The Worldwide Industrial Furnaces and Ovens Market is Expected to Reach $9.2 Billion by 2026

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Feb 18, 2022, 09:45 ET

DUBLIN, Feb. 18, 2022 /PRNewswire/ -- The "Industrial Furnaces and Ovens - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Amid the COVID-19 crisis, the global market for Industrial Furnaces and Ovens estimated at US$8 Billion in the year 2020, is projected to reach a revised size of US$9.2 Billion by 2026, growing at a CAGR of 2.4% over the period 2020-2027.

Combustion, one of the segments analyzed in the report, is projected to grow at a 2.1% CAGR to reach US$5.5 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 segment is readjusted to a revised 2.7% CAGR for the next 7-year period. This segment currently accounts for a 40.7% share of the global Industrial Furnaces and Ovens market. Combustion industrial furnaces and ovens include fuel-fired metal melting furnaces such as blast furnaces and treating furnaces.

Fuel-fired furnaces find applications in industries such as brick making, glass, ceramics and others, which use kilns for the generation of heat in their applications. The growing concerns for environmental safety are driving demand for electric furnaces across the world, to replace coal-fired furnaces and ovens. Depleting natural resources of iron ore and increasing prices of iron ore also contribute to the rise in adoption of electric furnace steel production by steel makers.

The U.S. Market is Estimated at $909.1 Million in 2021, While China is Forecast to Reach $1.6 Billion by 2026

The Industrial Furnaces and Ovens market in the U.S. is estimated at US$909.1 Million in the year 2021. The country currently accounts for a 11.2% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.6 Billion in the year 2026 trailing a CAGR of 3.3% through the analysis period.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.5% and 1.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.9% CAGR while Rest of European market (as defined in the study) will reach US$1.7 Billion by the end of the analysis period. Europe is one of the largest markets for industrial furnaces and ovens as the region is a hub for automotive production as well as industrial manufacturing. As the demand for processed products increases across industries, the requirement for industrial furnaces and ovens also increases as they are an integral part of industrial processing.

Rise in manufacturing/processing activity and subsequent rise in demand for industrial equipment, especially is expected to present growth prospects in Asia-Pacific region. Automation of manufacturing units and increased use of production line machinery also bodes well for market growth in the region.

Select Competitors (Total 264 Featured):

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.
Despatch Industries, Inc.
Dijko Ovens BV
Dowa Thermotech Co., Ltd.
ElectroHeat AB
Grieve Corporation
Inductotherm Corporation
Industrial Furnace Company
International Thermal Systems LLC
Ipsen
JLS Redditch, Ltd.
Keith Company
Kilns & Furnaces Ltd.
Nachi-Fujikoshi Corp.
Nitrex Metal Inc.
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
VAC AERO International, Inc.
Wisconsin Oven Corporation

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Impact of COVID-19 Pandemic and Looming Global Recession
2020 Marked as a Year of Disruption & Transformation
As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021
Industrial Manufacturing Activity to Influence Growth Trends
An Introduction to Industrial Furnaces and Ovens
Types of Industrial Furnaces
Types of Industrial Ovens
Global Market Prospects & Outlook
End-Use Dynamics Influence Trends in the Industrial Furnaces and Ovens Market
Metallurgical Applications Poised for High Growth
Developing Countries to Spearhead Long-term Growth
Competition
World Brands
Recent Market Activity

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

Dynamics of Iron and Steel Industry Set Demand Trends for the Industrial Furnaces and Ovens Market
Hit by COVID-19 Crisis, Steel Industry & Demand on the Road to Normalcy
Steel Industry Recovery in Major Regions: An Outline
Steel Production & Demand Statistics
Widening Role of Electric Arc Furnace (EAF) in Steel Production Landscape
Automobile Manufacturing: Industrial Furnaces Hold Significance in Reducing Production Costs and Pollution Levels
Automotive Production Trends Determine Growth Trends in the Industrial Furnaces and Ovens Market
Recovery in Oil & Gas Sector to Benefit Market for Industrial Furnaces
With the Aviation Industry Hit Hard by the Pandemic, Impact Evident on the Industrial Furnaces and Ovens Market
Solar Energy Sector to Present Long-term Opportunities for the Market
Railroad Sector: Another Prominent Market for Industrial Furnaces and Ovens
Mining, Melting, and Metal Alloy Machinery Demand Impacts Trends in Industrial Furnace and Ovens Market
Rising Demand from the Medical Sector Lends Traction to Market Growth
Increasing Healthcare Expenditure Creates Conducive Environment
Leveraging Industry 4.0 and IIoT for Development of Smart Industrial Furnaces and Ovens
Blast Furnaces Market to Witness Stable Long-Term Growth
Industrial Ovens Market: Industrialization to Drive Market Growth
Industrial Drying Ovens: Benefiting from Rapid Pace of Technology Developments
Replacement of Older Furnaces and Ovens with Advanced Equipment: A Potential Market Opportunity
Increasing Need for Integrating Automated Systems Fuels Demand for Industrial Ovens
Customized Industrial Ovens Gain Rapid Market Acceptance
Technological Advancements to Boost Market Growth
Hybrid Furnaces Gains Traction
Advances in Metal Reheat Furnaces
Rising Prominence of Infrared Heating Ovens in Industrial Process Heating Applications
Furnace Thermal-Imaging Equipment
Researchers Develop Temperature Measurement Sensors for Industrial Furnaces
Industrial Furnaces Facilitate Efficient Electrical Component Manufacturing
Energy Efficient Industrial Furnaces & Ovens Enable Cost Optimization, Driving Adoption among Manufacturers
Oxygen Technologies Increase Furnace Efficiency
NFPA 86 Guidelines for Industrial Ovens and Furnaces

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/3ozp5

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