Feb 18, 2022   SOURCE: BusinessWire

Global Industrial Furnaces and Ovens Market to 2027 - Featuring Aichelin, Andritz and CM Furnaces Among Others - ResearchAndMarkets.com

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

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

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/y0wmsh