Global Industrial Furnaces and Ovens Market to Reach $8.8 Billion by 2026
SAN FRANCISCO, May 19, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Industrial Furnaces and Ovens - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 19; Released: May 2021
Executive Engagements: 4422
Companies: 221– Players covered include AFC-Holcroft; Aichelin Group; Airtec Thermoprocess GmbH; Andritz AG; AVS, Inc.; Can-Eng Furnaces International Limited; Carbolite Gero Ltd.; CERI Phoenix Industrial Furnace CO., LTD.; CM Furnaces, Inc.; Consolidated Engineering Company; Despatch Industries, Inc.; Dijko Ovens BV; Dowa Thermotech Co., Ltd.; ElectroHeat AB; G-M Enterprises; Grieve Corporation; Inductotherm Corporation; Industrial Furnace Company; International Thermal Systems LLC; Ipsen; JLS Redditch, Ltd.; Keith Company; Kilns & Furnaces Ltd.; Nachi-Fujikoshi Corp.; Nutec Bickley; Primetals Technologies Limited; Rogers Engineering & Manufacturing Co., Inc.; SECO/WARWICK S.A.; Shenwu Technology Group Corp Co., Ltd.; Solar Manufacturing; Solo Swiss Group; Surface Combustion, Inc.; Tenova S.P.A; Thermal Product Solutions; Wisconsin Oven Corporation; VAC AERO International, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Type (Combustion, Electric); Application (Material Handling, Metallurgy, Petrochemical, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; India; South Korea; Rest of Asia-Pacific; Latin America; Brazil; Mexico; Rest of Latin America; Middle East; Africa.
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ABSTRACT-
Global Industrial Furnaces and Ovens Market to Reach $8.8 Billion by 2026
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. Industrial furnaces and ovens are extensively used for various processes by downstream industries such as refining and smelting. Industrial furnaces are used for steel and iron casting and also to produce chemicals, bricks, cement, glass, and iron, among other materials. Amid the COVID-19 crisis, the global market for Industrial Furnaces and Ovens estimated at US$7.8 Billion in the year 2020, is projected to reach a revised size of US$8.8 Billion by 2026, growing at a CAGR of 2% over the analysis period. Combustion Furnaces and Ovens, one of the segments analyzed in the report, is projected to record 1.9% CAGR and reach US$5.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Electric Furnaces and Ovens segment is readjusted to a revised 2.2% CAGR for the next 7-year period.
The U.S. Market is Estimated at $916.6 Million in 2021, While China is Forecast to Reach $1.3 Billion by 2026
The Industrial Furnaces and Ovens market in the U.S. is estimated at US$916.6 Million in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.3 Billion by the year 2026 trailing a CAGR of 2.8% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.5% and 1.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.6% CAGR. While industrial furnaces and ovens have already gained significant traction in automotive, aerospace & defense, industrial, metals & alloys, and equipment manufacturing sectors, growth in the industrial furnaces and ovens market is also driven by growing applications in areas such as medical, oil & gas, fuel cell and batteries, electrics, among others. In the medical sector, applications are expected to rise in line with the increase in the elderly population and prevalence of several chronic diseases that are fueling demand for medical equipment and medical device components. Growing need for curing, sterilization, drying, and decontamination of medical devices, implantable devices, and glassware will remain major driving forces for growth in this sector. More
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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]
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