What is Global Industrial Furnaces and Ovens Market?
The Global Industrial Furnaces and Ovens Market is a vast and dynamic sector that encompasses a wide range of equipment used in various industries. These furnaces and ovens are primarily used for heating applications in industries, including the processing and manufacturing of materials. The global market for these industrial furnaces and ovens is quite significant, with its value standing at US$ 10540 million in 2022. The market is expected to grow steadily, reaching an estimated value of US$ 11790 million by 2029. This growth is projected to occur at a Compound Annual Growth Rate (CAGR) of 1.6% during the forecast period from 2023 to 2029.
Combustion Type, Electric Type in the Global Industrial Furnaces and Ovens Market:
The Global Industrial Furnaces and Ovens Market is segmented based on the type of heating method used, namely Combustion Type and Electric Type. The Combustion Type furnaces and ovens use fuels such as gas, oil, or coal for heating. They are typically used in industries where high temperatures are required for processes like melting, heat treatment, and chemical reactions. On the other hand, Electric Type furnaces and ovens use electricity for heating. They are more energy-efficient, cleaner, and easier to control than combustion type furnaces. They are widely used in industries like electronics, ceramics, and glass. Currently, Electric Type furnaces and ovens dominate the market, accounting for about 75% of the total market share.
Metallurgy, Petrochemical Industry, Material Handling, Other in the Global Industrial Furnaces and Ovens Market:
The Global Industrial Furnaces and Ovens Market finds its applications in various sectors such as Metallurgy, Petrochemical Industry, Material Handling, and others. In the Metallurgy sector, these furnaces and ovens are used for processes like smelting, refining, and alloy production. In the Petrochemical Industry, they are used for cracking, reforming, and other heat treatment processes. In the Material Handling sector, they are used for drying, baking, and curing of materials. Other applications include use in the ceramics, glass, and electronics industries. Among these, the Material Handling sector is the primary consumer of industrial furnaces and ovens, holding about 35% of the total market share.
Global Industrial Furnaces and Ovens Market Outlook:
The market outlook for the Global Industrial Furnaces and Ovens Market is quite promising. The market, which was valued at US$ 10540 million in 2022, is projected to grow at a CAGR of 1.6% during the forecast period from 2023 to 2029, reaching an estimated value of US$ 11790 million by 2029. This growth is primarily driven by the increasing demand for these furnaces and ovens in various industries, particularly in the Material Handling sector. The market is also characterized by a high level of competition, with the top 3 players accounting for about 10% of the total market share. The Electric Type furnaces and ovens, with their advantages of energy efficiency, cleanliness, and ease of control, continue to dominate the market, holding about 75% of the total market share.
| Report Metric | Details |
| Report Name | Industrial Furnaces and Ovens Market |
| Accounted market size in 2023 | US$ 10540 million |
| Forecasted market size in 2030 | US$ 11790 million |
| CAGR | 1.6% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Andritz, Tenova, Despatch, Primetals Technologies, Aichelin Group, ALD, Inductotherm Corporation, SECO/WARWICK, Ipsen, Nachi-Fujikoshi, Gasbarre Furnace, Cieffe(Accu）, Surface Combustion, Mersen, JUMO, Nutec Bickley, CEC, Wisconsin Oven, Sistem Teknik, AVS, PVA TePla, TAV, Shenwu, Phoenix Furnace |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
