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
- Airtec Thermoprocess GmbH
- AVS, Inc.
- Can-Eng Furnaces International Limited
- Carbolite Gero Ltd.
- ElectroHeat AB
- Inductotherm Corporation
Global Industrial Ovens and Furnaces Market: Research Scope
Global Industrial Ovens and Furnaces Market, by Product Type
- Electric Industrial Ovens and Furnaces
- Induction & Dielectric Industrial Ovens and Furnaces
- Industrial Electric Heating Equipment
- Fuel-fired Industrial Ovens and Furnaces
Global Industrial Ovens and Furnaces Market, by Power Type
- Combustion Type
- Electric Type
Global Industrial Ovens and Furnaces Market
- Food Production
Global Industrial Ovens and Furnaces Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.