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Induction Furnace Market Size Forecasted To Achieve $1.7 Billion By 2029 With Steady Growth
Induction Furnace
What Is the Induction Furnace Market Size and Projected Growth Rate?
The market size of induction furnaces has seen vigorous growth in the past few years. This market is set to expand from a worth of $1.21 billion in 2024 to $1.29 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 6.5%. The robust growth observed in the historical period can be credited to factors such as burgeoning urbanization, a surge in construction activities, a noticeable upswing in the iron and steel sectors, and significant economic progression in budding markets.
In the coming years, the induction furnace market is projected to witness robust growth, escalating to a whopping $1.7 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 7.1%. This progression during the anticipated timeframe can be credited to factors such as speedy industrialization, heightened automotive market growth, expansion of the aerospace industry, and a surge in worldwide demand for steel and copper. The market trend for this period is expected to be characterized by increased application of automation and Internet of Things (IoT), the rise in creation of small-scale and transportable furnaces, growing adoption of eco-friendly technologies, product modernizations, and uptick in the use of induction stirring technology.
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What Are the Major Segments in the Induction Furnace Market?
The induction furnace market covered in this report is segmented -
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
Subsegments:
1) By Coreless Induction Furnace: Medium Frequency Coreless Induction Furnace, High Frequency Coreless Induction Furnace
2) By Channel Induction Furnace: Horizontal Channel Induction Furnace, Vertical Channel Induction Furnace
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What Are The Driving Induction Furnace Market Evolution?
The expansion of the aerospace sector is projected to drive the induction furnace market's progression. Due to their predetermined manufacturing requirements, induction furnaces are widely utilized within aerospace companies. In the aircraft production process, the induction furnace serves several roles, including heat treatment, metal hardening, epoxy and coating curing, unique material research and testing, composite material heating and bonding, casting of diverse metals like titanium and super alloys, vacuum and levitation melting of special alloys, among others. For example, the Aerospace Industries Association, a government agency based in the U.S., reported in September 2024 that the U.S. aerospace and defense industry surpassed sales of $955 billion in 2023, marking a significant milestone with a growth of 7.1 percent compared to the previous year. Consequently, the induction furnace market is expected to be driven by the growing expansion of the aerospace industry.
Which Firms Dominate The Induction Furnace Market Segments?
Major companies operating in the induction furnace market include 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., EFD Induction Ltd, Consarc Engineering Ltd, Wallwork Group, eldec Induction GmbH, Inductoheat Europe GmbH, PIOMA-ODLEWNIA S.A, Electrometalurgica S.A., Pillar Induction, ESC Induction, AMLET, EMSCO Inc., Ajax Tocco Magnethermic, Amir Industrial Equipments, Iran Industrial Furnaces, Cerefco, MUR Industries CC, Induction Technology Corporation, GH Induction group, TermiSoluciones SAS, Thermochem Furnaces Pvt. Ltd, ELTERMA S.A
What Trends Are Driving Growth in The Induction Furnace Market?
Leading firms in the induction furnace market, such as Tenova, an Italian provider of sustainable solutions for the metals and mining industries, and ABB, a Swiss company specializing in electric and automation technologies, are increasingly adopting induction stirring technology to improve the consistency of molten metal. The technology uses magnetic fields to stir the molten metal, thereby improving mixing and alloying - a significant advantage in producing special alloys and high-quality castings. In October 2023, Tenova collaborated with ABB to enhance the performance of electric arc furnaces using advanced stirring technologies and automation systems. This collaboration boosted efficiency, productivity, and eco-sustainability in steel production processes.
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Which Is The Largest Region In The Induction Furnace Market?
Asia-Pacific was the largest region in the induction furnace market in 2024. The regions covered in the induction furnace market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Induction Furnace Market?
2. What is the CAGR expected in the Induction Furnace Market?
3. What Are the Key Innovations Transforming the Induction Furnace Industry?
4. Which Region Is Leading the Induction Furnace Market?
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