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Global Industrial Furnaces and Ovens Market to Reach US$9.2 Billion by the Year 2026

Industrial furnaces and ovens are an integral part of most manufacturing processes. Industrial furnaces are used to heat or melt metals for casting; and for forming and shaping metals through processes such as forging and rolling or other heat treatment processes. A key factor influencing growth in the global market is the extent of demand for iron and steel from various end-use sectors. In the upcoming years, improving economic environment, expanding industrial sector and introduction of new and efficient systems are expected to drive market growth. Advancements in production and processing technologies in the industrial sector are also expected to add to market growth. Relentless improvements in metal manufacturing techniques will also drive demand for advanced industrial grade furnaces and ovens. Furnace manufacturers have embraced technology and modern furnaces and ovens are highly superior compared to the products even from a few years ago. For instance, furnaces and ovens can now be easily controlled with simple touch screen controllers that provide better control for the workers and also ensure safety of the equipment as well as the workers. In addition, with industrial automation/ industry 4.0 being the net big development, demand for furnaces with IIoT capabilities is expected to rise in future, leading to demand for higher priced advanced products, thus beneficially affecting the market.

Industrial furnaces are efficient systems and can deliver high-temperatures when compared to open-air systems. While the working principle is more or less same, industrial furnaces can take various forms depending upon functionality, combustion method used, fuel type and variations in temperature. Available in various formats, industrial furnaces find use in a wide range of sectors metals, ceramics, glass, cement, plastic and food among others. The need for industrial furnaces and ovens in these industries continues to be significant in the absence of a competing technology for the purpose. Attributes of industrial furnaces and ovens such as superior performance, reliability, and efficiency are emerging as key drivers for the long term growth of the industrial furnaces and ovens market. Key benefits driving demand for industrial furnaces include reduced production/manufacturing costs; lower energy consumption; zero emissions; maximum quality in heat-treated parts; increased furnace life; and higher return on assets.

Amid the COVID-19 crisis, the global market for Industrial Furnaces and Ovens estimated at US$8.3 Billion in the year 2022, is projected to reach a revised size of US$9.2 Billion by 2026, growing at a CAGR of 2.4% over the analysis period. Combustion, one of the segments analyzed in the report, is projected to grow at a 2.1% CAGR to reach US$5.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Electric segment is readjusted to a revised 2.7% CAGR for the next 7-year period. This segment currently accounts for a 40.7% share of the global Industrial Furnaces and Ovens market. Combustion industrial furnaces and ovens include fuel-fired metal melting furnaces such as blast furnaces and treating furnaces. Fuel-fired furnaces find applications in industries such as brick making, glass, ceramics and others, which use kilns for the generation of heat in their applications. The growing concerns for environmental safety are driving demand for electric furnaces across the world, to replace coal-fired furnaces and ovens. Depleting natural resources of iron ore and increasing prices of iron ore also contribute to the rise in adoption of electric furnace steel production by steel makers.

The U.S. Market is Estimated at $928.6 Million in 2022, While China is Forecast to Reach $1.6 Billion by 2026

The Industrial Furnaces and Ovens market in the U.S. is estimated at US$928.6 Million in the year 2022. The country currently accounts for a 11.2% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$1.6 Billion in the year 2026 trailing a CAGR of 3.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.5% and 1.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.9% CAGR while Rest of European market (as defined in the study) will reach US$1.7 Billion by the end of the analysis period. Europe is one of the largest markets for industrial furnaces and ovens as the region is a hub for automotive production as well as industrial manufacturing. As the demand for processed products increases across industries, the requirement for industrial furnaces and ovens also increases as they are an integral part of industrial processing. Rise in manufacturing/processing activity and subsequent rise in demand for industrial equipment, especially is expected to present growth prospects in Asia-Pacific region. Automation of manufacturing units and increased use of production line machinery also bodes well for market growth in the region.