According to a new report published by Allied Market Research, titled, “Industrial Oven Market by Product, Process, Heating Medium, and End-user Industry: Global Opportunity Analysis and Industry Forecast, 2022–2031,” The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
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The global industrial oven market size was valued at $9,422.1 million in 2020, and is projected to reach $15,967.7 million by 2031, registering a CAGR of 4.5% from 2022 to 2031.There is a rapid shift among end-users on use of continuous industrial oven over batch industrial oven, as continuous ovens do not require repeated loading and unloading, or heating up and cooling down between each batch, and labor and energy demands often are much lower than batch ovens.
An industrial oven is a heated chamber used to perform a wide range of applications among varied industry verticals. Generally, these ovens process raw material at extremely high temperatures to perform a heat treatment process. Typical applications of industrial oven include food production, chemical processing, as well as deployment in the electronics industry.
Rapid adoption of continuous line industrial oven 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 oven 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.
Continuous technological advancements in the global industrial oven market is expected provide ample growth opportunities for oven manufacturers and suppliers in the near future. Major players in the market have already shifted their focus toward innovation & technological advancements to maintain competitiveness and garner major market share. Furthermore, introduction of new heating technologies, interactive oven interfaces, high-speed convection ovens, and vent less ovens are anticipated to provide potential opportunities for market expansion. Moreover, some of the manufacturers in industrial oven market offer in-house-built industrial oven named as walk-in ovens, which save money on construction and shipping. Such advancements are expected to bolster market growth during the forecast period.
Moreover, due to the outbreak of the COVID-19 pandemic, the manufacturers have seen drop in sales. However, implementation of lockdown and curfew practices globally hasaffectedthe domestic as well as international production of industrial oven’s products, which in turn, hampers the growth of the overall market. Thus, the outbreak of COVID-19 negatively impacted the market in 2020, as sales of companies reduced and operations were halted.
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Major companies have adopted agreement, product launch, expansion, and merger strategies to sustain the intense market competition. Key players profiled in the report industrial oven analysis 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.
Key Findings Of The Study:
○ By type, the curing ovens segment dominated the global market in 2020, and is expected to retain its dominance throughout the industrial oven market forecast period.
○ On the basis of process, it is bifurcated into batch and continuous. The continuous segment held the dominant industrial oven market share in 2020, and is also expected to register the highest CAGR.
○ Depending on heating medium, the market is categorized into electric heat, fuel- & gas-fired, infrared heaters, and others. The infrared heaters segment held the major share in the market, and is projected to remain dominant during the forecast period.
○ The end-user industries analyzed in this study are food production & processing, chemical processing, electrical & electronics, automotive & aerospace, pharmaceuticals, and others.Food production & processing accounted for the highest market share in 2020, and is expected to grow at a significant CAGR during the forecast period.Increase in preference for vent less ovens in food production and processing is anticipated to drive the industrial oven market growth during the forecast period.
○ By region, Europe accounted for highest market share in 2020, and is expected to grow at a significant CAGR during the forecast period.
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