Rise in adoption of electric industrial furnaces and increase in demand for lightweight vehicles, owing to technological advancements, fuels the market growth.
PORTLAND, OR, UNITED STATES, October 11, 2021 /EINPresswire.com/ — 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. In addition, increase in investments in the machinery and construction industries all over the globe is projected to fuel the global industrial furnaces market growth.
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.
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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.
Key Market Players
Carbolite Gero Limited
Epcon Industrial Systems, LP
Gasbarre Products, Inc.
International Thermal Systems LLC
Ipsen International GmbH
Thermal Product Solutions
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Key Market Segments
By Furnace Type
Gas/fuel Operated Industrial Furnace
Electrically Operated Industrial Furnace
Tube or Clamshell Type
Bottom Loading & Car Bottom Furnace
Top Loading Furnace
Metals & Mining
Oil & Gas
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Source: EIN Presswire