Magnetic Induction Heating Devices Market Forecast and CAGR
According to latest research by Fact.MR, the surging applications of magnetic induction heating devices in medical sector and household for cooking in developed regions will aid the shipment in registering a decent growth during the forecast period. Market is set to experience increment $ opportunities of more than US$ 89 Mn during similar time frame.
What is Driving Demand for Magnetic Induction Heating Devices?
The developing utilization of induction heating devices in medical just as in household application are fueling the demand for induction heating devices market. Additionally, industrialization in developing economies and introduction of induction measure in injection molding machines are driving sales for induction heating devices market. Notwithstanding, progresses in key advancements of magnetic component designs are rising the demand for magnetic induction devices.
Apart from the aforementioned applications, these devices are additionally utilized in the assembling of sealing plastic lids on pharmaceutical bottles, space crafts, faucets and bulldozers. With the growing spotlight on the utilization of sustainable energy sources, utilization of induction heating devices is acquiring foothold in light of the fact that the heating technology is clean and require no fossil fuels.
Furthermore, as the innovation gives induction heating as an invisible magnetic field, heating can be accomplished with no wreck or contamination of the work piece.
Automotive Recovery Likely to Augment Magnetic Induction Heating Devices Sales
Automotive sales around the globe has been impacted by COVID-19 induced slowdown. This has also had a ripple effect on automotive component and material sales. Despite decline in demand over Q2 and Q3 of FY2020, industry growth is anticipated to recover by Q3 of FY2021 thereby providing boost to the heating device sales.
The magnetic induction heating devices market is required to observe a heavenly development on the setting of rising prevalence of the technique for heating and cleaning applications in numerous industries, specifically, automotive industry.
These heating devices are utilized for an assortment of uses in the automotive industry such as preheating, post-heating, hardening, brazing and repairing of various products of automobile industry such as engine, gear wheel, suspension parts, air conditioning systems, fuel tank injection pipes, brake linings and electric motors among others.
US Magnetic Induction Heating Devices Market Outlook
US is one of the largest markets for magnetic induction heating devices globally. The US magnetic induction heating devices market is set to tread on the historic pattern of bust and boom during the assessment period 2021-2031. Demand growth is likely to remain muted in the next couple of years, as a number of end-use industries make gradual recovery.
In addition, induction heating is especially helpful where exceptionally tedious tasks are performed and have the ability to work to heat only a small portion of a work piece where there is no need to heat entire part.
Besides, these heating devices are acquiring prevalence in household use, for example, in cooking. As, the majority of individuals incline toward induction cooking over gas cooking attributable to the factors such as shrink in time consumption and efficient energy utilization
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Europe Demand Outlook for Magnetic Induction Heating Devices
Nowadays, magnetic induction heating devices are gaining popularity in Europe from medical industry attributable to their increasing application in the manufacturing of medical surgical equipment. Fast paced lifestyle, urge for good quality living standards, increasing demand for clean cooking technologies are some other factors which will sustain the demand of induction heating devices in the region.
Who are the Key Manufacturers and Suppliers of Magnetic Induction Heating Devices?
Some of the leading manufacturers and suppliers of heating devices include
- Schaeffer AG
- Radyne Corporation
- SKF AB
- CEIA S.P.A
- GH Induction Atmosphere
- VGK Electric
- EFD Induction
- Inventum Engineers Company Pvt. Ltd.
- Krishna Electronics
- Inductotherm Group
As manufacturers in the induction heating devices market are zeroing in on the delivery of consumer centric and innovative heating arrangements, it is assessed to advance at a consistent speed during the assessment period. In any case, increasing demand for custom made magnetic induction heating devices presents challenges to manufacturers as far as various factors associated with the production of each custom made heating devices like different functioning environments, variable current flow and required specific temperature.
Every heating devices manufacturer has its own network for sales. Key players in the magnetic induction heating devices business follow organic growth strategy for enhancing their sales through retail stores, distributors or partners. These heating devices manufacturers often invest on their marketing channel infrastructure every year to ensure better sales revenue generation.
An Adaptive Approach to Modern-day Research Needs
Magnetic Induction Heating Devices Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
- Heating Treatment
- Plastic processing
By Power Type
- 0 to 5 Kwh
- 5 to 10 Kwh
- More than 10 kwh
- North America
- US & Canada
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia
- Rest of South Asia
- New Zealand
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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