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Magnetic Induction Heating Devices Market

Magnetic Induction Heating Devices Market Analysis, By Application (Furnace, Welding, Cooking, Brazing, Sealing, Heating Treatment, Plastic Processing), By Power Type (0 to 5 Kwh, 5 to 10 Kwh, More than 10 Kwh) - Global Market Insights 2022 to 2032

Analysis of Magnetic Induction Heating Devices market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Magnetic Induction Heating Devices Market Outlook (2022-2032)

Worldwide sales of magnetic induction heating devices are projected to increase at a CAGR of 4.2% from 2022 to 2032. As of 2022, the global magnetic induction heating devices market accounts for a revenue of US$ 518 million and is anticipated to reach US$ 781.6 million by the end of 2032.

Increasing focus on sustainability and growing need to reduce fossil fuel use are the main factors that are expected to promote demand for magnetic induction heating devices across the forecast period.

Report Attributes

Details

Magnetic Induction Heating Devices Market Size (2022E)

US$ 518 Million

Forecasted Market Value (2032F)

US$ 781.6 Million

Global Market Growth Rate (2022-2032)

4.2% CAGR

North America Market Share (2022)

24.1%

Europe Market Share (2022)

21.9%

Key Companies Profiled

  • 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

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Magnetic Induction Heating Device Sales Analysis (2017-2021) in Comparison to Market Growth Forecasts (2022-2032)

Magnetic heating induction devices work on a completely fossil-free principle and they are expected to be highly popular over the coming years as the demand for clean energy increases. The heat in these devices is produced by the use of electromagnets and electrically conductive metals.

Induction heating devices have gained popularity in kitchen applications over the past few years due to their high efficiency and this trend is expected to drive shipments of magnetic induction heating devices across the forecast period.

Technological advancements in magnetic induction technologies are also anticipated to positively influence magnetic induction heating devices market growth.

Expanding scope of applications is also anticipated to favour magnetic induction heating devices market potential. Increasing demand for sustainable and clean energy alternatives is projected to propel sales of magnetic induction heating systems through 2032.

The magnetic induction heating devices market is projected to witness evolution at 4.2% CAGR from 2022 to 2032.

Magnetic induction heating devices market forecast by Fact.MR

Magnetic Induction Heating Devices Market

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How Can New Entrants Make an Impact on the Magnetic Induction Heating Devices Industry?

“New Market Players Can Focus on Integration of Advanced Technologies”

New market entrants could create and launch innovative products that are integrated with advanced technologies such as artificial intelligence, NFC, etc. Start-ups should also focus on crafting innovative marketing strategies to promote their products and stand out in this highly competitive market space.

  • In August 2021, Xiaomi, a Chinese consumer electronics company, announced the launch of its new MIJIA Ultra-thin Induction Cooker that used induction heating technology. The design is ultra-thin and equipped with NFC app support and XiaoAI.

Such kind of innovations would bode well for new players to make a mark in this industry space.

Know thy Competitors

Competitive landscape highlights only certain players
Complete list available upon request

Which Regions Should Magnetic Induction Heating Device Suppliers Target?

“Asia Pacific Leads Demand for Magnetic Induction Heating Systems”

The magnetic induction heating devices market in North America accounts for a significant market share of 24.1% and stands at a revenue total of US$ 124.8 million in 2022.

Increasing focus on sustainability and rising demand for induction cooktops in smart homes owing to their high efficiency and sustainable nature are major factors that drive magnetic induction heating products market growth in this region.

The United States is anticipated to witness high magnetic induction heating device sales owing to the increasing scope of application of induction heating technologies.

Increasing focus on sustainability and rising investments in research and development of clean energy technologies are expected to drive magnetic induction heating devices market potential in the region of Europe.

At present, Europe magnetic induction heating devices market stands at a value of US$ 113.4 million and holds a market share of 21.9%. Supportive government initiatives to promote sustainability are anticipated to further boost demand for magnetic induction heating devices.

Shipments of magnetic induction heating equipment are anticipated to witness high demand in the Asia Pacific region owing to the rising focus on sustainability and growing consumer awareness for the same. Induction sealing machines are anticipated to witness an increase in demand in this region over the coming years.

Increasing per capita disposable income, rising availability of induction heating systems, and increasing industrialization are other factors that sculpt magnetic induction heating device demand in this region.

China magnetic induction heating devices market stands at a valuation of US$ 74.1 million in 2022 and accounts for a market share of 14.3%. Supportive government initiatives and the rising adoption of clean energy technologies will drive demand in this country throughout the forecast period.

Fact.MR, a market research and competitive intelligence provider, has analysed and given a complete assessment of all major regions in the world, in this latest magnetic induction heating devices market study.

Which Application Accounts for High Magnetic Induction Heating Device Consumption?

“Rising Use of Induction Cooktops in Kitchens Driving Market Demand”

The magnetic induction heating devices market, based on application, is bifurcated into furnaces, welding, cooking, brazing, sealing, heating treatment, plastic processing, and others.

Out of all these, the cooking application segment is projected to account for a significant market share over the forecast period. The use of induction cooktops has substantially increased over the past few years as consumers demand more efficient cooking solutions.

Increasing adoption of induction cooktops in smart homes and rising consumer awareness for clean energy are other factors that drive demand in the cooking application segment.

Competitive Landscape :

Magnetic induction heating device manufacturers are focusing on integrating advanced induction heating technologies in various devices to create more sustainable solutions.

Magnetic induction heating product suppliers are also adopting innovative marketing strategies to promote their products and increase sales.

  • In November 2021, Havells India Limited, announced the launch of its new campaign to promote its heater based on induction-based heat transfer technology. The Magnatron Water Heater was promoted under the campaign titled “Shower that saves power” and was meant to attract the more environment-conscious consumers in India.

Segmentation of Magnetic Induction Heating Devices Industry Research

  • Magnetic Induction Heating Devices Market by Power Type :

    • 0 to 5 kWh
    • 5 to 10 kWh
    • More than 10 kWh
  • Magnetic Induction Heating Devices Market by Application :

    • Furnaces
    • Welding
    • Cooking
    • Brazing
    • Sealing
    • Heating Treatment
    • Plastic Processing
    • Others
  • Magnetic Induction Heating Devices Market by Region :

    • North America
    • Latin America
    • Europe
    • APAC
    • MEA

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The global magnetic induction heating devices market is valued at US$ 518 million.

By 2032, the market is anticipated to reach a valuation of US$ 781.6 million.

Sales of magnetic induction heating devices are set to rise at 4.2% CAGR through 2032.

China accounts for 14.3% share of the global market.

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