Press release
Expanding Induction Furnace Market Set to Reach $1.7 billion by 2029 with a CAGR of 7.1%
Induction Furnace Market Size
What Is The Projected Market Size Of The Global Induction Furnace Market And Its Growth Rate?
• The induction furnace market size has grown significantly in recent years, from $1.21 billion in 2024 to an estimated $1.29 billion in 2025 at a CAGR of 6.5%.
• The growth is attributed to increased urbanization, growth in the construction industry, and strong economic growth in emerging markets.
• The market is set to witness strong growth in the coming years, expected to reach $1.7 billion by 2029, with a CAGR of 7.1%.
• This future growth can be attributed to rapid industrialization, increased demand for steel and copper, and the growing momentum in the automotive and aerospace sectors.
What Is Driving The Growth In The Induction Furnace Market?
The thriving aerospace industry plays a critical role in driving the induction furnace market's growth. Induction furnaces are commonly used in aerospace companies due to their specific manufacturing requirements. Applications in aerospace include heat treating, hardening of metals, curing of epoxies, and coatings among others. In 2023, the U.S. aerospace and defense industry surpassed $955 billion in sales, a 7.1 percent growth compared to the previous year, according to the Aerospace Industries Association. This growth in the aerospace sector is expected to fuel the induction furnace market.
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Who Are the Key Players Driving Induction Furnace Market Growth?
• Danieli Group
• SMS Group
• Tenova S.p.A
• Electrotherm Limited
• IHI Group
• Meltech Ltd.
• ABP Induction Systems
• Inductotherm Group
• JP Steel Plantech Co.
• ECM Technologies
• Indotherm Equipment Corporation
• Dongguan Jinlai Electromechanical Device Co. Ltd.
• Guangzhou Durowelder Limited
• Shandong Huaxin Electric Furnace Co. Ltd.
• Xi'an Abundance Electric Technology Co. Ltd.
What Are The Key Trends In The Induction Furnace Market?
• Increasing integration of automation and IoT (Internet of things)
• Growing development of compact and portable furnaces
• Rising adoption of green technologies
• Product innovations
• Increasing use of induction stirring technology
What Are The Segments Of The Global Induction Furnace Market?
1) By Type: Coreless Induction Furnace, Channel Induction Furnace
2) By Furnace Capacity: Up To 1 Ton, 1-100 Ton, More Than 100 Ton
3) By End-Use Industries: Steel, Copper, Aluminium, Zinc, Other End-Use Industries
Which Region Leads The Induction Furnace Market?
Asia-Pacific was the largest region in the induction furnace market in 2024. Other significant markets include Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Induction Furnace Market Global Market Report?
- Market Size Analysis: Analyze the Induction Furnace Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Induction Furnace Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Induction Furnace Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Induction Furnace Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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