The industrial furnaces market has observed significant growth over the past decade, owing to implementation of newer state-of-the-art technologies in the industrial furnaces.
According to a new report published by Allied Market Research, the global industrial furnaces market size was valued at $ 10,958.5 million in 2018 and is projected to reach $ 16,996.5 million in 2026, growing at a CAGR of 5.4 % from 2019 to 2026. The gas/fuel operated industrial furnace segment accounted for over 40 % of the industrial furnaces market share in 2018 and is expected to witness significant growth during the forecast period.
There has been an increase in demand for metals across many end users, which include railroads, buildings, automobiles, bridges, metallurgy, and ornaments, among various others. This demands more industrial plants to satisfy the growing demand, which in turn, confirms that there is an enormous demand for industrial furnaces from businesses globally. Moreover, industrial furnaces manufacturers have been implementing various technological enhancements in the furnaces, which have been developed in recent years. These new technologies, such as IIoT and others, are anticipated to offer lucrative growth opportunities for the market during the forecast period.
Rise in demand for high-performance, energy-efficient, and low-emission vehicles drive the global industrial furnaces market growth. In addition, surge in investments in the construction industry and increase in manufacturing machinery industry stimulate the industrial furnaces market growth. On the other hand, instability in the prices of raw materials is projected to hinder the market development.
In terms of end user, the transportation segment has secured the highest share in the market in 2018. Whereas, mechanical & manufacturing equipment segment is expected to witness growth at a CAGR of 4.6 % during the forecast period, owing to technical innovations and increase in emphasis on the construction and other industrial sectors. This is expected to provide lucrative growth opportunities for the industrial furnaces market players in the developing economies.
The major players in the industrial furnaces market such as International Thermal Systems and Carbolite Gero Ltd. are focused on introducing energy-efficient products to strengthen their product portfolio and market presence in the global market. For instance, UK-based Carbolite Gero Ltd. offers HTF industrial furnace. Electric furnaces are capable of applications such as ceramic injection molding (CIM), annealing, debinding, degassing, drying, debinding in air, sintering, sublimation, synthesis, sintering in air, and tempering.
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