Induction Furnace market forecast 2023-2032 - Overview, Growth and trends analysis | Danieli Group, SMS Group, (SMS Elotherm GmbH), Tenova S.p.A, Electrotherm Limited, IHI Group

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The Business Research Company's latest "Global Induction Furnace Opportunities And Strategies Market Report - Forecast To 2032" is the most comprehensive report available in market that will help gain a truly global perspective with data and statistics from over 60 geographies analyzed with more than 7500 market segments. The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by region and by country. It also compares the market's historic and forecast growth and highlights important trends and strategies that can be adopted to beat the competition in the industry

The rapid and increased industrialization is expected to drive the growth of the induction furnace market during the forecast period. The macroeconomic variables, such as expanding industrial activity, improved metal output, and rising demand for refined metals in many nations, have accelerated the use of induction furnaces. The procedures used by foundries, manufacturers, mining enterprises, engineering activities, and steel manufacturing firms all depend on specialized industrial induction furnaces. Metallurgical industry induction furnaces, which provide the induction heat required to carry out processing tasks, are at the heart of operations for these industries. The use of induction furnaces in foundries for the production of steel, cast iron, and nonferrous metals has expanded in response to the rising demand for high-quality alloys and metals produced in ecologically sound circumstances. Smelting, steelmaking, metal casting, and heat treatment are a few of the purposes of industrial induction furnaces. For instance, in December 2022, based on three-month moving averages, worldwide industrial production increased 1.5% over the same period the previous year, excluding the United States. For the same period, advanced economies outside of the United States had a decline of less than 0.3%. Following the COVID-19 breakout, the world's industrial production fell, but it gradually recovered over the following months, reaching a peak of 23% in June 2021. Therefore, the rapid and increased industrialization globally is expected to drive the induction furnace market going forward.

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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.   For instance, in February 2020, Electrotherm, an Indian company involved in the metal fabrication business sector, was able to install, test, and commission a 20-ton induction furnace from Ahmedabad / Delhi in Bahir Dar, Ethiopia, about 4000 km away, thanks to Digital Control in the DTi series of Induction Furnaces. Despite the lack of an engineer from Electrotherm being physically there, commissioning was as easy and successful, due to the Internet of Things (IoT) enabled equipment laced with Artificial Intelligence (AI).

The top opportunities in the induction furnace market segmented by type will arise in the coreless segment, which will gain $262.9 million of global annual sales by 2027. The top opportunities in the induction furnace market segmented by end-use will arise in the steel segment, which will gain $199.8 million of global annual sales by 2027. The top opportunities in the induction furnace market segmented by furnace capacity will arise in the 1-100 ton segment, which will gain $283.3 million of global annual sales by 2027. The induction furnace market size will gain the most in China at $112.8 million.

Induction Furnace Market Segmentation:
The Induction Furnace market is segmented by type, by end use industries and by furnace capacity.

By Type -
The induction furnace market is segmented by type into:
a) Coreless Induction Furnace
b) Channel Induction Furnace

By End Use Industries-
The induction furnace market is segmented by end use industries into:
Steel
d) Copper
e) Aluminum
f) Zinc
g) Other End Users

By Furnace Capacity-
The induction furnace market is segmented by furnace capacity into:
h) Up To 1 Ton
i) 1-100 Ton
j) More Than 100 Ton

Major players in the Induction Furnace market include 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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The latest report from The Business Research Company, 'Global Induction Furnace Opportunities And Strategies Market Report - Forecast To 2032,' provides a comprehensive global perspective with data and statistics from 60+ geographies, analyzing 7000+ market segments. The regional and country breakdowns section offers insights into each geography's market analysis, size, historic and forecast growth, and key strategies for industry competitiveness.

Induction Furnace Market Report 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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