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North America Induction Heating System Market Size

Report ID: GMI8795
Published Date: Apr 2024
Report Format: PDF

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North America Induction Heating System Market Size

North America Induction Heating System Market was valued at USD 438.3 million in 2023 and is estimated to grow at a CAFGR of 5% from 2024 to 2032. The ongoing expansion of the automobile manufacturing plants along with rising vehicle sales will favor the industry prospects.

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Induction heating refers to a process in which an electrically conductive material is heated by electromagnetic induction. This method utilizes high-frequency alternating currents to generate heat within the material, which is ideal for applications such as metal melting, brazing, welding, and heat treatment. Moreover, the introduction of various government schemes including tax rebates and incentives with an aim to increase the production base will favor the business scenario.

North America Induction Heating System Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America Induction Heating System Market Size in 2023:	USD 438.3 Million
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	5%
2032 Value Projection:	USD 679.1 Million
Historical Data for:	2019 to 2023
No. of Pages:	100
Tables, Charts & Figures:	104
Segments covered:	Product, End Use & Country
Growth Drivers:	Growing investments in the automotive sector Surging industrialization and increasing infrastructure projects Extensive adoption of renewable energy sources
Pitfalls & Challenges:	High initial cost

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Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

North America for induction heating system was reached USD 438.3 million in 2023 and is expected to register 5% CAGR from 2024 to 2032, owing to the ongoing expansion of the automobile manufacturing plants along with rising vehicle sales worldwide.

North America induction heating system industry from the portable induction heating system segment is expected to exceed USD 300 million by 2032, due to legislative mandates toward minimizing the carbon emissions and shifting focus on the adoption of flexible heating systems.

The U.S. induction heating system industry is expected to cross USD 500 million by 2032 due to rapid expansion of industries along with rising government initiatives to facilitate approval toward the development of new renewable energy projects in the country.

Fuji Electric Co., Kendrion, Lepel Cap Sealing, Lu-Chiuan Heating Elements Ind, MAGNEFORCE HEAT STATIONS, Neturen, RADYNE, TEAM, Inc., Thermo International, Uchino Co., and Ultraflex Power Technologies, are some of the major induction heating system companies in North America.