The Global Industrial Furnaces Market is estimated to grow at a CAGR of 5.4% during the forecast period 2019-2026. As per the detailed market study, the global market was valued $10.95 billion in the year 2018, and is estimated to reach $16.99 billion by the end of the year 2026.
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The Global Industrial Furnaces Market is driven by various growth factors such as increase in demand for processed and fabricated metals in numerous end-user industries are growth in development and investments of the industrial sector. Whereas, strict government regulations considering gas emissions from gas, high energy consumption and high initial cost are some major factors hindering the market growth over the forecast period. However, high-end technological advancements offer various lucrative market opportunities for the market growth over the forecast period.
Segmentation Overview of the Global Industrial Furnaces Market
The global industrial furnaces market is segmented into furnace type, arrangement and end user. These major market segments are further categorized into various sub-segments to study the market in detail.
The End User Segment of the Global Industrial Furnaces Market is Sub-Segmented into:
The Arrangement Segment of the Global Industrial Furnaces Market is Sub-Segmented into:
The Furnace Type Segment of the Global Industrial Furnaces Market is Sub-Segmented into:
Geographical Overview of the Global Industrial Furnace Market
On the basis of geographical segmentation, the global industrial furnaces market was studied across North America (U.S., Canada and Mexico); Europe (Germany, UK, Russia, France and Rest of Europe); Asia Pacific (China, India, Japan, Korea and Rest of Asia Pacific); LAMEA (Brazil, Saudi Arabia and Rest of LAMEA). As per the analysis, the Asia-Pacific region accounted to show the fastest growth rate at highest CAGR of 6.6% during the forecast period 2019-2026. Furthermore, the Europe dominated the global marketplace in the year 2018 with more than 1/3rd of the market share in the global industrial furnaces market.
Key Players Insights
Thermal Product Solutions, Thermcraft Incorporated, SECO/WARWICK S.A., NUTEC Group, Ipsen International GmbH, International Thermal Systems LLC, Gasbarre Products, Inc., Epcon Industrial Systems, LP, Carbolite Gero Limited and ANDRITZ AG are some major players included in the research study of the global industrial furnaces market.
Impact of COVID-19 on the Global Industrial Furnaces Market
The research report compiled by Report Ocean offers the study of market opportunities and market impact that are created due to the COVID-19 pandemic. The overall market impact of COVID-19 can be witnessed in the Q1 2020 but is anticipated to be highly impacted in subsequent quarters in the whole year.
The Global Industrial Furnaces Market is analysed to have a negative impact owing to the spread of COVID-19 worldwide. The industrial furnaces market is analysed to show negative impact specially in the small-sized services companies. As per the market analysis, the Asia-Pacific market is worst hit if compared to other markets and is estimated to show flat curve during this year even in pre-coronavirus scenario and considering current situation, the market is expected to follow the same trend or can shift downwards, owing to temporary shutdown of factories amid the lockdown period and impact of trade U.S.-China trade on Chinese industries.
The detailed research report on the global industrial furnaces market is focused upon all direct and indirect impact of COVID-19 with new product launches, pipeline analysis, supply chain overview, government regulations, strategies adopted by related market players and upcoming vaccines and drug status.
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