About Industrial Electric Furnace
To generate high temperatures, an electric furnace uses electrical resistance as a heat source. In their construction, various types of heat-resistant materials are used. An enclosed space holds the materials, gas, or air that is being heated until the desired temperature is reached, which an external sensor measures. Electric furnaces can have multiple temperatures or just one. Coal and oxygen can be added to increase heating. They typically have air or oxidizing, inert, reducing, salt bath, or vacuum atmospheres and are available in three or multi-zone configurations. Optional features include over-temperature protection, service or entry holes, viewports, computer interfaces, and application software. The electric arc furnace is a common type of electric furnace that is used to make steel from scrap materials. The ability to precisely control the temperature and internal atmosphere of electric furnaces are one of their advantages. When choosing an electric furnace, consider the pressure range, process temperature, chamber length, and the furnace's height, width, or tube outer diameter. The pressure range represents the furnace's operating pressure, and the temperature range represents the furnace's operating temperatures.
|Unit||Value (USD Million)|
To entice more end users, market players are focusing on providing Industrial electric furnaces with higher coverage while adhering to all regulatory standards. In the global Industrial electric furnace market, there are numerous large-scale service providers. They are also concentrating on the implementation of numerous advanced technologies. Furthermore, the numerous industry profits have led to the entry of new players, raising the level of rivalry in an already competitive market. The Industrial electric furnace market is currently expanding due to the rapid advancement of technology and increased international travel. Some of the key players in this market follow strategies, which include new product offerings, product approvals, partnerships and alliances, mergers and acquisitions, and business expansions. Analyst at AMA Research estimates that Fragmented Manufacturers will contribute the maximum growth to Global Industrial Electric Furnace market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Andritz (Austria), Tenova (Italy), Despatch (Pakistan), Primetals Technologies (United Kingdom), Aichelin Group (Austria), ALD (India), Inductotherm Corporation (USA), SECO/WARWICK (Poland), Ipsen (France) and Nachi-Fujikoshi (India) are some of the key players that are part of study coverage.
AMA Research has segmented the market of Global Industrial Electric Furnace market by Type (Induction Heating Furnace, Resistance Heating Furnace and Arc furnace), Application (Glass, Automotive, Electric components, Curing, Drying, Heat treatment, Stress relieving and Preheating of molds) and Region.
On the basis of geography, the market of Industrial Electric Furnace has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Temperature, the sub-segment i.e. 0-1000 Degree Celsius will boost the Industrial Electric Furnace market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channel, the sub-segment i.e. Direct will boost the Industrial Electric Furnace market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Industrial Electric Furnace Market Dynamics:
- The Constant Demand for Iron and Steel Has Been Driving the Market Growth.
- Technological Advancement has Made Demand for Lightweight Vehicles Rise Contributing to Increasing Demand for Electric Furnace.
- Having More Than 10 Years of Lifespan May Hinder the Market Growth.
|Road Blocks / Challenges|
|Gaps & Opportunities|
- As Electric Furnace Does Not Emit Greenhouse Gases, They Have Better Opportunities Ahead.
Market Leaders and their expansionary development strategies
International technology Group ANDRITZ has signed an agreement to acquire the Bonetti Group, headquartered in Milan, Italy. The closing of the transaction took place in June 2022.
In January 2021, International technology Group ANDRITZ has received an order from ThyssenKrupp rothe erde (Xuzhou) Ring Mill Co., Ltd., to supply eight chamber-forging furnaces for their plant in Xuzhou, China. Start-up is scheduled for the first quarter of 2022. The scope of supply includes engineering, manufacturing, electrical equipment, and automation software, as well as erection work and start-up. The equipment supplied by ANDRITZ features advanced technology, including low NOx burners that will minimize emissions and fuel consumption.
The National Fire Protection Association (NFPA) is an organization that promotes fire, electrical and other hazard safety. One of the ways in which they promote safety is by setting guidelines for manufacturers to follow. The NFPA 86 guidelines are a set of standards for industrial ovens and furnaces. All L&L furnaces comply with the latest edition of the NFPA 86 guidelines.
Key Target Audience
Furnace manufacturers, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.