North America’s Dominance in the Industrial Furnaces Market Throughout the Forecast – Insights by Future Market Insights
The market for industrial furnaces will likely reach US$ 17,112 million by 2033, with sales increasing at a moderate CAGR of 4.3% between 2023 and 2033. The market for industrial furnaces will likely reach an estimated US$ 11,230 Million in 2023, driven by a rapidly increasing preference for automation technologies and electrical industrial equipment.
Thermal enclosures which process both liquid and solid raw
materials at high temperatures are categorized as industrial furnaces. These
furnaces can attain higher temperatures in comparison to open-air systems.
Available in various forms, 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 versions 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 the manufacturing industry is expected to
facilitate growth opportunities for the global industrial furnaces market over
the forecast period,” says an FMI analyst.
Key Takeaways:
- Rising
building and construction activities promote market prospects over the
assessment period.
- High
maintenance costs act as hindrances to the overall market growth.
- North
America holds about 21% of the overall market share.
- Europe accounts
for about 24% of the global market share.
- Industrialization
projects drive market growth in the Asia Pacific region.
Competitive Landscape
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.
The North American 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 heightened demand for electric heating industrial
furnaces fuels the target market growth in this region.
Key Segments Profiled in the Industrial Furnaces Industry
Survey
Industrial Furnaces Market by Arrangement:
- Tube
or clamshell-type Industrial Furnace
- Box
Type Industrial Furnace
- Car
Bottom Type Industrial Furnace
Industrial Furnaces Market by Operation:
- Gas/Burner
Operated Industrial Furnace
- Electrically
Operated Industrial Furnace
Industrial Furnaces Market by Application:
- Atmosphere
Industrial Furnaces
- Vacuum
Industrial Furnace
Industrial Furnaces Market by Structure:
- Batch
Industrial Furnace
- Continuous
Industrial Furnace
Industrial Furnaces Market by End User:
- Industrial
Furnaces for Automotive Manufacturing
- Industrial
Furnaces for Oil and Gas
- Industrial
Furnaces for Metallurgy
- Industrial
Furnaces for Steel and Iron Production
- Industrial
Furnaces for Food Processing
Industrial Furnaces Market by Region:
- North
America Industrial Furnaces Market
- Latin
America Industrial Furnaces Market
- Europe
Industrial Furnaces Market
- Asia
Pacific Industrial Furnaces Market
- Middle
East and Africa Industrial Furnaces Market
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