Rapid industrialization, especially in emerging economies of the world, is driving the growth of the global industrial oven market. In 2020, the sequential segment accounted for the major share according to the process. On the other hand, the Asia Pacific market will experience the fastest CAGR until 2031.
PORTLAND, Ore., May 30, 2022 (GLOBE NEWSWIRE) — According to a report published by Allied Market Research, global Industrial Oven Market Estimated at $9.42 billion in 2020, it is expected to reach $15.96 billion by 2031, growing at a CAGR of 4.5% from 2022 to 2031. The report provides an in-depth analysis of top investment pockets, top winning strategies, drivers and opportunities, market size and estimates, competitive scenarios, and different market trends.
Rapid industrialization, especially in emerging economies of the world, is driving the growth of the global industrial oven market. On the other hand, initial high costs and limited manufacturers’ awareness of the furnace requirements for industrial ovens have hampered growth to some extent. However, rapid construction activity, increased vehicle production, and increased use of drying and infrared ovens for the manufacture of high-efficiency solar cells are expected to pave the way for new opportunities in the industry.
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Covid-19 Scenario –
Supply chain disruptions, lack of raw materials, and restrictions on the movement of goods during the pandemic have had a huge negative impact on the global industrial ovens market.
However, the market soon began to recover as the global situation gradually returned to normal.
The global Industrial Oven market is analyzed across product, process, end-user industry, and region. From a product perspective, the curing oven segment accounted for nearly two-fifths of the total market share in 2020 and is expected to dominate the world by 2031. However, the oven segment will witness the fastest CAGR period of 6.3% throughout the forecast.
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From a process perspective, sequential segments contributed more than half of the total market revenue in 2020 and are expected to lead by 2030. On the other hand, the batch segment will witness the fastest CAGR during the forecast period with a period of 5.6%.
From a regional perspective, the European market will occupy a major share in 2020, accounting for nearly two-fifths of the global market. Meanwhile, Asia Pacific will witness the fastest CAGR of 6.5% throughout the forecast period.
Key market players analyzed in the global industrial oven market report include Harper International, Eastman Manufacturing ltd., Wisconsin Oven Corporation., JPW Ovens & Furnaces, Steelman Industries, Inc., ASC Process Systems, Davron Technologies, Grieve Corporation, Rowan Technologies, and JLS Ovens. These market players have insisted on multiple strategies including partnerships, expansions, collaborations, joint ventures, etc. to prove their caliber in the industry.
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