Industrial Furnaces Market Estimations is anticipated to touch a value of nearly US$ 3.6 Billion in the year 2033
The market for industrial furnaces will likely reach US$ 17,112 million by 2032, with sales increasing at a moderate CAGR of 4.3% between 2022 and 2032. The market for industrial furnaces will likely reach an estimated US$ 11,230 Million in 2022, driven by a rapidly increasing preference for automation technologies and electrical industrial equipment.
Industrial furnaces are defined as thermal enclosures that process both liquid and solid raw materials at high temperatures. In compared to open-air systems, these furnaces are capable of reaching higher temperatures.
Available in various forms, the industrial furnaces are applied in different industries like food processing, glass, metal, refractories, cement, plastic, fiber, ceramic, and many others. The enduring usage of industrial furnaces in these industries will continue to bolster the demand for industrial furnaces in the upcoming years.
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The major driver for the target market is the constant demand for steel, iron, and other essential metals and materials. Industries like automobiles, buildings & construction, metallurgy, and others contribute to the escalating demand for these metals. This growing demand results in the establishment and expansion of enterprises that supply industrial furnaces. Again, the introduction of IIoT and industry 4.0 has enabled industrial furnaces to optimize efficiency and automation. All of this culminates in the steady growth if the industrial furnaces market over the forecast period.
Furthermore, since industrial furnaces are a vital part of major industries for the processing of various materials like oil, gases and food products, many newer and different version of the furnaces are being introduced in the market. In addition to this, expansion strategies of older market players as well as entry of new market players are stimulating the competitive environment which in turn boosts the scope of the industrial furnaces market over the projected period.
“Advancing manufacturing industry is expected to facilitate growth opportunities for the global industrial furnaces market over the forecast period,” says an FMI analyst.
Epcon Industrial Systems, LP, International Thermal Systems, Industrial Furnace Company, Nutec Bickley, L&L Special Furnace Co., Inc., Thermcraft, Inc., SCHMIDT + CLEMENS GMBH + CO. KG, ANDRITZ, and LÖCHER among others are some of the major players in the industrial furnaces market profiled in the full version of the report.
In a highly competitive market, key market players are focusing on facility and operations expansion. These businesses are keen on operating across various regional areas.
More Insights into Industrial Furnaces Market Report
In its latest report, FMI offers an unbiased analysis of the global industrial furnaces market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of arrangement (tube or clamshell type industrial furnace, box type industrial furnace, car bottom type industrial furnace), operation (gas/ burner operated industrial furnace, electrically operated industrial furnace), application (atmosphere industrial furnace, vacuum industrial furnace), structure (batch industrial furnace, continuous industrial furnace), end user (automotive manufacturing, oil & gas, metallurgy, steel & iron production, food processing), and region.
According to the latest FMI reports, based on region, the industrial furnaces market in Europe is anticipated to thrive over the forecast period. The market in this region accounts for about 24% of the global market share. Rising usage of metals like iron, steel, copper, and others in a variety of industries like power distribution, machinery manufacturing, construction, etc., drives the market growth in this region. Many major market players are increasing their investments and expanding their production facilities in Europe which further boosts the regional market growth.
North America industrial furnaces market holds around 21% of the overall market share and is predicted to substantially grow over the forecast period. A remarkable rise in the production and sale of automotive vehicles coupled with a heightened demand for electric heating industrial furnace fuels the target market growth in this region.
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Key Segments Profiled in the Industrial Furnaces Industry Survey
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