Industrial Ovens and Furnaces Market size shall reach a value of $2x61.4 Million in 2027, growing with a CAGR of 12.13% during the forecast period of 2020 to 2027.
Market Definition / Research Scope
An industrial oven or furnace is an equipment used for the purpose of heating metals for casting. The equipment transforms the shape of the metal by rolling and forging, and then transform qualities of the metal through heat treatment. Industrial ovens and furnaces are of different types such as electric, fuel-fired, induction, batch, and dielectric. Industrial ovens and furnaces are required to carry out multiple functions such as brazing, carburizing, annealing, hardening, tempering of ferrous and non-ferrous castings, and sintering.
Industrial ovens and furnaces are used to melt objects in design, manufacturing, quality control, and other processes. Due to its qualities, performance and the kind of material to be treated, an oven or furnace may require different internal atmospheres, from air to nitrogen.
Industrial ovens and furnaces are mainly used in industries such as automotive and construction to heat-treat metals in order to create steam. However, the major application areas of industrial ovens and furnaces are the petrochemical industry, metallurgy, and material handling.
Industrial Ovens and Furnaces Market Growth and Trends
Driving factors for the industry :
• The global industrial ovens and furnaces market is expected to expand at a rapid pace during the forecast period, owing to rapid industrialisation in major developed,developing countries and emerging economies all round the globe , and the increase in the demand for industrial ovens and furnaces in different industries such as construction and automotive.
• Furthermore, replacement of industrial furnaces by industrial oven in heat treatment operations in the manufacturing plants where less than 1,000 degrees F temperature is required is expected to boost the market growth during the forecast period.
• Technological advancements like increased demand for a wide range of processed metal products, increased adoption of machinery enabled with Industrial Internet of Things (IIoT) and equipped with temperature control sensors and POC analyzers and rise in investments in smart factories are anticipated to fuel the market for industrial ovens and furnaces in the near future.
• Rising demand for fabricated metals in the automobile industry is anticipated to propel the global industrial ovens and furnaces market during the forecast period.
• Steel- and metal-processing industries offer lucrative opportunities to the global industrial ovens and furnaces market. This factor is expected to boost the demand for industrial ovens and furnaces in the next few years.
• Increase in the consumption of iron and steel in the infrastructure sector in developing countries is projected to propel the global industrial ovens and furnaces market in these countries in the near future. A few notable steelmaking plants are planning to start their projects in China and India in the next few years. This, in turn, is anticipated to fuel the demand for industrial ovens and furnaces in these countries of Asia Pacific in the near future.
• A boost has been anticipated in the global market between 2019 and 2027 owing to factors like increasing replacement of old furnaces and ovens, increasing popularity of of hybrid furnaces and availability of new oxygen techniques.
• Moreover, increase in automobile production, rising construction activities, and a surge in the use of drying and infrared firing ovens and furnaces helping in the manufacture of high-efficiency solar cells industrial ovens and furnaces contributing to the market growth in Asia Pacific region.
Challenging factors for the industry :
• However, high cost of industrial ovens and furnaces is anticipated to hamper the global market during the forecast period.
• The adoption of industrial ovens is hindered by the high initial cost. Besides, manufacturers’ limited awareness about advantages of industrial ovens over furnaces for similar applications is also a major obstacle to the growth of the market in the future.
Industrial Ovens and Furnaces Market Regional Analysis
Industrial Ovens and Furnaces Market Share and Competition
Key companies operating in this industry are: Andritz AG, Tenova S.p.A., Despatch Industries, Primetals Technologies Limited, Aichelin Group, AFC-Holcroft, Airtec Thermoprocess GmbH, AVS, Inc., Can-Eng Furnaces International Limited, Carbolite Gero Ltd., ElectroHeat AB, and Inductotherm Corporation.
Industrial Ovens and Furnaces Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2020 – 2027)
• Data breakdown for every market segment (2020 – 2027)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Product Type Analysis (Revenue, USD Million, 2020 - 2027)
• Electric Industrial Ovens and Furnaces
• Induction & Dielectric Industrial Ovens and Furnaces
• Industrial Electric Heating Equipment
• Fuel-fired Industrial Ovens and Furnaces
Power Type Analysis (Revenue, USD Million, 2020 - 2027)
• Combustion Type
• Electric Type
Industry Analysis (Revenue, USD Million, 2020 - 2027)
• Food Production
Region Analysis (Revenue, USD Million, 2020 - 2027)
• United States
• United Kingdom
• South Korea
• Middle East
• Rest of World
Industrial Ovens and Furnaces Market Companies
• Andritz AG
• Tenova S.p.A.
• Despatch Industries
• Primetals Technologies Limited
• Aichelin Group
• Airtec Thermoprocess GmbH
• AVS, Inc.
• Can-Eng Furnaces International Limited
• Carbolite Gero Ltd.
• ElectroHeat AB
• Inductotherm Corporation
Available Versions: -
United States Industrial Ovens and Furnaces Market Research Report
Europe Industrial Ovens and Furnaces Market Research Report
Asia Pacific Industrial Ovens and Furnaces Market Research Report
India Industrial Ovens and Furnaces Market Research Report