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Industrial Furnaces and Ovens - Global Strategic Business Report

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    Report

  • 601 Pages
  • March 2024
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 338759

Global Industrial Furnaces and Ovens Market to Reach $10.3 Billion by 2030

The global market for Industrial Furnaces and Ovens estimated at US$8.3 Billion in the year 2022, is projected to reach a revised size of US$10.3 Billion by 2030, growing at a CAGR of 2.8% over the analysis period 2022-2030. Combustion, one of the segments analyzed in the report, is projected to record 2.5% CAGR and reach US$6 Billion by the end of the analysis period. Growth in the Electric segment is estimated at 3.2% CAGR for the next 8-year period.

The U.S. Market is Estimated at $928.6 Million, While China is Forecast to Grow at 3.6% CAGR

The Industrial Furnaces and Ovens market in the U.S. is estimated at US$928.6 Million in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$1.9 Billion by the year 2030 trailing a CAGR of 3.6% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.9% and 2.2% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 2.4% CAGR.

Select Competitors (Total 264 Featured)

  • Andritz AG
  • Applied Test Systems
  • Abbott Furnace Company
  • AET Technologies
  • AFC-Holcroft
  • Airflow World Group Ltd.
  • Airtec Thermoprocess GmbH
  • Ajax Tocco Magnethermic Corporation
  • ALMOR Group
  • Amarc Srl
  • AMG Advanced Metallurgical Group N.V.
  • Anand Impex
  • Armil C.F.S., Inc.
  • Aichelin Ges.m.b.H.
  • ALD Vacuum Technologies GmbH

Economic Outlook

The global economic outlook is improving, and growth recovery, albeit on the lower side, is expected for this year and the next. The United States although witnessing slowing GDP growth in response to tight monetary and financial conditions, has nevertheless overcome the recession threat. Easing of headline inflation in Euro area is helping boost real incomes and is contributing to pick-up in economic activity. China is expected to see strong increases in GDP in the coming year as the pandemic threat recedes and the government sheds its zero-COVID policy. With optimistic GDP projections, India remains on-course to emerge into a US trillion economy by 2030, surpassing Japan and Germany.

The upturn, however, remains fragile and a number of interlocking challenges continue to run in parallel, such as continued uncertainty around the war in Ukraine; slower than expected decline in global headline inflation; continuation of food and fuel inflation as a persistent economic problem for most developing countries; and still high retail inflation and its impact on consumer confidence and spending. Countries and their governments are showing signs of weathering these challenges, which helps lift market sentiments. As governments continue to combat inflation to get it down to more economically conformable levels by raising interest rates, new job creation will slowdown and impact economic activity. Stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.

Although corporate investments can likely be held back by inflation worries and weaker demand, rise of new technologies will reverse partially this prevailing investment sentiment. Rise of generative AI; applied AI; industrializing machine learning; next-generation software development; Web3; cloud and edge computing; quantum technologies; electrification and renewables and climate technologies beyond electrification and renewables, will open up the global investment landscape. The technologies hold the potential to drive sizeable incremental growth and value to global GDP in the coming years. The short-term is expected to be a mixed bag of challenges and opportunities for both consumers and investors alike. There is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.

What`s New?

  • Special discussions on the global economic climate and market sentiment
  • Coverage on global competitiveness and key competitor percentage market shares
  • Market presence analysis across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to digital archives and trademarked research platform
  • Complimentary updates for one year
  • Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes
Frequently Asked Questions about the Industrial Furnaces and Ovens Market

What is the estimated value of the Industrial Furnaces and Ovens Market?

The Industrial Furnaces and Ovens Market was estimated to be valued at $8.3 Billion in 2022.

What is the growth rate of the Industrial Furnaces and Ovens Market?

The growth rate of the Industrial Furnaces and Ovens Market is 2.7%, with an estimated value of $10.3 Billion by 2030.

What is the forecasted size of the Industrial Furnaces and Ovens Market?

The Industrial Furnaces and Ovens Market is estimated to be worth $10.3 Billion by 2030.

Who are the key companies in the Industrial Furnaces and Ovens Market?

Key companies in the Industrial Furnaces and Ovens Market include Andritz AG, Applied Test Systems, Abbott Furnace Company, AET Technologies, AFC, Holcroft, Airflow World Group Ltd., Airtec Thermoprocess GmbH, Ajax Tocco Magnethermic Corporation and ALMOR Group.

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Impact of COVID-19 Pandemic and Looming Global Recession
  • 2020 Marked as a Year of Disruption & Transformation
  • As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • Industrial Manufacturing Activity to Influence Growth Trends
  • Global PMI Index Points for the Years 2018, 2019 & 2020
  • An Introduction to Industrial Furnaces and Ovens
  • Types of Industrial Furnaces
  • Types of Industrial Ovens
  • Global Market Prospects & Outlook
  • End-Use Dynamics Influence Trends in the Industrial Furnaces and Ovens Market
  • Metallurgical Applications Poised for High Growth
  • Developing Countries to Spearhead Long-term Growth
  • Competition
  • World Brands
  • Recent Market Activity
  • Industrial Furnaces and Ovens - Global Key Competitors Percentage Market Share in 2023 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
  • Dynamics of Iron and Steel Industry Set Demand Trends for the Industrial Furnaces and Ovens Market
  • Hit by COVID-19 Crisis, Steel Industry & Demand on the Road to Normalcy
  • Steel Industry Recovery in Major Regions: An Outline
  • Steel Production & Demand Statistics
  • Global Crude Steel Monthly Production (in Million Tonnes) for the Period Jul-2019 to Jul-2020
  • Global Crude Steel Production Breakdown by Country (in %): 2020
  • COVID-19 Pandemic Impact on Steel Demand: YoY Change (in %) for Global Finished Steel Demand by Region in 2020
  • Global Steel Consumption Breakdown by Geographic Region (in %) for 2020
  • Global Steel Demand by End-Use Sector (in %) for 2020
  • Widening Role of Electric Arc Furnace (EAF) in Steel Production Landscape
  • Global Production of Crude Steel: Percentage Breakdown by Production Method by Region
  • Steel Production by Manufacturing Process in Select Countries (2019)
  • Automobile Manufacturing: Industrial Furnaces Hold Significance in Reducing Production Costs and Pollution Levels
  • Automotive Production Trends Determine Growth Trends in the Industrial Furnaces and Ovens Market
  • Automobile Production % YoY Change Across Select Countries: 2020 Vs 2019
  • World Automobile Production in Million Units: 2008-2022
  • Recovery in Oil & Gas Sector to Benefit Market for Industrial Furnaces
  • Global Oil & Gas E&P Industry Spending (in US$ Billion) for 2015-2020
  • Breakdown of Global E&P Spending (in %) by Supply Segment for the Year 2019 & 2020
  • With the Aviation Industry Hit Hard by the Pandemic, Impact Evident on the Industrial Furnaces and Ovens Market
  • Global Aerospace & Aviation Market Growth Outlook (In %) For Years 2019 Through 2025
  • Global Airlines Performance by Region: 2020 Vs 2019
  • Solar Energy Sector to Present Long-term Opportunities for the Market
  • Railroad Sector: Another Prominent Market for Industrial Furnaces and Ovens
  • COVID-19 Impact on Railways: YoY Change (%) for Rail Freight and Passenger Rail in Europe for 2020 and 2021
  • Global Rail Wheel and Axle Market (in US$ Million) by Region for 2020 & 2027
  • Mining, Melting, and Metal Alloy Machinery Demand Impacts Trends in Industrial Furnace and Ovens Market
  • Global Mining Equipment Market (in $ Billion) for the Years 2019, 2022 & 2025
  • Rising Demand from the Medical Sector Lends Traction to Market Growth
  • Increasing Healthcare Expenditure Creates Conducive Environment
  • World Healthcare Expenditure (In US$ Trillion) for the Years for 2017, 2019, 2021, 2023
  • Leveraging Industry 4.0 and IIoT for Development of Smart Industrial Furnaces and Ovens
  • Blast Furnaces Market to Witness Stable Long-Term Growth
  • Industrial Ovens Market: Industrialization to Drive Market Growth
  • Global Industrial Ovens Market Breakdown by Type (in %) for 2020
  • Industrial Drying Ovens: Benefiting from Rapid Pace of Technology Developments
  • Replacement of Older Furnaces and Ovens with Advanced Equipment: A Potential Market Opportunity
  • Increasing Need for Integrating Automated Systems Fuels Demand for Industrial Ovens
  • Customized Industrial Ovens Gain Rapid Market Acceptance
  • Technological Advancements to Boost Market Growth
  • Hybrid Furnaces Gains Traction
  • Advances in Metal Reheat Furnaces
  • Rising Prominence of Infrared Heating Ovens in Industrial Process Heating Applications
  • Furnace Thermal-Imaging Equipment
  • Researchers Develop Temperature Measurement Sensors for Industrial Furnaces
  • Industrial Furnaces Facilitate Efficient Electrical Component Manufacturing
  • Energy Efficient Industrial Furnaces & Ovens Enable Cost Optimization, Driving Adoption among Manufacturers
  • Oxygen Technologies Increase Furnace Efficiency
  • NFPA 86 Guidelines for Industrial Ovens and Furnaces
4. GLOBAL MARKET PERSPECTIVE
  • TABLE 1: World Recent Past, Current & Future Analysis for Combustion by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 2: World Historic Review for Combustion by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 3: World 16-Year Perspective for Combustion by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 4: World Recent Past, Current & Future Analysis for Electric by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 5: World Historic Review for Electric by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 6: World 16-Year Perspective for Electric by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 7: World Recent Past, Current & Future Analysis for Material Handling by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 8: World Historic Review for Material Handling by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 9: World 16-Year Perspective for Material Handling by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 10: World Recent Past, Current & Future Analysis for Metallurgy by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 11: World Historic Review for Metallurgy by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 12: World 16-Year Perspective for Metallurgy by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 13: World Recent Past, Current & Future Analysis for Petrochemical by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 14: World Historic Review for Petrochemical by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 15: World 16-Year Perspective for Petrochemical by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 16: World Recent Past, Current & Future Analysis for Other Applications by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 17: World Historic Review for Other Applications by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 18: World 16-Year Perspective for Other Applications by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2023 & 2030
  • TABLE 19: World Industrial Furnaces and Ovens Market Analysis of Annual Sales in US$ Thousand for Years 2014 through 2030
  • TABLE 20: World Recent Past, Current & Future Analysis for Industrial Furnaces and Ovens by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2022 through 2030 and % CAGR
  • TABLE 21: World Historic Review for Industrial Furnaces and Ovens by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Thousand for Years 2014 through 2021 and % CAGR
  • TABLE 22: World 16-Year Perspective for Industrial Furnaces and Ovens by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets for Years 2014, 2023 & 2030
III. MARKET ANALYSIS
  • UNITED STATES
  • Industrial Furnaces and Ovens Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2023 (E)
  • Amidst COVID-19 Crisis, Manufacturing Activities Come to a Halt
  • COVID-19 Impact: US Steel Industry to Remain Jittery over Near-Term
  • CANADA
  • JAPAN
  • Industrial Furnaces and Ovens Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2023 (E)
  • CHINA
  • Industrial Furnaces and Ovens Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2023 (E)
  • COVID-19 Pandemic Affects the China’s Manufacturing Activity, Affecting Growth Outlook
  • Surprising Recovery to Boost Steel Fortunes, Driving Market Growth
  • Steel Production in China (2011-2020) (in Million Tons)
  • Chinese Ovens Market: A Brief Overview
  • EUROPE
  • Industrial Furnaces and Ovens Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2023 (E)
  • Market Overview
  • COVID-19 Exacerbates Already Challenging European Steel Market Situation
  • FRANCE
  • Industrial Furnaces and Ovens Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2023 (E)
  • GERMANY
  • Industrial Furnaces and Ovens Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2023 (E)
  • ITALY
  • UNITED KINGDOM
  • Industrial Furnaces and Ovens Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2023 (E)
  • SPAIN
  • RUSSIA
  • REST OF EUROPE
  • ASIA-PACIFIC
  • Industrial Furnaces and Ovens Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2023 (E)
  • Market Overview
  • INDIA
  • Industrial Furnaces and Ovens Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2023 (E)
  • Steel Demand in India to Grow Marginally after Deep Cuts in Output during Lockdown, Affecting Market Growth
  • Crude Steel Production in India by Technology (%) for 2020
  • Industrial Ovens Market in India: An Overview
  • SOUTH KOREA
  • REST OF ASIA-PACIFIC
  • LATIN AMERICA
  • Industrial Furnaces and Ovens Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2023 (E)
  • BRAZIL
  • Brazilian Steelmakers Announce Shutting Down of Blast Furnaces Amid COVID-19 Crisis
  • MEXICO
  • REST OF LATIN AMERICA
  • MIDDLE EAST
  • Industrial Furnaces and Ovens Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2023 (E)
  • AFRICA
  • Industrial Furnaces and Ovens Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2023 (E)
IV. COMPETITION

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Andritz AG
  • Applied Test Systems
  • Abbott Furnace Company
  • AET Technologies
  • AFC-Holcroft
  • Airflow World Group Ltd.
  • Airtec Thermoprocess GmbH
  • Ajax Tocco Magnethermic Corporation
  • ALMOR Group
  • Amarc Srl
  • AMG Advanced Metallurgical Group N.V.
  • Anand Impex
  • Armil C.F.S., Inc.
  • Aichelin Ges.m.b.H.
  • ALD Vacuum Technologies GmbH