Induction Heating System Market Top Trends, Future Analysis & Forecast 2023-2032
Global Induction Heating System Market size is estimated to reach USD 2.8 billion by 2032, suggests the latest research report by Global Market Insights Inc. As per the report, the rapid industrial growth and infrastructure development across both developed and developing economies will positively influence the industry dynamics over 2023-2032.
Global industrial sector has grown multifold over recent decades, aided by increasing publicprivate investments and supportive government policies focused on boosting domestic manufacturing. According to the latest estimates by the Ministry of Finance, the Gross Value Added (GVA) of the industrial sector in India recorded a 3.7% growth in H1, 2023. In addition, the FDI inflow in the country stood at USD 21.3 billion in 2022, 76% up from 2021.
This has led to a commendable rise in industrial facilities, which, in consequence, has boosted the penetration of induction heating systems. In addition, an increased emphasis on adopting energy-efficient systems and the shifting inclination from fossil toward clean energy sources will create favorable growth prospects for the induction heating system industry.
Portable induction heating system demand to grow due to broad application spectrum
Regarding the product, the report cites that the overall market size from the portable segment garnered over USD 800 million in 2022. Portable induction heating systems find widespread usage in a variety of industrial applications for executing several operations. These systems offer a number of advantages over their traditional counterparts, including reduced operational & capital costs, low maintenance, and less power usage, which is likely to favor their adoption over the estimation period.
Remarkable product attributes to favor its adoption across the automotive space
In terms of end-use, the induction heating system market share from the automotive segment is poised to expand at over 5% CAGR from 2023 to 2032. Increasing infrastructural investments, in line with the rising product demand for varied applications ranging from curing, soldering, and material testing to forging, will drive segment growth. Besides, the key benefits, such as high durability, rated output, and more control with precise & fast heating, associated with induction heating systems will propel market revenue.
Increased adoption of sustainable technologies to drive industry growth across Asia Pacific
From a regional perspective, Asia Pacific induction heating system market is likely to surpass USD 800 million by 2032. Stringent government norms to deploy advanced heating systems and limit greenhouse gas emissions will favor regional market growth. In addition, extensive investments by the public and private players across the power generation and oil & gas sectors to increase industrial output will drive product demand across the Asia Pacific.
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Induction Heating System Market Players
Prominent companies operating in the induction heating system market include Fuji Electric Co., Heatrotherm, Interpower Induction, RADYNE, Thermo International, Ultraflex Power Technologies, Electrotherm, Microtech Inductions, Ambrell, C-Tech Innovation, EFD Induction, Lu-Chiuan Heating Elements Ind, TM Induction Heating, ACME (Advanced Corporation for Materials & Equipments), Chengdu Jinkezhi Electronic, KBG INDUCTION, Inductotherm (India), Abhay Induction Tech, Inductotherm Group Japan, Kitashiba Electric,
Induction Heating System Market News
In June 2021, Ambrell launched a new induction heating system, Compact EKOHEAT, a compact system that features compact work heads to meet the increasing customer demand. The smaller size work head initially includes 10 to 50 kW, which will be increased across the complete portfolio. Moreover, these reduced work heads vary from 50% to 80% compact in size & less than half of the weight of the older model, further strengthening the company’s product portfolio.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology. Aashit Tiwari
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