According to a new report published by Prudent Markets, titled, “Industrial Furnaces Market by Furnace Type, Arrangement, and EndUser: Global Opportunity Analysis and Industry Forecast, 2019–2026,” the global industrial furnaces market size was valued at $10,958.5 million in 2018 and is projected to reach $16,996.5 million in 2026, growing at a CAGR of 5.4% from 2019 to 2026.The gas/fuel operated industrial furnace segment accounted for over 40% of the industrial furnaces market share in 2018 and is expected to witness significant growth during the forecast period.

There has been an increase in demand for metals across many endusers, which includerailroads, buildings, automobiles, bridges, metallurgy, and ornaments,amongvarious others. This demands more industrial plants to satisfy the growing demand, which in turn, confirms that there isan enormous demand for industrial furnaces from businesses globally.Moreover, industrial furnaces manufacturers have been implementing varioustechnological enhancements in the furnaces, which have been developed in recent years. Thesenew technologies, such as IIoT and others, are anticipatedto offer lucrativegrowth opportunities for the market during the forecast period.

Rise in demand for high-performance, energy-efficient, and low-emission vehicles drivethe global industrial furnaces market growth. In addition, surge in investments in the construction industry and increase in manufacturing machinery industry stimulate the industrial furnaces market growth. On the other hand, instability in the prices of raw materials is projected to hinder the industrial furnaces market development.

In terms of enduser, thetransportationsegment has secured the highest share in the industrial furnacesmarket in 2018.Whereas,mechanical & manufacturing equipment segment is expected to witness growth at a CAGR of4.6% during the forecast period, owing to technical innovations and increase in emphasis on the construction and other industrialsectors. Thisis expected to provide lucrative growth opportunities for theindustrial furnacesmarketplayers in the developing economies.

The major players in the industrial furnacesmarketsuch asInternational Thermal Systems and Carbolite Gero Ltd.arefocused on introducing energy-efficient products to strengthen their product portfolio and market presence in the global industrial furnaces market. For instance,UK-based Carbolite Gero Ltd. offers HTF industrial furnace. Electric furnaces are capable of applications such as ceramic injection molding (CIM), annealing, debinding, degassing, drying, debinding in air, sintering, sublimation, synthesis, sintering in air, and tempering.

According to Priyanka Khandelwal,IndustryAnalyst, Construction and Manufacturing at Prudent Markets, “The industrial furnaces market has observed significant growth over the past decade, owing to implementation of newer state-of-the-art technologies in the industrial furnaces. In addition, increasein investments in the machinery and construction industries all over the globe isprojected to fuel the global industrial furnaces market growth. Several players such as NUTEC Group and others are expanding their business worldwide, owing to augmented customer base, improved effective operations, expanded geographical reach, and developed product portfolios. This is predicted to lead to the development of the global industrial furnaces industry.”

The key players profiled in the report include ANDRITZ AG, Carbolite Gero Limited, Epcon Industrial Systems, LP, Gasbarre Products, Inc., International Thermal Systems LLC, Ipsen International GmbH, NUTEC Group, SECO/WARWICK S.A., Thermcraft Incorporated, and Thermal Product Solutions.

KEY FINDINGS OF THE STUDY

• The report provides an extensive analysis of the current and emerging industrial furnacesmarkettrends and dynamics. 

• Depending on furnace type, the gas/fuel operated segment dominated themarket in 2018, andelectrically operated segment is projected to grow at a significant CAGR during the forecast period.

• By arrangement, thebox typesegment held the majority ofthemarket share in 2018.

• On the basis of end-user, in 2018, metals & mining segment is anticipated to hold the largest market share.

• Asia-Pacific is projected to register the highest growth rate during the study period.

• The key market players within the market are profiled in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the industrial furnacesindustry.

• The report provides an extensive analysis of the industrial furnacesmarket trends and its emerging opportunities. 

• In-depthanalysis is conducted by constructing estimations for the key segments between 2018 and 2026.

• The global industrial furnacesmarket forecast analysis from 2019 to 2026 is included in the report.



 

Research Link: https://www.prudentmarkets.com/report/industrial-furnaces-market/529/