The global heat lamps market is expected to reach a valuation of US$ 785.8 million in 2023. Future Market Insights reports say that the market is expected to grow at a 15.6% CAGR from 2023 to 2033, anticipated to be valued at US$ 3.29 billion by the end of 2033. Heat lamp market was valued at US$ 675.4 million in 2022.
Size of the heat lamp market has expanded significantly and is expected to continue growing at an impressive rate. Increase in market size has attracted many investors, and industry players are continuously devising strategies to maintain their market share and reach new customers. Market share in the heat lamp industry has been growing steadily, which has created healthy competition and propelled innovation in the industry. 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 from the Market Study
- 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
- North American market will register a CAGR of 14.9% of the market share
- 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
- Commercial sector is said to dominate the market application type segment of heat lamps market
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
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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.
