Expansion in the steel sector and rise in investment in infrastructure development are expected to propel the industrial furnace market size in the near future. Rise in adoption of various strategies to reduce pollutant emissions and boost productivity and furnace energy conservation is also boosting market expansion.
NEWARK, Del, Dec. 06, 2023 (GLOBE NEWSWIRE) — The demand for industrial furnace in Europe size is expected to register US$ 2,789.7 million by 2023. It is anticipated to showcase a steady CAGR of 4.9% between 2023 and 2033. Sales of industrial furnace in Europe will likely register US$ 4,514.5 million by 2033. Revenue stood at US$ 2,674.2 million in 2022.
Digitalization facilitates remote monitoring, and predictive maintenance will likely drive demand for industrial furnaces in Europe. This reduces downtime and maintenance costs, making industrial furnaces more attractive to businesses seeking to maximize uptime.
Digital controls enable easy adjustment of furnace settings, making it possible to accommodate a wide range of materials and processes. This flexibility is valuable to industries with diverse production needs. Efficiency is the key concern since, with digitalization, industrial furnaces can collect and analyze data in real-time. This data can be used for process optimization, quality control, and compliance with regulatory standards.
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As Europe advances in Industry 4.0 adoption, industrial furnaces that can seamlessly integrate with other smart manufacturing components are anticipated to be in high demand. It will likely aid in contributing to production efficiency of industrial furnaces in Europe. Industries seek customized furnace solutions to meet specific heat treatment requirements. Customization allows for more precise control of temperature profiles and processing times, helping tailor solutions according to the needs of several industries.
Advances in materials science also impact the demand for industrial furnaces. Manufacturers seek furnaces capable of working with new materials and alloys, including those used in additive manufacturing (3D printing). The automotive, aerospace, and manufacturing industries have continued to demand advanced heat treatment processes to improve the mechanical properties of materials. This has driven the need for precise and reliable industrial furnaces.
Solar furnaces harness solar energy through mirrors or lenses to concentrate sunlight onto a target material, heating it to high temperatures. This is a highly effective method of energy conversion. Solar heating is used in research, materials testing, and industrial processes. While it relies on renewable energy, its applicability is limited to specific geographic regions and clear-sky conditions. Instead of introducing entirely new heating sources, some industries focus on capturing and utilizing waste heat generated during their processes.
Key Takeaways from Europe Industrial Furnace Study
- The demand for industrial furnace in Europe is projected to witness a 4.9% CAGR between 2023 and 2033.
- Revenue generated from the sales of industrial furnace in Europe will likely to reach US$ 4,514.5 million by 2033.
- Germany is expected to spearhead with a CAGR of 5.0% from 2023 to 2033.
- By material type, brick lined segment is expected to hold about 44.5% shares by 2033.
- By application type, the automotive manufacturing segment is projected to account for a prominent share of 22.0% by 2033.
“Growing demand for customized industrial furnace will aid in increasing sales during the forecast period. Key companies are investing in research and development to develop advanced furnace technologies that are energy-efficient, environmentally friendly” –Says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Competitive Landscape:
Key manufacturers are emphasizing energy-efficient designs and processes to reduce operational costs and meet sustainability goals. They are aligning with European Union directives on energy efficiency. They are also offering customizable furnace solutions to meet specific customer requirements, ensuring flexibility in product offerings.
Key companies are expanding their presence beyond Europe to tap into emerging markets and establish a global footprint, potentially through mergers and acquisitions.
Few Leading Companies in the Europe Industrial Furnace Market:
- Based in Germany, Nabertherm is one of the top producers of laboratory furnaces worldwide. High-temperature or tube furnaces, drying ovens, and muffle furnaces are all available from Nabertherm in a variety of models.
- Despatch Industries, Inc. provides thermal processing equipment. For the materials, electronics, and carbon fiber industries, the company provides industrial ovens, carbon fiber, and solar items.
Scope of Report:
| Attribute | Details | |
| Estimated Size (2023) | US$ 2,789.7 million | |
| Projected Valuation (2033) | US$ 4,514.5 million | |
| Value-based CAGR (2023 to 2033) | 4.9 | % |
| Forecast Period | 2023 to 2033 | |
| Historical Data Available for | 2018 to 2022 | |
| Sales Analysis | US$ Million for Value and Units for Volume | |
| Key Regions Covered | Germany, Italy, France, United Kingdom, Spain, Belgium, Netherland, Luxembourg, Russia, Rest of Europe | |
| Key Segments Covered |
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| Key Companies Profiled |
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The research report analyzes the demand for the Europe industrial furnace market. The demand for industrial furnace in Europe has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends, and market background.
As per Future Market Insights (FMI), the market has been analyzed based on maximum temperature (800 to 999 and 1000 to 1200), material type (brick lined, ceramic lined, and metal lined), process type (batch furnace and continuous furnace), operation type (gas burner and electrical operated), application (automotive manufacturing, aerospace, metalworking, steel and iron production, glass manufacturing, chemicals, electronics, and others) across various countries. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply-side and demand factors.
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Segmentation by Category
By Material Type:
- Brick Lined
- Metal Lined
- Ceramic Lined
By Maximum Temperature:
By Operation Type:
- Gas Burner Operated
- Electrically Operated
By Process Type:
- Batch Furnaces
- Continuous Furnaces
By End-use:
- Automotive Manufacturing
- Heat Treatment
- Brazing
- Glass Bending
- Aerospace
- Heat Treatment
- Brazing
- Sintering
- Metalworking
- Heat Treatment
- Brazing
- Sintering
- Steel and Iron Production
- Tempering
- Annealing
- Acid regeneration
- Others
- Glass Manufacturing
- Heat Treatment
- Glass Bending
- Chemicals
- Heat Treatment
- Sintering
- Specialized process
- Electronics
- Heat Treatment
- Brazing
- Sintering
- Others
By Control System:
By Countries:
- Germany
- Italy
- France
- United Kingdom
- Spain
- Belgium
- Netherland
- Luxembourg
- Russia
- Rest of Europe
Author By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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Originally published at https://www.einpresswire.com/article/673236536/europe-industrial-furnace-market-sales-to-register-4514-5-million-by-2033-amid-rising-demand-from-automotive-and-aerospace-sectors-future-market
