How big is the Industrial Furnace Market?

The Industrial Furnace Market size is expected to reach USD 12.26 billion in 2024 and grow at a CAGR of 4.80% to reach USD 15.5 billion by 2029. Read More

What is the current Industrial Furnace Market size?

In 2024, the Industrial Furnace Market size is expected to reach USD 12.26 billion. Read More

Which is the fastest growing region in Industrial Furnace Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Industrial Furnace Market?

In 2024, the North America accounts for the largest market share in Industrial Furnace Market. Read More

What years does this Industrial Furnace Market cover, and what was the market size in 2023?

In 2023, the Industrial Furnace Market size was estimated at USD 11.67 billion. The report covers the Industrial Furnace Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Industrial Furnace Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Industrial Furnace Market Share

Statistics for the 2023 & 2024 Industrial Furnace market share, created by Mordor Intelligence™ Industry Reports. Industrial Furnace share report includes a market forecast to 2029 and historical overview. Get a sample of this industry share analysis as a free report PDF download.

Market Share of Industrial Furnace Industry

The Industrial Furnace Market is fragemented, with significant players like Andritz AG, Carbolite Gero Limited, Epcon Industrial Systems LP, Gasbarre Products Inc., and International Thermal Systems LLC. Players in the market are adopting various strategies such as partnerships, mergers, collaborations, innovations, and acquisitions to enhance their product offerings and gain a sustainable competitive advantage in the market.

In February 2023, Posco, a South Korean steelmaker, announced its plans to build an electric furnace at the company's manufacturing facility in Gwangyang, South Jeolla Province, to support its low-carbon production transition. As a part of the plan, the company would invest approximately SEK 600 billion (USD 463.3 million) to build the electric furnace with an annual production capacity of 2.5 million metric tons.

In December 2022, Swiss microtechnology company Panatere, a watch component manufacturer and steel recycling business based in Saignelegier, launched its concentrating world's first industrial solar furnace. The company's new pilot model would allow it to melt green steel, aiming to produce components for the medical, watchmaking, and aeronautical sectors.