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Induction Heating System Market Trends

Report ID: GMI5642
Published Date: Nov 2024
Report Format: PDF

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Induction Heating System Market Trends

The renewable industry is experiencing remarkable growth fueled by government-led auctions and initiatives that lower costs and encourage increased investment in technology adoption. The growing use of these systems to enhance the efficiency of wind turbines and solar panels will further augment the industry landscape. The growing adoption of energy-efficient systems coupled with the shift from fossil fuels to clean energy sources will positively impact the business outlook.

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The global market for induction heating system was reached USD 1.94 billion in 2024 and is predicted to grow at a CAGR of 4.9% from 2025 to 2034, driven by the continuous expansion of the automotive production base and rising vehicle sales.

The portable induction heating system industry is expected to exceed USD 1.5 billion by 2034, due to its lower operational and capital costs, reduced maintenance, and decreased power consumption compared to traditional heating systems.

The shipbuilding induction heating system market is anticipated to grow at a CAGR of over 4.5% through 2034, led by the rising demand for new vessels and increased investments in refurbishing existing fleets.

The U.S. induction heating system market is set to surpass USD 500 million by 2034, propelled by increasing demand across various industries, notably automotive, aerospace, and manufacturing.