Induction Furnace Market-Overview
The escalation in the production of steel, copper, and aluminum are anticipated to drive the induction furnace market 2020. The industrial automation and equipment reports are produced by Market Research Future, which features market options for expansion. The market earning of USD 1.5 Billion is forecasted at a CAGR of 5.6% by 2025.
The shifting from traditional bases is predicted to create favorable options for growth in the induction furnace market. The intensifying demand in several markets for medium-frequency induction furnaces and crucible induction furnaces is estimated to provide fresh options for expansion in the induction furnace market share. Furthermore, improvement in overall efficiency and output of coreless induction furnaces and metal baths is likely to boost the induction furnace market.
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The segmental study of the induction furnace market is carried out on the basis of type, furnace capacity, industry vertical, and region. Based on the type, the induction furnace market has been segmented into channel induction furnaces, coreless induction furnaces, and others. On the basis of furnace capacity, the induction furnace market is segmented into 1–100 tons, up to 1 ton, and more than 100 tons. On the basis of industry vertical, the induction furnace market is segmented into aluminum, copper, steel, and others. Based on the regions, the induction furnace market is segmented into North America, Europe, Asia Pacific, and other regional markets.
Detailed Regional Analysis
The regional assessment of the induction furnace market is segmented into North America, Europe, Asia Pacific, and other regional markets. The North American steel market is mostly developed, thus controlling the demand for induction furnaces for the extraction and creation of the metals. However, new opportunities for growth in the region are forecasted due to the presence of a large aerospace industry. The European regional market is a developing market for induction furnaces exclusively for domestic use. An emergent renewable energy market is operating the demand for copper in the region, which is motivating the evolution of the induction furnace market in the region. The Asia Pacific region is the world’s principal manufacturer of aluminum, steel, and other metals that require induction furnaces. This factor is estimated to be the largest and fastest mounting market for induction furnaces. As most of the world’s copper is found in South America, driving the growth of the induction furnace market.
The market is expected to revitalize its options for development as it overcomes this period of uncertainty in a careful and calibrated manner, the enhancement of the supply chains is estimated to focus on the incorporation of robotic assets so as to broaden the scope of supply that can be expected from the market on the whole. The competition in the market is estimated to be focused on mitigating the effect of external forces rather than exclusively dealing with internal competition. The government role is estimated to be pronounced in the near term as their backing is essential to get the growth of regional markets on track. The market is also expected to emphasize on innovation to amplify the development scope in the global market. The need to integrate is projected to become even more prominent in the market in the upcoming period. The market is in a stage that requires careful and strategic planning to ensure that the growth achieved thus far is not compromised.
The eminent players in the induction furnace market are SMS Elotherm GmbH (Germany), IHI Machinery and Furnace Co., Ltd (Japan), Meltech Ltd (UK), Pees Induction Equipment’s Pvt. Ltd (India), Tenova SpA (Italy), JP Steel Plantech Co. (Japan), Electrotherm (India), Danieli Group (Italy), ECM Technologies (Netherlands), Doshi Technologies Pvt. Ltd (India), Agni Electrical Pvt. Ltd (India), and Magnalenz (India).
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