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Why The Industrial Furnaces Market is Expected to Grow in The Next 5 Years

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According to a Research and Markets report, the industrial furnaces market is expected to follow an upward trajectory with a compound annual growth rate (CAGR) of 2.4% until 2026, reaching $9.2 billion. This report is based on the latest available forecast that considers the implications of the COVID-19 pandemic and the global disruption of all industrial and supply chain processes.

The United States accounts for a share of 11.2% in the global industrial furnaces and ovens market, and in 2021, the size was measured at $909.1 million. By 2026, the U.S. market is forecasted to reach $1.6 billion, growing by over 75%, or at a CAGR of 3.3%.

The reason for expecting such an explosive growth in the United States has to do mainly with the anticipated adoption of new technologies that will drive purchases of new furnace models up. More specifically, the Research and Markets report lists the following key factors:

Industry 4.0 will augment demand for IoT-enabled models that feature more advanced communication systems.

Newer models will be safer and easier to use, either from local touch screen pads or remotely from smartphone-based accompanying applications.

Developments in the science of materials and engineering make newer models more energy-efficient and also superior in terms of operational precision compared to older ones.

New models now participate in the process of data collection, aiding researchers and manufacturers by constituting an integral component of the R&D process, and not just a procedural tool.

Electric models are replacing Coal-fired furnaces at a rising rate as firms look for ways to satisfy increasingly restricting environmental protection requirements. Currently, only 40.7% of all deployed industrial ovens worldwide are electric.

Despatch Industries is a leading force in these shifting market developments, listed in the report among the 35 most influential manufacturers in the global industrial furnace scene.

Article Source: Research and Markets
Image Source: Pixabay