Market Overview
The Induction Furnace Market will obtain a value of USD 1.5 billion and a CAGR of 5.6% between the years 2022-2030.
Induction furnaces are electrical devices used in high-temperature processing and melting of raw materials, particularly metals, based on the electromagnetic induction principle. These furnaces are frequently used to melt ferrous and non-ferrous metals such as steel, iron, copper, aluminum, zinc, and precious metals.
Electric-powered induction furnaces have become a godsend for metal-producing industries, especially small-scale extractors. Induction furnace sales are boosted by their easy accessibility in modest to large capacity and energy-efficient processing characteristics. Industry 4.0 and electrification have rapidly grown in popularity across various industries over the last few years. The adoption of process automation technologies and electric industrial equipment has risen quickly as a result, particularly in developing nations like India, China, Brazil, South Korea, Australia, and others. . Since a channel induction furnace has a higher electrical efficiency than a coreless induction furnace, it is expected to expand at a remarkable rate during the projection period.
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The railroad industry is expanding, and there is a significant need for equipment used in smelting, mining, and manufacturing metal alloys. Due to the COVID-19 epidemic, most construction projects have been put on hold, and there are now travel restrictions. Significant changes have been made to the rail sector, which in turn is impeding the expansion of the market for induction furnaces. Europe dominates the global market for induction furnaces since their domestic usage is increasing. After the lockout period, it is projected that the demand for induction furnaces will continue to grow due to the expanding market for renewable energy sources and copper.
Market segmentation
The Induction Furnace Market is divided into types, furnace capacity, application, and vertical industry segments.
By type: Coreless induction furnaces, channel induction furnaces, and other types are the categories into which the market has been split. Coreless induction furnaces entail lengthy maintenance downtimes, are difficult to install and use more energy. However, they can reach temperatures higher than any other induction furnace, making them perfect for use in manufacturing steel. As a result, the market share of that particular segment is the highest.
By furnace capacity: There are three market segments for furnace capacity: up to 1 ton, 1 ton to 100 tons, and more than 100 tons. Because furnaces with this capacity are utilized to supply domestic demand, the sector up to 1 ton is the smallest. The 1-100 ton segment is anticipated to increase quickly. In emerging countries with rising steel, copper, and aluminum output, induction furnaces with a 1-100 tons capacity are becoming more popular.
By industry vertical: The market is divided into vertical industry sectors for steel, aluminum, copper, and other products.
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Regional analysis
The Asia Pacific region will rule this market during the projection period since it is the world’s largest producer of induction furnace-needed materials like aluminum, zinc, and steel. Although this market is already developed in North America, there will be some room for expansion due to the presence of the aerospace industry in the region. This region will have modest growth over the research period.
Recent developments
Foster Induction Private Limited began selling an induction melting furnace for gold and silver in September 2021 and other furnaces.
Key Players
- Electrotherm (India)
- Danieli Group (Italy)
- SMS Elotherm GmbH (Germany)
- Meltech Ltd (UK)
- Tenova SpA (Italy)
- Doshi Technologies Pvt. Ltd (India)
- IHI Machinery and Furnace Co. Ltd (Japan)
- JP Steel Plantech Co. (Japan)
- ECM Technologies (Netherlands)
- Agni Electrical Pvt. Ltd (India)
- Pees Induction Equipment’s Pvt. Ltd (India)
- Magnalenz (India)
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