Furnaces Market Poised for Robust Growth, Expected to Reach USD 69 Billion by 2030

Furnaces Market Poised for Robust Growth, Expected to Reach USD 69 Billion by 2030

 

According to industry analysts at Next Move Strategy Consulting, the global Furnaces Market is forecasted to reach USD 69 billion growing at a CAGR of 4% by 2030. This significant expansion is attributed to the rising urban population, advancements in energy-efficient heating systems, and the integration of renewable energy technologies into heating solutions.

Download FREE Sample: https://www.nextmsc.com/furnaces-market/request-sample

Furnaces are crucial components across a variety of industries, providing efficient heating, melting, and heat treatment services. They are integral to both residential and industrial applications, ensuring thermal comfort, meeting heating demands, and contributing to several industrial processes.

Market Dynamics

The global urbanization trend is one of the primary drivers for the furnace market. According to the World Bank, more than half of the world's population resided in urban areas in 2023, with projections showing that by 2045, the urban population will grow by 1.5 times. As urbanization accelerates, there is a marked increase in demand for advanced heating solutions that can cater to the growing infrastructure needs of residential, commercial, and healthcare settings.

In addition, a surge in clean energy investments is fueling the adoption of energy-efficient furnaces. In 2022, global investment in clean energy reached USD 560 billion, a significant increase from previous years. As the push for reducing energy consumption and carbon emissions intensifies, furnaces designed to align with renewable energy sources are gaining traction.

The continued growth of the real estate and construction industries also plays a pivotal role in the market expansion. With global construction activities marking a steady increase, particularly in Q1 2024 where the Construction Activity Index hit +15, demand for furnace solutions in newly constructed buildings is anticipated to rise. Furnaces are critical in maintaining comfort and ensuring energy efficiency in modern buildings.

However, the high initial investment required to switch to energy-efficient furnaces remains a restraint for many end-users. Despite this, the integration of smart technologies such as IoT connectivity, sensors, and artificial intelligence is expected to present significant growth opportunities in the near future, as these technologies enhance furnace efficiency and performance.

Inquiry Before Buying: https://www.nextmsc.com/furnaces-market/inquire-before-buying

Market Segmentation

The furnaces market is segmented by:

  • Type:Gas Furnaces, Oil Furnaces, Electric Furnaces, Dual-Fuel Furnaces
  • Installation:Standalone Furnaces, Furnaces Integrated into HVAC Systems, Portable Furnaces
  • End-User:Residential, Commercial, Industrial
  • Region:North America, Europe, Asia-Pacific, Rest of the World (RoW)

The North American market dominates, particularly in the U.S., driven by government incentives for energy-efficient home improvements, including tax credits for furnace upgrades. Furthermore, urbanization in the U.S. is leading to increased demand for reliable and energy-efficient heating systems. Meanwhile, Asia-Pacific is poised for steady growth, fueled by expanding construction activity, particularly in China, and the increasing adoption of renewable energy solutions.

Competitive Landscape

Key players in the global furnaces market include:

  • Andritz AG
  • Carbolite Gero Ltd. (Dutch Verder Group)
  • Epcon Industrial Systems LP
  • Gasbarre Products Inc.
  • International Thermal Systems
  • Ipsen International GmbH
  • LÖCHER Industrieofen- und Apparatebau GmbH
  • Nutec Bickley
  • Seco/Warwick SA
  • Thermal Product Solutions

In June 2023, Andritz AG partnered with Sheffield Forgemasters to develop advanced car bottom furnaces in the U.K., focusing on efficiency and reduced gas consumption. Additionally, Ipsen USA launched its Turbo2Treater vacuum furnace in 2022, aimed at expanding its presence in the automotive and aerospace sectors.

Also, Browse Related Reports:

For more inquiries, please contact:
Next Move Strategy Consulting
E-Mail: info@nextmsc.com
Direct: +1-217-650-7991
Website: https://www.nextmsc.com/
Follow Us: LinkedIn | Twitter | YouTube | Facebook | Instagram

About Next Move Strategy Consulting:

Next Move Strategy Consulting is a premier market research and management consulting firm that has been committed to provide strategically analysed well documented latest research reports to its clients. The research industry is flooded with many firms to choose from, what makes Next Move different from the rest is its top-quality research and the obsession of turning data into knowledge by dissecting every bit of it and providing fact-based research recommendation that is supported by information collected from over 500 million websites, paid databases, industry journals and one on one consultations with industry experts across a diverse range of industry sectors. The high-quality customized research reports with actionable insights and excellent end-to-end customer service help our clients to take critical business decisions that enables them to move beyond time and have competitive edge in the industry.

We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade. Our analysts are constantly tracking various high growth markets and identifying hidden opportunities in each sector or the industry. We provide one of the industry’s best quality syndicated, as well as custom research reports across 10 different industry verticals. We are committed to deliver high quality research solutions in accordance to your business needs. Our industry standard delivery solutions that range from the pre consultation to after-sales services, provide an excellent client experience and ensure right strategic decision making for businesses.

Back to blog