Global Induction Furnace Market Size 2024, Forecast To 2033
11 Mar, 2024
The induction furnace market has demonstrated robust growth, rising from $1.14 billion in 2023 to $1.22 billion in 2024, with a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period is attributed to increased urbanization, expansion in construction activities, growth of the iron and steel industries, and strong economic growth in emerging markets. Looking ahead, the induction furnace market is expected to witness strong growth, reaching $1.59 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. This growth in the forecast period is fueled by rapid industrialization, the increasing growth of the automotive market, expansion in the aerospace sector, and rising global demand for steel and copper. Major trends in the forecast period include the increasing integration of automation and IoT, development of compact and portable furnaces, adoption of green technologies, product innovations, and the use of induction stirring technology.
Global Induction Furnace Market Key Driver
The induction furnace market is set for growth propelled by the expanding aerospace industry. Induction furnaces are commonly utilized by aerospace firms due to their tailored specifications for manufacturing processes. In aerospace applications, induction furnaces serve various purposes, including heat treating, hardening of metals, curing of epoxies and coatings, materials research, testing, and the manufacturing of aircraft components. Projections for British aerospace exports indicate an expected increase to $40.3 billion by 2026, with the United Kingdom securing the fourth position globally. The aerospace sector's upward trajectory is poised to significantly drive the induction furnace market. Monitoring market sizes in 2023, 2024, and 2028 will be crucial for assessing the market's growth in tandem with the aerospace industry.
Get A Free Sample Of The Global Induction Furnace Market ReportGlobal Induction Furnace Market Segments
The induction furnace market covered in this report is segmented –
1) By Type: Coreless Induction Furnace, Channel Induction Furnace
2) By Furnace Capacity: Up To 1 Ton, 1-100 Ton, More Than 100 Ton
3) By End-Use Industries: Steel, Copper, Aluminium, Zinc, Other End-Use Industries
By Geography:The regions covered in the induction furnace market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Asia-Pacific was the largest region in the induction furnace market in 2023. The regions covered in the induction furnace market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Induction Furnace Industry Players
Danieli Group, SMS Group, Tenova S.p.A, Electrotherm Limited, IHI Group, Meltech Ltd., ABP Induction Systems, Inductotherm Group, JP Steel Plantech Co., ECM Technologies, Indotherm Equipment Corporation, Dongguan Jinlai Electromechanical Device Co. Ltd., Guangzhou Durowelder Limited, Shandong Huaxin Electric Furnace Co. Ltd., Xi'an Abundance Electric Technology Co. Ltd., EFD Induction Ltd, Consarc Engineering Ltd, Wallwork Group, eldec Induction GmbH, Inductoheat Europe GmbH, PIOMA-ODLEWNIA S.A, Electrometalurgica S.A., Pillar Induction, ESC Induction, AMLET, EMSCO Inc., Ajax Tocco Magnethermic, Amir Industrial Equipments, Iran Industrial Furnaces, Cerefco, MUR Industries CC, Induction Technology Corporation, GH Induction group, TermiSoluciones SAS, Thermochem Furnaces Pvt. Ltd, ELTERMA S.A
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Induction Furnace Market Overview
The induction furnace refers to an electric furnace that is used to melt various metals at high temperatures in manufacturing industries. An induction furnace consists of an electric coil carrying an electric current that surrounds the camber of metal, which induces a charge. The circulation of this charge produces a high temperature that melts the metals and is used in making alloys of different metal compositions.
Induction Furnace Global Market Report 2023 provides data on the global induction furnace market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The induction furnace market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.