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Induction Furnace Market Landscape 2025: Forecast Data and Growth Strategy Insights
Induction Furnace Market
What Is the Expected CAGR for the Induction Furnace Market Through 2025?
There has been a robust growth in the induction furnace market size over the past few years. It is projected to escalate from a valuation of $1.21 billion in 2024, to attain a value of $1.29 billion in 2025, with a compound annual growth rate (CAGR) of 6.5%. The upsurge during the historic period can be credited to the rise in urbanization, an upward trend in construction activities, the expansion of iron and steel sectors, and significant economic development in burgeoning markets.
What's the Projected Size of the Global Induction Furnace Market by 2029?
In the upcoming years, the induction furnace market is predicted to experience significant expansion, escalating to $1.7 billion by 2029, with a compound annual growth rate (CAGR) of 7.1%. The growth during the projected period is ascribed to swift industrialization, expansion of the automotive market, progress in the aerospace sector and heightened global demand for steel and copper. The prediction period sees trends such as heightened automation and IoT (Internet of things) integration, advancement of compact and mobile furnaces, adoption of eco-friendly technologies, product innovations, and the rise of induction stirring technology.
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Top Growth Drivers in the Induction Furnace Industry: What's Accelerating the Market?
The induction furnace market is set to be boosted by the growth of the aerospace industry. Induction furnaces, due to their precise specifications, are a popular choice among aerospace companies for manufacturing purposes. They offer diverse applications in the building of aircraft, including metal hardening, heat treatment, epoxy and coating curing, research and testing of special materials, heating and bonding of composite materials, casting of various metals such as titanium and super alloys, vacuum and levitation melting of unique alloys, among others. For example, the Aerospace Industries Association, a US governmental agency, reported in September 2024 that the US aerospace and defense industry in 2023 achieved over $955 billion in sales, a 7.1 percent increase from the year before. This expansion in the aerospace sector is likely to fuel the growth of the induction furnace market.
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What Trends Will Shape the Induction Furnace Market Through 2029 and Beyond?
Key players in the induction furnace market are adopting induction stirring methodologies more frequently in order to optimize the uniformity of liquid metal, taking advantage of magnetic fields to create stirring movements that augment mixing and alloying. This proves advantageous particularly for the creation of distinct alloys and superior-quality castings. For example, Tenova, a firm based in Italy that offers sustainable strategies for the mining and metals sector, partnered with ABB, a Swiss firm renowned for expertise in automation and electrification technologies, in October 2023. This collaboration aims to boost the performance of electric arc furnaces by incorporating innovative stirring technologies and automation systems, leading to enhanced efficiency, productivity, and environmentally friendly practices in steel manufacturing processes.
What Are the Main 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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Which Top Companies are Driving Growth in the Induction Furnace Market?
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
Which Regions Will Dominate the Induction Furnace Market Through 2029?
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.
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Induction Furnace Market: Introduction
Induction furnace is an electrical furnace in which the heat is generated by induction heat of the metal. Induction capacities range from less than one kilogram to one hundred tonnes, and widely used to melt iron, steel, copper, aluminium and precious metal. The main advantage of the induction furnace is a clean, energy-efficient and well-controllable melting process compared to most other means of metal melting.
Induction Furnace Market:…
