The global induction furnace market is estimated to exceed US$ 1,500 Mn by the end of 2032. The sales of induction furnaces are expected to total US$ 900 Mn by 2022, accelerating at a CAGR of 5% to 6% during the forecast period 2022-2032. Rising shift from conventional combustion furnaces, owing to the rising electrification trend and growing environmental concerns regarding carbon emission is propelling the demand for induction furnaces in the market.
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Induction furnaces are electrical equipments that work on the principle of electromagnetic induction for processing and melting raw materials, particularly metals, at high temperatures. The capacities of these furnaces range from less than one kilogram to one hundred tons and above and are widely used to melt ferrous and non-ferrous metals such as steel, iron, copper, aluminum, zinc, precious metals, and others.
These electrical industrial equipments are gaining huge traction across diverse metal manufacturing and metallurgy sectors, owing to their favorable attributes such as oxidation-free product, clean, and well-controlled melting process in comparison to other means of metal melting. As, they operate on smoke-free and energy-efficient systems including an induction coil, tilting equipments for pouring molten metal, and a cooling system.
Attributed to this, induction furnaces are increasingly being adopted across iron & steel making, metal component manufacturing, non-ferrous metal production, aluminum manufacturing, others. This is projected to augment the demand for induction furnaces in the global market.
Market Competition
Some of the leading players in the induction furnace market are Epcon Industrial Systems, Electrotherm, ANDRITZ AG, International Thermal Systems LLC, Danieli, DongXong, SMS, Meltech, Doshi, Carbolite Gero Limited, LP, Gasbarre Products, Inc., Ipsen International GmbH, NUTEC Group, Thermcraft Incorporated, and Nupro Corporation.
The market for induction furnace is highly competitive, due to large number of participants and increasing investment in development and introduction of induction furnace by leading players.
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Key Segments Profiled in the Induction Furnace Market Survey
By Type:
- Coreless Induction Furnace
- Channel Induction Furnace
- Rollover Induction Furnace
By Furnace Capacity:
- Below 1 Ton
- Between 1 to 100 Tons
- Above 100 Tons
By End Use:
- Steel Industry
- Copper Industry
- Aluminum Industry
- Zinc Industry
- Other Metal Manufacturing Industry
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa
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