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The induction furnace market has shown substantial growth, with its size increasing from $1.14 billion in 2023 to $1.22 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.8%. This historic growth is attributed to increased urbanization, expansion in construction activities, the growth of the iron and steel industries, and robust economic development in emerging markets. Looking ahead, the induction furnace market is anticipated to experience continued strong growth, reaching $1.59 billion by 2028 at a CAGR of 6.8%. This projected growth is driven by factors such as rapid industrialization, the expanding automotive market, growth in the aerospace sector, and rising global demand for steel and copper. Major trends expected in the forecast period include increased integration of automation and IoT, development of compact and portable furnaces, adoption of green technologies, product innovations, and the use of induction stirring technology.

The induction furnace market is set for growth propelled by the expanding aerospace industry. Induction furnaces, used extensively by aerospace firms, are critical for manufacturing processes such as heat treating, hardening of metals, curing of epoxies and coatings, materials research, testing, and the production of aircraft components. British aerospace exports are projected to reach $40.3 billion by 2026, with the UK positioned as the fourth largest global player. This upward trend in the aerospace sector is anticipated to significantly drive the induction furnace market. Therefore, market sizes in 2023, 2024, and 2028 will be instrumental in evaluating the market’s growth in alignment with the aerospace industry.

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What Are The Key Trends That Influence Induction Furnace Market Share Analysis?

The growing adoption of induction stirring technology is a key trend in the induction furnace market. Induction furnaces are now being equipped with this technology to enhance the homogeneity of molten metal. For instance, in December 2021, ABB, a US-based industrial furnace manufacturer, introduced its Tundish EMS solution. This system uses non-contact electromagnetic stirring technology to improve the flow of molten metal, enhance temperature homogeneity, and expand the mixing zone in tundishes, which is crucial for producing cleaner steel and reducing nozzle clogging.

Which Market Players Are Driving Growth In The Induction Furnace Market?

Major companies operating in the market are Corning Incorporated, Cubert GmbH, Norsk Elektro Optikk AS, Telops Inc, Thorlabs Inc., Surface Optics Corporation, Applied Spectral Imaging Inc, Headwall Photonics, XIMEA GmbH, Bayspec Inc, DAEIL SYSTEMS Co Ltd, LightPath Technologies Inc, Zolix Instruments Co Ltd, Beijing Huaqiang Zongheng Technology Co Ltd, Shenzhen Wayho Technology Co Ltd, Specim, Pixxel, Imec, Photonis, Resonon partners, NTechLab, Russian Space Systems (RKS), Geoscan Group, Space Research Institute of the Russian Academy of Sciences, ScanEx Research and Development Center Terrasigna, TRL Space, Romanian Space Agency, MDA Corporation, ITRES Research Limited, Optech (Teledyne Optech), APEX Spectral Technol, ImpactVision, Vitta, Hi Technologies, Brain4care, TissueLabs, Ninsaúde, Zane Wave, Mvp Tech, N Tech Security Systems, Ansari Security Systems, V-ITS, Rezatec, HyVista Corporation, Specto Natura, Sokotra Capital Ltd

How Is The Global Induction Furnace Market Segmented?

The induction furnace market covered in this report is segmented –

1) By Type: Coreless Induction Furnace, Channel Induction Furnace
2) By Furnace Capacity: Up To 1 Ton, 1-100 Ton, More Than 100 Ton
3) By End-Use Industries: Steel, Copper, Aluminium, Zinc, Other End-Use Industries

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The Induction Furnace Global Market Report 2024 provides an overview of the induction furnacemarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The induction furnace market forecast analyzes induction furnace market size, induction furnace market share, leading competitor and their market positions.

The Table Of Content For The Induction Furnace Market Include

1. Induction Furnace Market Executive Summary
2. Induction Furnace Market Segments
3. Induction Furnace Market Size And Template Market Growth Rate
4.  Key Induction Furnace Market Trends
5. Major Induction Furnace Market Drivers
……
25. Key Mergers And Acquisitions In The Induction Furnace Market
26. Top Induction Furnace Companies
27. Induction Furnace Market Opportunities And Strategies
28. Induction Furnace Market, Conclusions And Recommendations
29. Appendix

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