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Industrial Ovens and Furnaces Market Will Observe Substantial Growth By 2019 - 2027

Industrial Ovens and Furnaces Market  

Industrial Ovens and Furnaces: Introduction
  • Industrial ovens and furnaces are primarily used in industries such as automotive and construction to heat-treat metals in order to produce steam
  • An industrial oven or furnace is a device or equipment used for strong melting or heating of metals for casting. Industrial ovens and furnaces change shape of the metal through rolling and forging and transform properties of the metal through heat treatment.
  • Industrial ovens and furnaces are of several types such as electric, batch, fuel-fired, induction, and dielectric. Industrial ovens and furnaces are employed to carry out numerous functions such as brazing, annealing, hardening, carburizing, tempering of ferrous and non-ferrous castings, and sintering.
  • Key application areas of industrial ovens and furnaces are metallurgy, petrochemical industry, and material handling
  • The global industrial ovens and furnaces market is expected to expand at a rapid pace during the forecast period, owing to increase in the demand for industrial ovens and furnaces in different industries such as construction and automotive
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Global Industrial Ovens and Furnaces Market: Dynamics
Global Industrial Ovens and Furnaces Market: Key Drivers and Restraints
  • Increase in the adoption of machinery enabled with Industrial Internet of Things (IIoT) and equipped with temperature control sensors and POC analyzers and rise in investments in smart factories are anticipated to fuel the market for industrial ovens and furnaces in the next few years
  • Rising demand for fabricated metals in the automobile industry is anticipated to propel the global industrial ovens and furnaces market during the forecast period
  • Increase in the consumption of iron and steel in the infrastructure sector in developing countries is projected to propel the global industrial ovens and furnaces market in these countries in the near future
  • Technological advancements and increased demand for a wide range of processed metal products are some of the major factors estimated to boost the global industrial ovens and furnaces market in the next few years
  • Increasing replacement of old furnaces and ovens, rise in the popularity of hybrid furnaces, and availability of new oxygen technologies are other factors anticipated to boost the global industrial ovens and furnaces market between 2019 and 2027
  • Steel- and metal-processing industries offer lucrative opportunities to the global industrial ovens and furnaces market. This factor is expected to boost the demand for industrial ovens and furnaces in the next few years.
  • However, high cost of industrial ovens and furnaces is anticipated to hamper the global market during the forecast period
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Europe to Hold a Leading Share of Global Industrial Ovens and Furnaces Market
  • Europe is expected to witness the maximum demand for industrial ovens and furnaces from 2019 to 2027. In terms of consumption, Europe is the leading region of the global industrial ovens and furnaces market. Additionally, Europe is a hub for the automotive industry, owing to presence of top automobile manufacturers with high production capacities such as BMW, Volvo, and Audi.
  • Asia Pacific is anticipated to be the rapidly expanding market for industrial ovens and furnaces between 2019 and 2027. This is primarily due to rapid industrialization in the region. Also, a few notable steelmaking plants are planning to start their projects in China and India in the next few years. This, in turn, is anticipated to fuel the demand for industrial ovens and furnaces in these countries of Asia Pacific in the near future.
  • Furthermore, increase in the production of automobiles, rapid rise in construction activities, and increase in usage of drying and infrared firing ovens and furnaces are driving the market for industrial ovens and furnaces in Asia Pacific
Global Industrial Ovens and Furnaces Market: Competition Landscape
Key Players Operating in Global Industrial Ovens and Furnaces Market
Numerous local, regional, and international players operate in the global industrial ovens and furnaces market. Hence, the market is fairly fragmented and the bargaining power of suppliers is low. The degree of competition among market players is also high. Manufacturers of industrial ovens and furnaces are adopting key strategies of new product development and acquisitions to cater to the needs of end-users. Key players operating in the global industrial ovens and furnaces market are:
  • Andritz AG
  • Tenova S.p.A.
  • Despatch Industries
  • Primetals Technologies Limited
  • Aichelin Group
  • AFC-Holcroft
  • Airtec Thermoprocess GmbH
  • AVS, Inc.
  • Can-Eng Furnaces International Limited
  • Carbolite Gero Ltd.
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