SAN ANTONIO, TX April 16, 2019 -- A new analysis by Verify Markets shows the North American temporary heating equipment market was valued at approximately $720 million in 2018 and is expected to reach over a $1 billion in revenue by 2025.
Market growth has been predominantly driven by the construction industry demand and cold weather conditions. Cold weather and increased construction opportunity have been beneficial for both the United States and Canada. Construction demand has been strong, but contractors are more motivated to meet deadlines to avoid penalties and, potentially, gain performance incentives. Cost-plus contract agreements are being substituted by fixed-priced alternatives including penalties with the possibility of performance incentives. Furthermore, there has been favorable growth in the oil and gas industry in the United States. Conversely, the oil and gas opportunity has been lagging behind in Canada, severely hurting long-term growth potential. Nonetheless, there are new applications for temporary heat continually discovered.
In recent years, the United States has ramped up the production of oil, natural gas, and other energy products, while the prices in Canada have dropped. The Canadian oil industry is a major contributor to export earnings and largest shareholder of the country’s energy sector. This oil industry has been battered by persistent price discounts, increased government-imposed costs, a complicated regulatory environment, and lack of new infrastructure projects.
According to National Oceanic and Atmospheric Administration (NOAA) data, in the last decade, the US has seen 4 years of record-breaking warmth over a 6-month period from October to March of the following year. The 2018-2019 season was particularly kind to the heating industry, as it has ranked as the 33rd coldest winter on file over a 124-year period. Minimum and maximum temperature ranges have been steadily rising over the last decade. The frequency weather extremities appear to be increasing, presumably due to climate change, and have appeared to push winter season opportunity well into April. “The single biggest driver for temporary heat is cold weather, but great growth in construction has brought opportunity to pre-recession levels”, states Verify Markets’ Managing Partner Anthony Miller. “Concerns regarding climate change have really hurt heating opportunity in oil & gas, particularly in Canada. Though there are many new applications for identified regularly and equipment utilization rates are up.”
The temporary heating equipment market report has been segmented by fuel type, heater type (direct-fired, indirect-fired, hydronic/ground thaw, flameless, electric, and steam), application, output power, stationary vs. portable, customer vertical, and rental company revenue. Main customers include oil and gas, refining, industrial, mining, emergency, events, and construction. Some of the key companies featured in the report include Aggreko, Herc Rentals, United Rentals, Sunbelt Rentals, the Caterpillar dealership network, Construction Heaters, Inc. (CHI), Titan Machinery, Resolute Industrial, and Cahill Heating, among others. This report provides an in-depth analysis of the overall temporary heating market in the United States and Canada. The report also captures market commentary and information on market dynamics like growth drivers, restraints, market revenues and forecasts, technology trends, and the competitive landscape.
A copy of the North American temporary heating equipment market research report can be obtained at www.verifymarkets.com. Follow us for more updates on Twitter @verify_markets and LinkedIn. This report is part of Verify Markets’ Energy & Power Equipment market research and consulting practice. Other power rental market reports:
- North American Temporary Cooling Market
- Global Power Rental Market
- North American Power Rental Market
- Latin American Power Rental Market
- European Power Rental Market
- Chinese Power Rental Market
- Middle East Power Rental Market
- African Power Rental Market
- Indian Subcontinent Power Rental Market
- Australian and New Zealand Power Rental Market
- Indonesian Power Rental Market
- 2017 North American Steam Boiler Rental Market
Our research methodology consists of extensive primary interviews with key participants in the market along with secondary sources to validate our information. For more information on this report and other research (including custom reports and consulting), contact firstname.lastname@example.org or call 210.595.6987.