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Induction Heating System Market Size
Induction Heating System Market size surpassed USD 1.9 billion in 2023 and is poised to expand at 4.8% CAGR from 2024 to 2032 driven by the positive outlook of the automotive sector worldwide.
These optimistic scenarios, in covalence with favorable purchase tax incentives across several economies, resulting in increased sales of small-capacity engine vehicles, will positively sway industry growth. Induction heating systems usually involve high upfront costs and initial investments, which may limit their adoption by 2032. On the other hand, evolving automotive trends and rapid industrial growth across both developed and developing economies will strengthen the induction heating system market outlook.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 1.9 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 4.8% |
| 2032 Value Projection: | USD 2.8 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 280 |
| Tables, Charts & Figures: | 417 |
| Segments covered: | Product, End Use |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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COVID-19 Impact
The unprecedented lockdown measures and movement restrictions imposed during the pandemic had a detrimental impact on the global aviation industry. These disruptions caused a dip in aerospace service delivery and new aircraft manufacturing, leading to sluggish market growth. A number of other end-use industries, including oil & gas, shipbuilding, etc., dealt with temporary halts in operations, further impacting the trade dynamics. However, rising power demand and increasing efforts by numerous aerospace authorities toward easing border measures aided industry development during the crisis.
Induction Heating System Market Analysis
Stationary induction heating system market is expected to observe 4.5% growth between 2023 and 2032. Stationary induction heating has emerged as one of the fastest-growing induction heating techniques, due to the high acceptance rate of renewable energy technologies. Additionally, the ongoing upgradation of electrical infrastructure due to rising energy demand and escalating rural electrification projects will foster the product demand.
The industry size from the power generation segment is set to cross USD 700 million by 2032. The sector growth can be credited to the increasing use of induction heating techniques in producing wind turbines with maximum uptime and reduced maintenance. The continuous efforts of power generation equipment manufacturers globally toward driving down production costs, improving product quality, and accelerating time to market will favor segment growth. Besides, the accelerating environmental concerns associated with power generation will boost product demand by end of 2032.
Europe induction heating system market is slated to accumulate 20% market share by 2032. The regional growth is attributed to the rising demand for heating systems for industrial applications comprising automotive, shipbuilding, and aerospace, among others, in the region. That being said, introduction of more rigorous & stringent emission targets will shift the industry focus toward efficient and sustainable heating solutions, which may favor regional product adoption. Asia Pacific induction heating systems industry is likely to hit USD 760 million by 2030.
Induction Heating System Market Share
The major players operating in the induction heating system industry include:
- Fuji Electric Co
- Heatrotherm
- Interpower Induction
- RADYNE
- Thermo International
- Ultraflex Power Technologies
- Electrotherm
- Microtech Inductions
- Ambrell
- C-Tech Innovation
- EFD Induction
- Lu-Chiuan Heating Elements Ind
- TM Induction Heating
- ACME (Advanced Corporation for Materials & Equipments)
- Chengdu Jinkezhi Electronic
- KBG INDUCTION, Inductotherm (India)
- Abhay Induction Tech
- Inductotherm Group Japan
- Kitashiba Electric
- Neturen
- Uchino Co.
- Da-ichi Kiden
- Schaeffler (Singapore) Pte. Ltd
- ITW Welding Singapore Pte
- Solidheat Industries Pte
- Rapid-Heat Systems
- Inductotherm Industries (Shanghai).
Induction Heating System Industry News
- In January 2022, EFD Induction won an investment award from Gram Commercial, a Denmark-based producer of freezers & refrigerators, for their vital brazing jobs. The company will manufacture brazing compressor connections for Gram Commercial. In addition, it will offer corrosion-resistant & leakproof joints because the induction heating system is controllable and accurate.
- In May 2021, EFD Induction launched a modular vertical hardening machine, Hard-Line M. The new product is furnished with the functions essential for smart production in the Industry 4.0 era. In addition, the Hard-Line M features an ergonomic design along with accessibility and a well-laid-out work area.
This induction heating system market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD” from 2019 to 2032 for the following segments:
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Market, By Product
- Portable
- Stationary
Market, By End Use
- Automotive
- Aerospace
- Power Generation
- Shipbuilding
- Oil & Gas
- Others
The above information has been provided for the following regions and country:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- Italy
- France
- Netherlands
- Spain
- Norway
- UK
- Sweden
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Thailand
- Singapore
- Malaysia
- Philippines
- Vietnam
- Indonesia
- Middle East & Africa
- Saudi Arabia
- UAE
- Iran
- Iraq
- Turkey
- South Africa
- Latin America
- Brazil
- Chile
- Argentina
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