters market is also segmented into heating system. The heating system includes over-bed air, under-bed air, integral air, and radiant tube.
The global thermal oil heaters market is projected to witness significant growth during the forecast period. The growth can be attributed to the increasing demand for thermal oil heaters in developing countries. However, the rising demand for natural gas fired heaters is restraining the growth of the global thermal oil heaters market.
The solid fuel fired thermal oil heaters market is projected to remain dominant for the forecast period. The major growth of solid fuel fired thermal oil heaters market can be attributed to the rising demand for alternative heating fuels such as natural gas. Rising consumption of natural gas is fueling the growth of the market. Thus, the growth of the thermal oil heaters market can be attributed to the increasing demand for natural gas. The rising consumption of natural gas is driving the growing demand for natural gas fired thermal oil heaters. The increasing consumption of natural gas is boosting the demand for the thermal oil heaters market.
In terms of operating system, the market is segmented into over-bed air heaters, under-bed air heaters, integral air heaters, and radiant tube heaters. In terms of operating systems, the market is segmented into over-bed air heaters, under-bed air heaters, integral air heaters, and radiant tube heaters. The integral air heaters segment is expected to be the largest segment of the global thermal oil heaters market, by operating system, during the forecast period.
The global thermal oil heaters market is expected to grow at a moderate CAGR during the forecast period. The global thermal oil heaters market is expected to reach USD xxx million by 2026, driven by demand from the growth in the chemical and oil & gas industry.
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