In 2023, the market for heat lamps is projected to be worth US$785.6 million. According to projections from Future Market Insights, the market is predicted to grow at a 15.6% CAGR from 2023 to 2033 and is likely to be worth US$ 3.29 billion by that time. In 2022, the market for heat lamps was worth US$ 675.4 Million.
The market for heat lamps has grown considerably, and it is anticipated to keep expanding at a remarkable rate. Numerous investors have been drawn to the growing business, and companies in the sector are constantly coming up with new plans to expand their customer base and keep their market share. Market share has been continuously increasing in the heat lamp sector, which has encouraged healthy competition.
A rise in market share is an indication of the trust and confidence that customers have in the product or service and is a positive sign for the market.
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Some smart electric heaters also incorporate artificial intelligence (AI) algorithms that can learn your preferences and habits over time, allowing them to automatically adjust the temperature and settings to optimize energy efficiency and save you money on your heating bill. The main focus of the manufacturers is on the global expansion plans which are, setting up new offices and partnering with local distributors to cater to the growing demand from water and wastewater treatment facilities.
Advancements in the design of electronic ballasts in combination with intelligent heat lamps are investing in other companies substantially in Research and Development activities for the introduction of efficient products
Key Takeaways:
- Market demand expanded at a CAGR of 15.1% from 2018 to 2022.
- Asia-Pacific will register a CAGR of 14.6% of the market share.
- The north American market will register a CAGR of 14.9% of the market share.
- The freestanding market is said to witness the highest CAGR of 7.0% during the forecast period.
- Freestanding type of heat lamps market to dominate type segment of heat lamps market.
- The commercial sector is said to dominate the market application type segment of the heat lamps market.
“Increased demand in the agriculture sector and rise in the number of new start-ups are some of the primary drivers driving global demand trends of heat lamps market,” – comments an analyst at Future Market Insights (FMI).
Competitive Landscape:
Some of the prominent players in the global market are-
- Hatco Corporation
- Waring Commercial
- Nemco Food Equipment
- Vollrath Company
- Winco
- Avantco Equipment
- Adcraft
- Cal-Mil
- Carlisle FoodService Products
- CookTek
Some of the important developments of the key players in the market are:
- In December 2022, Hatco Corporation debuted its heated glass shelves with a foundation for warming food.
- In September 2022, Duke Manufacturing Co. Inc. partnered with Victor Manufacturing Ltd. for the distribution of hot-holding platforms in the United Kingdom market.
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More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global heat lamps market providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the heat lamps market is segmented based on major by types (freestanding, mounting- adjustable height, adjustable angle), by application (commercial, residential, industrial) and by Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa)
Key Segments Profiled:
By Types:
- Freestanding
- Mounting
- Adjustable Height
- Adjustable Angle
By Application:
- Commercial
- Residential
- Industrial
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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