Industrial Oven Market to grow at a CAGR of 6.2% till 2023

The global Industrial Oven Market is projected to witness steady growth, owing to the relentless development globally, especially in the rising economies of the world. The Industrial Oven Market generated revenue of $8,469 million in 2016, and is expected to grow at a CAGR of 6.2% to reach $12,897 million by 2023. Furthermore, replacement of industrial furnaces by industrial oven in heat treatment operations in the manufacturing plants where less than 1,000 degrees F temperature is required is expected to boost the market growth during the forecast period. However, the initial cost of the industrial oven restrains its adoption. Moreover, limited awareness among manufacturers regarding the requirement of industrial oven over furnaces for similar applications is also expected to hamper the growth in near future.

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The market is segmented on the basis of product, process, heating medium, end-user industry, and geography. Based on product, the market is classified into curing, baking, drying, and reflow ovens. On the basis of process, it is bifurcated into batch and continuous. Depending on heating medium, the market is categorized into electric heat, fuel- & gas-fired, infrared heaters, and others. The end-user industries analyzed in this study are food production & processing, chemical processing, electricals & electronics, automotive & aerospace, pharmaceuticals, and others. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Findings of the Industrial Oven Market:

Asia-Pacific is expected to be the fastest growing segment over the forecast period, owing to the rapid industrialization in the region. Furthermore, certain noteworthy steel making plants are expected to start projects in India and China in the coming years, which in turn is expected to increase the demand for continuous line industrial oven in these countries. In addition, rapid construction activities, increasing automotive production, and high usage of drying and infrared firing ovens for the manufacture of very high-efficiency solar cells are other key growth drivers for the Asia-Pacific industrial ovens market.

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Key Players of the Industrial Oven Market:

The key players of the Industrial Oven Market are ASC Process Systems, Harper International, Eastman Manufacturing Ltd., Rowan Technologies, Wisconsin Oven Corporation., JPW Ovens & Furnaces, Davron Technologies, Grieve Corporation, JLS Ovens and Steelman Industries Inc.

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