A lead analyst at AMR highlighted that the industrial oven market in Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
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Allied Market Research published a research report on the industrial oven market. The findings of the report states that the global market for industrial oven contributed to $9.42 billion in 2020, and is projected to reach $15.96 billion by 2031, registering a CAGR of 4.5% from 2022 to 2031. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on drivers, restrains, and opportunities to help the market players in devising several growth strategies. Increase in the popularity of industrial oven in heat treatment operations in manufacturing plants, rapid industrialization coupled with the ever-growing population across the globe, and availability of economical options for high volume production and consistency in operations of industrial ovens are expected to drive the growth of the global industrial oven market. On the other hand, its extortionate cost is expected to hinder the growth to some extent. However, persistent technological advancements are expected to create ample opportunities for the industry.
“The growth of the industrial oven market is driven by the rapidly growing industrialization across the globe. Moreover, high demand for industrial oven in number of end-user industries over industrial furnaces is expected to boost market growth. Furthermore, shift in focus toward use of continuous line industrial oven is anticipated to propel the market growth,” says Shankar Bhandalkar, Team Lead-Research, and Consumer Goods at Allied Market Research.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the industrial market globally. The outbreak of Covid-19 has had a negative impact on the growth of the global industrial oven market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in the closure of all industries, including those of industrial oven due to the stringent social distancing restrictions imposed by the government to curb the spread of the virus during the pandemic. In addition, lack of raw material and restriction in the movement of goods further aggravated the impact on the market. However, the market is expected to recoup soon.
The report offers a detailed segmentation on the global industrial oven market based on product, process, heating medium, end-user industry, and region.
Based on product, the curing oven segment held the largest market share in 2020, garnering nearly two-fifths of the global market. The baking ovens segment, on the other hand, is expected to cite the fastest CAGR of 6.3% during the forecast period.
Based on process, the continuous segment held the majority market share in 2020, holding more than half of the global market. The batch segment, on the other hand, is expected to exhibit the fastest CAGR of 5.6% during the forecast period.
Based on region, the market across Europe held the lion’s share in 2020, garnering nearly two-fifths of the global market. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 6.5% during the forecast period.
The key players analyzed in the industrial oven market 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.
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