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Induction Furnace Market Analysis 2023-2032: Forecast Market Size, Top Segments And Largest Region | Danieli Group, SMS Group (SMS Elotherm GmbH), Tenova S.p.A, Electrotherm Limited, IHI Group
Induction Furnace
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The global induction furnace market reached a value of nearly $1,071.37 million in 2022, having grown at a compound annual growth rate (CAGR) of 3.2% since 2017. The market is expected to grow from $1,071.37 million in 2022 to $1,463.84 million in 2027 at a rate of 6.4%. The market is then expected to grow at a CAGR of 7.4% from 2027 and reach $2,092.24 million in 2032.
An induction furnace refers to an electric furnace that is used to melt various metals at high temperatures in manufacturing industries through electromagnetic induction. It is a type of heating and hardening equipment used in a wide variety of industrial settings.
The induction furnace market consists of sales, by entities (organizations, sole traders and partnerships), of induction furnaces that are used for melting and alloying a wide variety of metals with minimum melt losses, however, little refining of the metal is possible. Induction furnaces are heavy-duty furnaces that can melt different kinds of metals such as iron, steel, zinc, copper, aluminium, bronze, silicon, and precious metals such as gold, silver, and platinum.
The increasing integration of automation and IoT (Internet of Things) induction furnace products is a key trend gaining popularity in the induction furnace market. Automation systems and IoT technologies are rapidly being combined with induction furnaces. Remote monitoring, data analytics, predictive maintenance, and process optimization are all possible. Real-time data gathering and analysis, for example, can assist in identifying and correcting inefficiencies or possible faults in furnace operation.
Induction Furnace Market Segmentation:
• By Type - Coreless Induction Furnace, Channel Induction Furnace
• By End Use Industries - Copper, Aluminum, Zinc
• By Furnace Capacity - Up To 1 Ton, 1-100 Ton, More Than 100 Ton
Some of the key players involved in the Induction Furnace market are Danieli Group, SMS Group (SMS Elotherm GmbH), Tenova S.p.A, Electrotherm Limited, IHI Group
The regions covered in the global Induction Furnace market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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A Few Points From The Table Of Content
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
……
18. Competitive Landscape And Company Profiles
19. Key Mergers and Acquisitions
20. Opportunities And Strategies
21. Induction Furnace Market, Conclusions And Recommendations
22. Appendix
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