Acumen Research and Consulting estimates that global Industrial Furnaces market is expected to reach the market value of around US$ 17 Bn by 2027 and is anticipated to grow at a CAGR of around 6% in terms of revenue during the forecast period 2020 – 2027.
Industrial furnaces are the heat tanks where raw materials are handled at high temperatures, both in solid and liquid form. Similar to open air devices, they reach higher operating temperatures. In compliance with functions, heat variability, type of fuel and process of combustion, industrial furnaces may be constructed. Industrial furnaces are made mainly from radiant section, convection section, radiant coil, flame, gas pillow and insulation device. In the radiant portion, the fuel is labelled by the burner and the materials in fluid form are heated up to maximum temperature levels. The configuration could involve more than one burner as needed, then the fuel is moved into the heat exchange portion of the radiant tubes and the fuel gas is diluted until it is discharged into the air by a stack or chimney.
The report provides analysis of global Industrial Furnaces market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
The persistent demand of iron and steel along with other essential materials and metals are one of the key driving forces for the growth of the industrial furnace industry. Additionally, the rise of the automotive sector is driving demand due to increase in electrical industrial furnaces and rising demand for low weight cars. Many suppliers of automobile components often use industrial furnaces to generate and process metallic automobile components used in the vehicle assembly. This increase, combined with growth in automotive production and demand, in the manufacture of lightweight components in the vehicle industry drives market development.
The demand of industrial furnaces is projected to grow rapidly between in Asia Pacific during the forecast timeframe. This is largely triggered by the region's accelerated industrialization. Also, a few outstanding steelworks are preparing to launch projects over China and India over the next few years. This is expected, to raise the market in these Asia Pacific countries for industrial furnaces in the near future.
The market research study on “Industrial Furnaces Market (Industrial Furnaces Market By Type Electrically Operated, Gas/fuel Operated ; Industrial Furnaces Market By Collection: Box Type, Tube or Clamshell Type, Top Loading Furnace, Bottom Loading & Car Bottom Furnace, Other; Industrial Furnaces Market By End Use: Oil & Gas, Chemicals, Metals & Mining, Transportation, Other) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Industrial Furnaces market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report covers global Industrial Furnaces market size, and segment markets by type, collection, end use, and geography along with the information on companies operating in the market. The Industrial Furnaces market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global Industrial Furnaces market is segmented as below:
Industrial Furnaces Market By Type
Industrial Furnaces Market By Collection
Industrial Furnaces Market By End Use
Industrial Furnaces Market By Geography
Middle East & Africa
Key Players and Market Situation
Participants include major global players such Carbolite Gero Limited, ANDRITZ AG, Epcon Industrial Systems, Inc., International Thermal Systems LLC, Gasbarre Products, NUTEC Group, Ipsen International GmbH, and Others.
Key tactics such as the acquisition have been implemented by key players in the global industrial furnaces industry to increase business presence and maintain high market competition.
Industrial furnaces are the heat tanks where raw materials are handled at high temperatures, both in solid and liquid form. Similar to open air devices, they reach higher operating temperatures.
Stumpy product replacement rate.
The rising demand for metals is a key driver of the market.
The market value of Industrial Furnaces is anticipated to be worth around US$ 17 Bn in 2027.
The industrial furnace is anticipated to grow around 6% CAGR amid the forecast period 2020-2027.
Europe held maximum share in 2019.
Asia Pacific is projected to grow at a fast pace during forecast period 2020-2027.