What Has Been Induction Furnace Market in Recent Years?
The induction furnace market has seen considerable growth due to a variety of factors.
• The market size of the induction furnace has witnessed robust growth in previous years. Its expansion is projected to continue, escalating from $1.21 billion in 2024 up to $1.29 billion in 2025, with a compound annual growth rate (CAGR) of 6.5%.
Factors for this growth during the historic period include a surge in urbanization, an upswing in construction activity, augmented development of the iron and steel sectors, and sturdy economic progression in emerging markets.
What Is The Projected Growth And Market Size For The Induction Furnace
The induction furnace market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of induction furnaces is projected to undergo significant expansion in the upcoming years, reaching $1.7 billion by 2029, with a CAGR of 7.1%.
Numerous factors driving this growth can be identified like, swift industrialization, an expanding automotive market, growth in the aerospace industry quite apart from the escalating global requirement for steel and copper. Forecasted trends during this period are inclusive of enhanced automation and IoT integration, development of more compact and portable furnaces, adoption of eco-friendly technologies, product novelties and an increased employment of induction stirring technology.
Which Key Drivers Are Propelling Th Induction Furnace Market's Growth?
The expansion of the aerospace industry is anticipated to drive the growth of the induction furnace market. Induction furnaces are frequently used by aerospace companies due to their predetermined specifications for manufacturing processes. They offer various applications in the production of aircraft, including heat treating, metal hardening, curing of epoxies and coatings, research and testing of special materials, heating and bonding of composite materials, and casting of diverse metals like titanium and super alloys. They also enable vacuum and levitation melting of special alloys. For instance, the Aerospace Industries Association, a US government agency, reported in September 2024 that the U.S. aerospace and defense industry surpassed sales of $955 billion in 2023, marking a 7.1 percent growth from the previous year. Consequently, the burgeoning growth of the aerospace sector will fuel the future of the induction furnace market.
What Are The Main Segments Of The Global Induction Furnace Market?
The induction furnace market covered in this report is segmented –
1) By Type: Coreless Induction Furnace, Channel Induction Furnace
2) By Furnace Capacity: Up To 1 Ton, 1-100 Ton, More Than 100 Ton
3) By End-Use Industries: Steel, Copper, Aluminium, Zinc, Other End-Use Industries
Subsegments:
1) By Coreless Induction Furnace: Medium Frequency Coreless Induction Furnace, High Frequency Coreless Induction Furnace
2) By Channel Induction Furnace: Horizontal Channel Induction Furnace, Vertical Channel Induction Furnace
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What Emerging Trends Are Influencing The Growth Of The Induction Furnace Market?
Leading players in the induction furnace market are progressively embracing induction stirring technology to heighten the homogeneity of liquefied metal. This technique uses magnetic fields to generate swirling motions that enhance mixing and alloying, proving highly advantageous in the manufacturing of specialty alloys and high-grade castings. For instance, in October 2023, cooperation took place between Tenova, an Italian company providing ecologically responsible solutions for mining and metals industries, and ABB, a Swiss company specializing in electrification and automation technologies. The partnership aimed to boost electric arc furnace performance by incorporating advanced stirring technologies and automation systems to enhance efficiency, productivity and provide environmentally friendly solutions in steel production processes.
Who Are the Key Players in the Induction Furnace Market?
Major companies operating in the induction furnace market include:
• Danieli Group
• SMS Group
• Tenova S.p.A
• Electrotherm Limited
• IHI Group
• Meltech Ltd.
• ABP Induction Systems
• Inductotherm Group
• JP Steel Plantech Co.
• ECM Technologies
• Indotherm Equipment Corporation
• Dongguan Jinlai Electromechanical Device Co. Ltd.
• Guangzhou Durowelder Limited
• Shandong Huaxin Electric Furnace Co. Ltd.
• Xi'an Abundance Electric Technology Co. Ltd.
• EFD Induction Ltd
• Consarc Engineering Ltd
• Wallwork Group
• eldec Induction GmbH
• Inductoheat Europe GmbH
• PIOMA-ODLEWNIA S.A
• Electrometalurgica S.A.
• Pillar Induction
• ESC Induction
• AMLET
• EMSCO Inc.
• Ajax Tocco Magnethermic
• Amir Industrial Equipments
• Iran Industrial Furnaces
• Cerefco
• MUR Industries CC
• Induction Technology Corporation
• GH Induction group
• TermiSoluciones SAS
• Thermochem Furnaces Pvt. Ltd
• ELTERMA S.A
What Is The Most Dominant Region In The Induction Furnace Market?
Asia-Pacific was the largest region in the induction furnace market in 2024. The regions covered in the induction furnace market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
