Global Industrial Furnaces Market

Industrial Furnaces Market Size, Share, Growth Analysis, By Furnace Type(Gas/fuel Operated Industrial Furnace, Electrically Operated Industrial Furnace), By Arrangement(Tube or Clamshell Type, Box Type, Bottom Loading & Car Bottom Furnace, Top Loading Furnace), By End-User(Metals & Mining, Transportation, Oil & Gas, Chemicals), By Region - Industry Forecast 2024-2031

Report ID: SQMIG20I2059 | Region: Global | Published Date: February, 2024
Pages: 213 | Tables: 93 | Figures: 76

Industrial Furnaces Market Regional Insights

In 2022, North America region held significant share in the global Industrial Furnaces market. A significant market share of the global industrial furnace market is held by North America. The need for electric heating industrial furnaces is anticipated to fuel market growth in the area. The area is anticipated to have significant financial growth in the industrial furnace market during the forecast period due to the region's increasing pace of industrialization. Due to increase per capita income and soaring automobile demand across North America, there has been a huge increase in the manufacturing and sales of passenger cars. As a result, the countries' need for metals like steel and aluminum has increased. In order to meet this growing demand, governments in nations like the U.S. and Canada are placing a strong emphasis on building new metal manufacturing facilities. This is expected to benefit sales of industrial furnaces in the North American market.

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Industrial Furnaces Market size was valued at USD 10.928 billion in 2021 and is poised to grow from USD 11.23 billion in 2022 to USD 16.872 billion by 2030, growing at a CAGR of 4.3% in the forecast period (2023-2030).

The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'ANDRITZ AG', 'Carbolite Gero Limited', 'Despatch Industries', 'Ipsen International GmbH', 'SECO/WARWICK S.A.', 'Thermcraft Inc.', 'Tenova S.p.A.', 'ECM Technologies', 'Inductotherm Group', 'Lindberg/MPH', 'Nabertherm GmbH', 'Surface Combustion, Inc.', 'ABP Induction Systems GmbH', 'CM Furnaces Inc.', 'Mersen', 'TAV Vacuum Furnaces S.p.A.', 'Cieffe Forni Industriali S.r.l.', 'Gasbarre Products, Inc.', 'Sistem Teknik Industrial Furnaces and Ovens Inc.', 'Grieve Corporation'

The enduring demand for steel, iron, and other significant metals and commodities is the main factor driving this market. More cars, ornaments, bridges, buildings, and various other items are being produced and built as a result of the rising need for metals in a number of industries, including but not limited to those of transportation by rail, metallurgy, and automobiles. This necessitates the establishment of an increasing number of industries to meet the growing need, further ensuring that there is a high demand for industrial furnaces from companies all over the world. The idea of the industrial furnace has completely altered the situation with the advent of industry 4.0 and IIoT (Industrial Internet of Things) by choosing improved automation and efficiency.

The processing of diverse materials, oils, gases, and food products requires the use of industrial furnaces in the major industrial sectors. Although there are several variations of them, there is currently no substitute for industrial furnaces on the market. Despite the lengthy lifespan of an industrial furnace, numerous industries are establishing themselves every year all over the world. While some are newcomers, the majority of the industries being created are by established players looking to increase their market share. This competitive spirit has improved the industrial furnace industry's opportunities and can be seen as a new market trend.

In 2022, North America region held significant share in the Industrial Furnaces market. A significant market share of the industrial furnace market is held by North America. The need for electric heating industrial furnaces is anticipated to fuel market growth in the area. The area is anticipated to have significant financial growth in the industrial furnace market during the forecast period due to the region's increasing pace of industrialization. Due to increase per capita income and soaring automobile demand across North America, there has been a huge increase in the manufacturing and sales of passenger cars. As a result, the countries' need for metals like steel and aluminum has increased. In order to meet this growing demand, governments in nations like the U.S. and Canada are placing a strong emphasis on building new metal manufacturing facilities. This is expected to benefit sales of industrial furnaces in the North American market.

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Global Industrial Furnaces Market

Report ID: SQMIG20I2059

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