Industrial heating equipment market seen growing to $72.4B by 2032

By AI, Created 10:56 AM UTC, May 29, 2026, /AGP/ – Allied Market Research projects the global industrial heating equipment market will rise from $41.5 billion in 2022 to $72.4 billion by 2032, a 5.67% annual pace. The outlook points to stronger demand for energy-efficient systems, tighter emissions rules and broader industrial investment, especially in Asia-Pacific and emerging markets.

Why it matters: - The industrial heating equipment market is tied to manufacturing, chemicals, food processing, power generation and other core industries. - Growth in energy-efficient and lower-emission heating systems could affect capital spending, operating costs and compliance across industrial operations. - The market’s expansion signals continued demand for equipment that supports industrial output while reducing energy use and emissions.

What happened: - Allied Market Research said the global industrial heating equipment market was valued at $41.5 billion in 2022. - The market is projected to reach $72.4 billion by 2032. - The forecast implies a compound annual growth rate of 5.67% from 2023 to 2032. - The report was published May 29, 2026. - The company posted sample, purchase and customization links for the report: Download PDF sample, Enquire before buying and Request customization.

The details: - Industrial heating equipment includes furnaces, boilers, ovens, heat exchangers, heaters, incinerators, heat tracing systems and heat pumps. - The equipment is used in manufacturing, chemical processing, food processing, pharmaceuticals, power generation and textiles. - Food processing uses the equipment for cooking, drying, pasteurization and sterilization. - Chemical processing uses it for distillation, reaction vessel heating and synthesis. - Power plants use it to produce steam for electricity generation. - Textile operations use it for dyeing, drying and finishing. - Environmental control applications include air pollution control, waste treatment and remediation. - By product type, boilers held the largest share in 2022. - Heat pumps are expected to post the fastest CAGR by product type. - By fuel type, fossil fuel systems dominated in 2022. - Electric systems are projected to grow fastest by fuel type. - By end-user industry, the “others” segment led in 2022 and is expected to grow fastest. - Asia-Pacific held the largest regional share in 2022. - LAMEA is expected to register the highest CAGR by region. - North America is led by the U.S., driven by industrialization and demand for energy-efficient heating. - Europe’s growth is being driven by food and beverage and pharmaceuticals, along with pressure to cut greenhouse gas emissions. - Heat pump installations doubled in Poland and Belgium in 2022. - China is the largest revenue generator in Asia-Pacific, supported by industrial expansion and eco-friendly technologies such as heat pumps. - Growth in LAMEA is being fueled by mining activity in the Middle East and new mineral sites in Saudi Arabia.

Between the lines: - The forecast shows a classic industrial shift: older fossil-fuel systems still dominate, but electric and heat-pump technologies are positioned to gain share as energy efficiency and emissions compliance become more important. - Emerging markets appear to be the main volume driver, while developed markets are increasingly shaping demand through regulation and decarbonization goals. - Competitors are using acquisitions and product launches to capture that transition, especially in heat pumps and related cooling systems. - Ingersoll Rand bought Friulair S.r.l. in 2024 to expand its chiller and heat pump capabilities. - Johnson Controls received a $33 million DOE grant in 2023 to increase U.S. heat pump production. - Key players named in the report include Carrier, Johnson Controls, Ingersoll Rand and Lennox International.

What’s next: - The market’s growth through 2032 will likely depend on how quickly industrial buyers replace older systems with cleaner, smarter equipment. - Geothermal heat pumps, solar and biomass-powered systems, automation and predictive maintenance are highlighted as next-wave opportunities. - Continued industrialization in Asia-Pacific and LAMEA is expected to support demand. - Regulatory pressure to reduce emissions should keep pushing investment toward electric and high-efficiency systems.

The bottom line: - Industrial heating equipment is on track for steady long-term growth, but the biggest gains are likely to come from energy-efficient and low-emission technologies rather than legacy fossil-fuel systems.