A recent report published by Infinium Global Research on industrial furnace market provides in-depth analysis of segments and sub-segments in the global as well as regional industrial furnace market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional industrial furnace market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global industrial furnace market.
An industrial furnace is a specialized heating apparatus crucial for various manufacturing and industrial processes, capable of generating and maintaining high temperatures. These furnaces are designed to endure extreme heat conditions while efficiently performing within demanding industrial environments. Industrial furnaces encompass a diverse array of types and configurations tailored to specific applications. Heat-treating furnaces, for instance, are employed to precisely heat materials for processes like annealing, tempering, and hardening, primarily in metal and alloy production. Melting furnaces, on the other hand, are engineered to liquefy materials such as metals, glass, or ceramics, facilitating casting and molding. In industries like iron and steel production, blast furnaces play a pivotal role by utilizing combustion processes to reduce iron ore into molten metal. Additionally, kilns are vital for processes like pottery, ceramics, and cement production, where they subject materials to high temperatures to achieve hardening and desired properties. Industrial furnaces are indispensable across numerous sectors, including metallurgy, glassmaking, aerospace, and chemical manufacturing.
Increasing demand for processed materials in various industries is a major driver of the market for industrial furnaces. Industrial furnaces are used in a wide range of industries, including metalworking, glassmaking, ceramics, and chemicals, to process and treat raw materials at high temperatures. Additionally, the industrial furnace market is witnessing heightened demand driven by the automotive industry's increasing preference for lightweight vehicles. As automakers seek to enhance fuel efficiency and reduce emissions, the demand for advanced materials like lightweight metals (e.g., aluminum and magnesium) has surged. Industrial furnaces play a pivotal role in the production of these materials through processes like heat treatment, melting, and alloying. This escalating need for specialized furnace solutions, optimized for lightweight material production, underscores the market's growth. However, a high initial is required for purchasing and installing advanced furnace equipment. Industrial furnaces are complex and specialized machines, often tailored to specific applications and industries. Hence, high initial capital investment hampers the demand of the industrial furnace market. Although, the rise in adoption of state-of-the-art technologies such as Industry 4.0 and the industrial Internet of Things (IoT) has transformed the entire scenario of industrial furnaces by offering enhanced efficiencies and automation. Therefore, such technologies thrive as an opportunity for manufacturers of industrial furnaces, who adopt advanced technologies at an early stage.
Among the regions, Europe holds a major share of the global industrial furnace market. Factors such as rapid economic development and the availability of a large number of automotive companies drive the growth of the European industrial furnace market. Further, rapid growth in the metal and mining industry is anticipated to accelerate market growth. Moreover, Asia Pacific is anticipated to hold the second-largest share owing to rapid industrialization and growing metal and mining industries in the region. The industrial furnace market in this region is anticipated to expand at a significant growth rate during the forecast period.
|Market Size in 2022||USD 11.31 Billion|
|Market Size by 2030||USD 16.60 Billion|
|Growth Rate from 2023 to 2030||CAGR of 4.28%|
|No. of Pages||180|
|Market Segmentation||By Furnace Type, and By End User|
|Regional Scope||North America, Europe, Asia Pacific, and RoW|
The report on global industrial furnace market covers segments such as furnace type, and end user. On the basis of furnace type, the sub-markets include gas or fuel operated, and electrically operated. On the basis of end user, the sub-markets include metals & mining, transportation, oil & gas, chemicals, and others.
The report provides profiles of the companies in the market such as ANDRITZ, Carbolite Gero Ltd., International Thermal Systems, Ipsen, Grupo NUTEC, Thermal Product Solutions, Epcon Industrial Systems, LP, Gasbarre Products, Inc., ABBOTT FURNACE COMPANY, and AICHELIN Holding GmbH.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the industrial furnace market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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