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Global Induction Furnace Market Revenue, Business Opportunities, Growth Trends And Forecast 2032 || Industry Key Players Are Electrotherm, Danieli & C. S.p.A, SMS Elotherm GmbH, Meltech Ltd., Tenova S.p.A
Induction Furnace Market
Induction Furnace Market Size, Growth Rate, And Forecast
The global induction furnace market size grew from $1.07 billion in 2022 to $1.14 billion in 2023 at a compound annual growth rate (CAGR) of 6.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The induction furnace market size is expected to grow to $1.45 billion in 2027 at a CAGR of 6.2%.
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Induction Furnace Market Drivers
The growth of the aerospace industry is expected to propel the growth of the induction furnace market going forward. Aerospace firms commonly use the induction furnace due to their predetermined specifications in manufacturing requirements. In aerospace, the induction furnace provides various applications in the manufacturing of aircraft, such as heat treating, hardening of metals, curing of epoxies and coatings, special materials research and testing, heating and bonding of composite materials, casting of different metals, including titanium and super alloys, vacuum and levitation melting of special alloys, and others. According to the Bureau of Transportation Statistics (BTS), a US-based government agency, the number of scheduled service airline passengers increased by 83% in 2022, from 303.6 million in 2020 to 70.4 million in 2021.
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Induction Furnace Market Segments
• By Type: Coreless Induction Furnace, Channel Induction Furnace
• By End-Use Industry: Steel Industry, Copper Industry, Aluminum Industry, Zinc Industry
• By Furnace Capacity: Up To 1 Ton, 1-100 Ton, More than 100 Ton
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the induction furnace market.
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Induction Furnace Market Key Players
Major competitors in the induction furnace market are Electrotherm, Danieli & C. S.p.A, SMS Elotherm GmbH, Meltech Ltd., Tenova S.p.A, Doshi Technologies Pvt. Ltd., IHI Machinery and Furnace Co., Ltd., ECM Technologies, Jiangsu Yueda Group Co., Ltd.
The Business Research Company's "Global Induction Furnace Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The Induction Furnace Market Include:
1. Executive Summary
2. Induction Furnace Market Characteristics
3. Induction Furnace Market Trends And Strategies
4. Induction Furnace Market - Macro Economic Scenario
5. Induction Furnace Market Size And Growth
………………
27. Induction Furnace Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Induction Furnace Market
29. Induction Furnace Market Future Outlook and Potential Analysis
30. Appendix
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Induction Furnace Market: Introduction
Induction furnace is an electrical furnace in which the heat is generated by induction heat of the metal. Induction capacities range from less than one kilogram to one hundred tonnes, and widely used to melt iron, steel, copper, aluminium and precious metal. The main advantage of the induction furnace is a clean, energy-efficient and well-controllable melting process compared to most other means of metal melting.
Induction Furnace Market:…
