The Global Market for Industrial Furnaces & Ovens is Projected to Reach US$15 Billion by 2024

Continuous Growth in Demand for Metals to Drive Sales of Industrial Furnaces & Ovens, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market size, share, and demand forecasts on the global Industrial Furnaces & Ovens market. The global market for Industrial Furnaces & Ovens is projected to reach US$15 billion by 2024, driven by the growing demand for iron and steel, regulatory factors and technological advances.

Industrial furnaces and ovens are efficient heating technologies used for heat treatment of metals before processing, and are used for annealing, curing, drying, and baking metal components. While the working principle is more or less same, industrial furnaces can take various forms depending upon functionality, combustion method used, fuel type and variations in temperature and find use in a wide range of sectors metals, ceramics, glass, cement, plastic and food among others. With end-use industries continuing to flourish, there is a continuous and growing need for industrial furnaces and ovens, in part due to absence of a competing technology for the purpose. Metals, primarily iron, steel and aluminum, continue to see growing demand in the backdrop of improving economic growth, and their rising demand from sectors such as automobile, construction and rail roads, are expected spur growth in the market for furnaces.

Expanding industrial sector and introduction of new and efficient systems are expected to drive growth in the market in the following years. Continued advancements in production and processing technologies in the industrial sector are expected to contribute significantly to the increased usage of industrial furnaces and ovens. With the development of advanced techniques for annealing, curing, drying, and baking materials, demand for heat treatment technologies including industrial furnaces and ovens will continue to grow significantly. Further, emergence of technological advancements in the form of Smart Manufacturing and Industrial Internet of Things (IIoT) with focus on automation and more efficiency is rendering a paradigm shift in technology of industrial furnaces, which is expected to be key factor driving future revenue. Regulatory factors too have an impact on the market, such as the growing focus on environmental footprint and adherence to final product quality aspects, which are expected to drive adoption of alternative technologies, thereby driving revenue. The average of life of industrial furnaces, however, is significantly high resulting in much lower replacement demand that hinder future growth prospects.

As stated by the new market research report on Industrial Furnaces & Ovens, Europe represents the largest market worldwide. However, developing countries in Asia-Pacific, the Middle East and Latin America are expected to lend significant traction to the global industrial furnaces and ovens market in the upcoming years. Robust manufacturing/processing activity, thanks to steady economic development, and subsequent rise in demand for industrial equipment, especially augurs well for industrial furnaces and ovens in these regions. Asia-Pacific represents the fastest growing market worldwide, with a CAGR of 4.7% through the analysis period. The significant shift in production activity from developed markets to low cost destinations such as China and India is significantly assisting growth in the market for industrial furnaces and ovens in the region. Industrial Electric Heating Equipment represents the largest as well as the fastest growing segment in the industrial furnaces and ovens market in terms of revenue. Induction & Dielectric Furnaces & Ovens and Electrical Industrial Furnaces & Ovens are other major segments spearheading growth.

Major players in the market include AFC-Holcroft, Airtec Thermoprocess GmbH, AVS, Inc., Can-Eng Furnaces International Limited, Carbolite Gero Ltd., CM Furnaces, Inc., Consolidated Engineering Company, Despatch Industries, Inc., Dowa Thermotech Co., Ltd., Gasbarre Furnace Group, G-M Enterprises, Grieve Corporation, Inductotherm Corporation, Industrial Furnace Company, International Thermal Systems LLC, Ipsen, JLS Redditch, Ltd., Keith Company, Lenton Furnaces & Ovens, Nachi-Fujikoshi Corp., Nutec Bickley, Rogers Engineering & Manufacturing Co., Inc., SECO/WARWICK S.A., Shenwu Technology Group Corp Co., Ltd., Solo Swiss Group, and Wisconsin Oven Corporation among others.

The research report titled “Industrial Furnaces & Ovens: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for Industrial Furnaces & Ovens in value terms for all major geographic markets such as United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa and Latin America. Product segments analyzed include Electrical Industrial Furnaces & Ovens (Electric Furnaces, Electric Ovens & Kilns and Other Electric Furnaces & Ovens), Induction & Dielectric Furnaces & Ovens, Industrial Electric Heating Equipment, Fuel-Fired Industrial Furnaces & Ovens and Other Industrial Furnaces & Ovens.

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