Increase in demand for fabricated and processed metals in varied end-user industries and surge in investments and development of the industrial sector drive the growth of the global industrial furnaces market
PORTLAND, Oregon, March 23, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Industrial Furnaces Market by Furnace Type (Gas/Fuel Operated Industrial Furnace and Electrically Operated Industrial Furnace), Arrangement (Tube or Clamshell Type, Box Type, Bottom Loading & Car Bottom Furnace, Top Loading Furnace, and Others), and End User (Metals & Mining, Transportation, Oil & Gas, Chemical, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global industrial furnaces industry was estimated at $10.95 billion in 2018, and is expected to hit $16.99 billion by 2026, registering a CAGR of 5.4% from 2019 to 2026.
Drivers, restraints, and opportunities
Rise in demand for fabricated and processed metals in varied end-user industries and increase in investments and development of the industrial sector drive the growth of the global industrial furnaces market. On the other hand, high initial cost, high energy consumption, and strict government regulations related to gas emissions from gas/fuel operated industrial furnaces impede the growth to certain extent. However, high-end technological advancements are expected to create multiple opportunities in the near future.
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The metals and mining segment to lead the trail by 2026-
Based on end user, the metals and mining segment accounted for nearly one-third of the global industrial furnaces market share in 2018, and is expected to retain its dominance by the end of 2026. Rise in number of metal processing factories globally and development of the metals & mining industry have driven the segment growth. The chemicals segment, on the other hand, would manifest the fastest CAGR of 7.1% during 2019–2026. This is attributed to increase in applications of industrial furnaces in the chemical industry.
The box type segment to dominate during the estimated period-
Based on arrangement, the box type segment contributed to more than two-fifths of the global industrial furnaces market revenue in 2018, and is projected to maintain the lion's share throughout the forecast period. Factors such as simple design, rapid heat generation, and uniform temperature distribution make them a prevalent choice for large number of processes such as baking, pre-heating, and annealing which, in turn, boosts the growth of the segment. At the same time, the bottom loading and car bottom furnace segment would project the fastest CAGR of 6.4% till 2026, owing to shift of customers toward bringing their heat-treating equipment in-house.
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Europe, followed by Asia-Pacific and North America, to rule the roost-
Based on geography, Europe, followed by Asia-Pacific and North America, garnered the largest market share in 2018, holding more than one-third of the global industrial furnaces market, owing to huge demand for industrial furnaces in the food & beverage, laboratories, and aviation industries. Simultaneously, the Asia-Pacific region would showcase the fastest CAGR of 6.6% during the study period. The growth in electronics, aviation, and oil & gas industries is expected to lead toward the development of the market.
Frontrunners in the industry-
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