Magnetic Induction Heating Devices to Witness Evolution at 4.2% CAGR by 2032: Fact.MR Study

The global market for magnetic induction heating devices has an estimated revenue of US$ 518 million and is expected to reach US$ 781.6 million by the end of 2032, according to Fact.MR, a provider of market research and competitive information.

The primary reasons that are anticipated to boost demand for magnetic induction heating devices over the course of the forecast period are an increasing focus on sustainability and a growing need to limit the usage of fossil fuels.

Magnetic induction heating device market growth is predicted to be positively impacted by technological developments in magnetic induction technologies. The market potential for magnetic induction heating equipment is also predicted to benefit from the expanding range of applications. Through 2032, it is anticipated that rising consumer demand for eco-friendly energy options would drive sales of magnetic induction heating systems.

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Key Takeaways:

The magnetic induction heating devices market is projected to witness evolution at 4.2% CAGR from 2022 to 2032.
The magnetic induction heating devices market in North America accounts for a significant market share of 24.1%.
The magnetic induction heating devices market stands at a revenue total of US$ 124.8 million in 2022.
Europe magnetic induction heating devices market stands at a value of US$ 113.4 million and holds a market share of 21.9%.
China magnetic induction heating devices market stands at a valuation of US$ 74.1 million in 2022 and accounts for a market share of 14.3%. 
The United States is anticipated to witness high magnetic induction heating device sales owing to the increasing scope of application of induction heating technologies.

Market Developments:

New market entrants could create and launch innovative products that are integrated with advanced technologies such as artificial intelligence, NFC, etc. Start-ups should also focus on crafting innovative marketing strategies to promote their products and stand out in this highly competitive market space.

In August 2021, Xiaomi, a Chinese consumer electronics company, announced the launch of its new MIJIA Ultra-thin Induction Cooker that used induction heating technology. The design is ultra-thin and equipped with NFC app support and XiaoAI.

Competitive Landscape:

Magnetic induction heating device manufacturers are focusing on integrating advanced induction heating technologies in various devices to create more sustainable solutions.

Magnetic induction heating product suppliers are also adopting innovative marketing strategies to promote their products and increase sales.

In November 2021, Havells India Limited, announced the launch of its new campaign to promote its heater based on induction-based heat transfer technology. The Magnatron Water Heater was promoted under the campaign titled "Shower that saves power" and was meant to attract the more environment-conscious consumers in India.

Key Pioneers

Schaeffer AG
Radyne Corporation
SKF AB
CEIA S.P.A
GH Induction Atmosphere
VGK Electric
EFD Induction
Inventum Engineers Company Pvt. Ltd.
Krishna Electronics
Inductotherm Group

Segmentation of Magnetic Induction Heating Devices Industry Research

Industry Research
• By Power Type:
o 0 to 5 kWh
o 5 to 10 kWh
o More than 10 kWh

• By Application:
o Furnaces
o Welding
o Cooking
o Brazing
o Sealing
o Heating Treatment
o Plastic Processing
o Others

• By Region:
o North America
o Latin America
o Europe
o APAC
o MEA

More Valuable Insights Available

Fact.MR, in its new offering, presents an unbiased analysis of the global Magnetic Induction Heating Devices Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals essential insights by Analysis, By Application (Furnace, Welding, Cooking, Brazing, Sealing, Heating Treatment, Plastic Processing), By Power Type (0 to 5 Kwh, 5 to 10 Kwh, More than 10 Kwh) - Global Market Insights 2022 to 2032

Key Questions Covered in the magnetic induction heating devices report

What is the projected value of the magnetic induction heating devices in 2023?
At what rate will the global magnetic induction heating devices grow until 2033?
Which are the factors propelling the growth in the magnetic induction heating devices?
Which region is expected to lead in the global magnetic induction heating devices during 2023 to 2033?
Which are the factors driving the magnetic induction heating devices during the forecast period?
What is the expected market value of the magnetic induction heating devices during the forecast period?

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This release was published on openPR.