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Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Industrial Furnaces and Ovens market. Market segmentation includes Application (Material Handling, Metallurgy, Petrochemical, Other Applications); Type (Combustion, Electric).

Find Out More About Regions, Brands, Dominant, Active & Niche Companies Covered in the Report

5 November 8:30 p.m., California- According to the new market research report, the global market for Industrial Furnaces and Ovens is projected to grow at a CAGR of 2% reach US$9 Billion by 2027, driven by the extent of demand for iron and steel from various end-use sectors and supported by continuing demand for more efficient furnaces, with incessant focus on preventing energy losses. The global Industrial Furnaces and Ovens market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Combustion, one of the segments analyzed and sized in this study, is forecast to grow at over 1.9% and reach a market size of US$5.3 billion by the end of the analysis period. The United States is forecast to readjust to a 2% CAGR. Within Europe, the worst affected by the pandemic, Germany will reach a market size of US$658 million growing at a CAGR of 1.6% over the next couple of years. In addition, over US$113 million worth of projected demand in the region will come from Rest of European markets. In Japan, the Combustion segment will reach a market size of US$712.8 million by the close of the analysis period. Facing a global backlash over the coronavirus outbreak and spread, China the world's second largest economy faces economic and geopolitical challenges including economic distancing which can likely put China's monopoly of global supply chains in crisis. The Combustion segment in this country against this backdrop will grow at a CAGR of 2.3% over the next couple of years to create an addressable market opportunity worth US$875 million by the year 2027.

Industrial furnaces and ovens are an integral part of most manufacturing processes. Industrial furnaces and ovens are efficient heating technologies used for heat treatment of metals before processing, and are used for annealing, curing, drying, and baking metal components. Industrial furnaces and ovens are extensively used for various processes by downstream industries such as refining and smelting. Industrial furnaces are used for steel and iron casting and also to produce chemicals, bricks, cement, glass, and iron, among other materials. A key factor influencing growth in the global industrial furnaces market is the extent of demand for iron and steel from various end-use sectors. Metals, primarily iron, steel and aluminum, are widely used in sectors such as automobile, construction and rail roads, which in turn are dependent on the health of the overall economy. The ongoing COVID-19 pandemic and the ensuing contraction in economic growth has however impacted prospects in various end-use sectors, whereby the impact is imminent on the industrial furnaces and ovens market. 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 the growth of industrial furnaces and ovens market. With the development of advanced techniques for annealing, curing, drying, and baking materials, demand for heat treatment technologies including industrial furnaces and ovens will benefit. Relentless improvements in metal manufacturing techniques will also drive demand for advanced industrial grade furnaces and ovens. However, industrial furnaces and ovens are long-term investments with a lifespan of up to 15 years or more. As a result, the replacement market is relatively slow, except for instances where the replaced is mandated through regulations for conforming to new emission norms or other efficiency improvements mandated by law.

Research Methodology
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. The views, opinions and findings presented are based on validated engagements from a total executive pool size of 1712. Among this pool, 308 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 68 unique participations, a total of 31 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.

Key Competitors Covered in the Report -
Despatch Industries, Inc.
Grieve Corporation
AFC-Holcroft
Airtec Thermoprocess GmbH
AVS, Inc.
Can-Eng Furnaces International Ltd.
Carbolite Gero Ltd.
CM Furnaces, Inc.
Consolidated Engineering Company
Dowa Thermotech Co., Ltd.
Gasbarre Furnace Group
G-M Enterprises

Segments Covered in the Report -
Type (Combustion, Electric)
Application (Material Handling, Metallurgy, Petrochemical, Other Applications)

Geographies Analyzed in the Report -
World
USA
Canada
Japan
China
Europe
France
Germany
Italy
UK
Spain
Russia
Rest of Europe
Asia-Pacific
India
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East
Africa.

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About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world`s only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.

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