October 16, 2024 10:27 ET | Source: SNS Insider pvt ltd SNS Insider pvt ltd
Austin, Oct. 16, 2024 (GLOBE NEWSWIRE) -- The Induction Furnace Market Size was esteemed at USD 1.46 billion in 2023 and is supposed to arrive at USD 2.37 billion by 2032, with a growing CAGR of 5.58% over the forecast period 2024-2032. electric furnace
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The Rise of Induction Furnaces in Sustainable Metal Production
The induction furnace market's growth is primarily driven by a combination of factors, including the increasing focus on sustainability, the need for cost-effective melting solutions, and advancements in furnace technologies. As industries are under pressure to comply with environmental regulations, induction furnaces offer a path toward reducing energy consumption and emissions. Additionally, the demand for high-quality metal products has necessitated more precise and efficient melting processes, making induction furnaces a preferred choice across various sectors.
Induction furnaces have become a preferred choice for industries due to their superior energy efficiency and lower carbon emissions compared to traditional furnace technologies like electric arc furnaces (EAFs) and gas-fired furnaces. These furnaces use electromagnetic induction to heat metals, which significantly reduces energy waste and provides precise temperature control, resulting in faster melting times and minimized heat loss. This energy efficiency is especially crucial as global industries strive to reduce operational costs and carbon footprints in line with increasingly stringent environmental regulations. Governments and environmental bodies across the world are implementing stricter emission regulations to curb industrial pollution. The European Union’s Emissions Trading System (EU ETS) and China's carbon neutrality goal by 2060 are pushing industries to adopt cleaner technologies. Induction furnaces, which generate minimal emissions compared to other methods, are gaining favor as industries work to comply with such regulations. Additionally, their lower energy consumption contributes to reduced operational costs, making them an attractive long-term investment for manufacturers. According to a report from the International Energy Agency (IEA), the global industrial sector accounted for over 24% of CO₂ emissions in 2022, with the metal and steel production sectors being major contributors. Induction furnaces, which can reduce energy consumption by up to 30%, are viewed as a critical solution to decarbonize these sectors. As global pressures to achieve net-zero emissions intensify, industries are likely to continue shifting toward induction furnace technologies for both environmental and economic benefits.
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Key Players in Induction Furnace Market
Some of the major key players of Induction Furnace Market
Market Segmentation: Dominance of Coreless Induction Furnaces in 2023
By Type: The Coreless Induction Furnace category held the majority of the market at 62.05% in 2023, mainly because of its flexibility and effectiveness in processing different materials. Coreless induction furnaces are highly preferred in foundries for their capability to rapidly heat and melt both ferrous and non-ferrous metals. Their design enables quicker melting times and lower energy usage, making them both economical and eco-friendly. Due to technological advancements, coreless induction furnaces are becoming more efficient, which is reinforcing their market position.
By capacity: the 1-100 Ton category held the majority of the market at 42.05% in 2023. This specific capacity range is highly preferred in steel and metal foundries due to the consistent demand for medium-sized furnaces. These furnaces are favored by manufacturers for their ability to melt various metals like steel and aluminum efficiently and handle large batches while keeping temperatures consistent, showcasing their versatility.
In 2023, the market share in the Asia-Pacific region was over 38.02% dominated. China is responsible for more than half of global steel production, while India is the second largest steel producer and is becoming a prominent player in aluminum manufacturing. Australia makes a significant contribution to global metal exports as well. The region's growing infrastructure and automotive industries, along with its industrial strength, drive the need for induction furnaces.
The industrial sectors in North America are experiencing a notable increase in the use of induction furnaces. In 2022, the automotive sector in the United States manufactured almost 10 million cars, all of which needed large amounts of metal parts produced with induction technology. In the same way, the aerospace industry, which adds more than USD 150 billion each year to the U.S. economy, depends on accurate and energy-saving metal melting techniques.
In 2024: Siemens AG is set to launch its Digital Induction Heating System, which utilizes IoT technology for optimizing the heating process. This innovative system will offer real-time data analytics to enhance production efficiency and decrease energy consumption.
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