The growth of the Industrial Ovens Market is driven by the rapidly growing industrialization across the globe. Moreover, high demand for industrial ovens in number of end-user industries over industrial furnaces is expected to boost market growth. Furthermore, shifting focus towards use of continuous line industrial ovens is expected to propel the market.
Portland, OR -- (SBWIRE) -- 05/17/2018 -- The Global Industrial Oven Market generated revenue of $8,469 million in 2016, and is expected to grow at a CAGR of 6.2% to reach $12,897 million by 2023. Industrial ovens are used for a variety of industrial applications such as curing, drying, annealing, tempering, or baking of components, parts, or final products. These ovens can be used for both small and large-volume applications, in batches or continuously, with the help of a conveyor line. An industrial oven is a heated chamber used to perform a wide range of applications among varied industry verticals. Generally, these ovens process a raw material at extremely high temperatures to perform a heat treatment process. Typical applications for industrial ovens include food production, chemical processing, as well as deployment in the electronics industry.
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Rapid adoption of continuous line industrial ovens where multiple operations can take place continuously during the processing stage and reduced dependence on workforce skills are major developments witnessed in the global industrial ovens market. However, high initial cost and low awareness among the end users regarding the difference between industrial oven and industrial furnace are expected to hamper market growth in the near future.
In 2016, the food production & processing segment was the leading revenue contributor to the global market. However, the automotive & aerospace segment is expected to witness the fastest growth rate during the forecast period.
Key Findings of the Industrial Ovens Market:
In 2016, Europe dominated the global market with around one-third share, in terms of value.
Asia-Pacific is estimated to witness the highest growth rate from 2017 to 2023.
Based on product, curing ovens segment generated the highest revenue in 2016, and is expected to grow at a CAGR of 6.1%.
On basis of process, the continuous segment held the dominant share in 2016, and is also expected to register the highest CAGR.
The infrared heaters segment is estimated to register the highest CAGR of 6.5%, in terms of revenue.
In 2016, U.S. dominated the global market, owing to increasing demand for premium range and in-built industrial ovens, driven by the rising purchasing power of the end users.
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Major companies profiled in the report include ASC Process Systems, Harper International, Eastman Manufacturing Ltd., Rowan Technologies, Wisconsin Oven Corporation., JPW Ovens & Furnaces, Davron Technologies, Grieve Corporation, JLS Ovens, and Steelman Industries, Inc.