Global Industrial Ovens Market Expected to Reach $12,897 Million by 2023 - Allied Market Research
PORTLAND, Oregon and PUNE, India, March 8, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, Industrial Ovens Market by Product, Process, Heating Medium, and End-user Industry: Global Opportunity Analysis and Industry Forecast, 2017 - 2023", the global Industrial Ovens Market was valued at $8,469 million in 2016, and is projected to reach $12,897 million in 2023, registering a CAGR of 6.2% from 2017 to 2023. There is a rapid shift among end-users on use of continuous industrial ovens over the batch industrial ovens, as continuous ovens do not require repeated loading and unloading, or heating up and cooling down between each batch, and labor and energy demands often are much lower than batch ovens.
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An industrial oven is a heated chamber used to perform a wide range of applications among varied industry verticals. Generally, these ovens process a raw material at extremely high temperatures to perform a heat treatment process. Typical applications for industrial ovens include food production, chemical processing, as well as deployment in the electronics industry.
Rapid adoption of continuous line industrial ovens where multiple operations can take place continuously during the processing stage and reduced dependence on workforce skills are major developments witnessed in the global industrial ovens market. However, high initial cost and low awareness among the end users regarding the difference between industrial oven and industrial furnace are expected to hamper market growth in the near future.
In 2016, the food production & processing segment was the leading revenue contributor to the global market. However, the automotive & aerospace segment is expected to witness the fastest growth rate during the forecast period.
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Key Findings of the Industrial Ovens Market:
- In 2016, Europe dominated the global market with around one-third share, in terms of value.
- Asia-Pacific is estimated to witness the highest growth rate from 2017 to 2023.
- Based on product, curing ovens segment generated the highest revenue in 2016, and is expected to grow at a CAGR of 6.1%.
- On basis of process, the continuous segment held the dominant share in 2016, and is also expected to register the highest CAGR.
- The infrared heaters segment is estimated to register the highest CAGR of 6.5%, in terms of revenue.
In 2016, U.S. dominated the global market, owing to increasing demand for premium range and in-built industrial ovens, driven by the rising purchasing power of the end users.
Major companies profiled in the report include ASC Process Systems, Harper International, Eastman Manufacturing Ltd., Rowan Technologies, Wisconsin Oven Corporation., JPW Ovens & Furnaces, Davron Technologies, Grieve Corporation, JLS Ovens, and Steelman Industries, Inc.
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