Induction Furnace Market in India Predicted to Surge at 6.9% CAGR from 2023-2028, Driven by Steel and Alloy Demand

Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Induction Furnace Market in India 2024-2028" report has been added to's offering.

The most recent study provides comprehensive insights into the induction furnace market in India, highlighting the anticipated growth by USD 84.85 million during the forecast period of 2023-2028. Accelerating at a CAGR of 6.9%, the market's expansion is underpinned by a confluence of factors, including the burgeoning demand for steel and alloys and supportive government initiatives aimed at propelling industrial growth in the region.

The newly added report encapsulates the holistic market analysis and future outlook, reflecting upon the prevailing trends, growth drivers, and potential challenges. The sector's surge is chiefly attributed to the robust steel industry demand, amplified by continuous support from government bodies to stimulate the industrial sector's growth trajectory, and the rising foundry industry within India.

The sectorial examination delineates the market into distinct categories for a more nuanced understanding

  • Type: This segment includes Channel induction furnaces and Coreless induction furnaces.
  • End-user: Key users span across the Steel industry, Copper industry, Aluminum industry, and Zinc industry.
  • Capacity: Classification based on More than 100 ton capacity and Upto 1 ton capacity.
  • Geography: The geographical landscape is centered around the Asia-Pacific region.

Furthermore, the study pinpoints 'Equipment as a Service' models as a crucial factor propelling the induction furnace market's growth within India in the forthcoming years. Other significant catalysts include the increasing private ownership in the global steel industry and the encroaching digitalization that leads to Industry 4.0's integration within the furnace sector.

The market analysis is fortified with a solid vendor investigation, positioned to assist stakeholders in enhancing their market presence. This encompasses detailed analyses of numerous predominant vendors operational within India’s induction furnace market landscape. Additionally, the report provides strategically valuable data on imminent trends and challenges, equipping companies to lay out advantageous growth strategies.

Employing a methodological blend of primary and secondary research, the information presented within the report is not only comprehensive but also curated from the expertise of influential market participants. The methodology ensures that all facets such as profit, pricing, competition, and promotions are rigorously analyzed, offering panoramic market insights.

The primary goal of this market research is to serve as a reliable and extensive source of information, enabling stakeholders to navigate the complex market dynamics successfully. The definitive market landscape and in-depth analysis contained in the report are structured to anticipate accurate market growth and facilitate sound strategic decisions.

Key Highlights of the Induction Furnace Market in India

  1. In-depth analysis of the market size, forecast, and industry dynamics.
  2. Segmentation analysis including type, end-user, capacity, and geography.
  3. Strategic insights on the potential growth opportunities and challenges.
  4. Competitive landscape providing a detailed overview of the leading market vendors.

As industries continue to evolve and adapt to new technological advancements, this comprehensive analysis of India's induction furnace market stands as a testament to the meticulous research and the potency of informed decision-making in fostering market growth.

A selection of companies mentioned in this report includes

  • Agni Electrical Pvt. Ltd.
  • Electro Power Enterprise
  • Eltech Electrodesigns and Energy Systems Pvt. Ltd.
  • Foster Induction Pvt. Ltd.
  • Heatcon Sensors Pvt. Ltd.
  • HK Malvi Industries
  • Indotherm Furnace Pvt. Ltd.
  • Inductotherm Group
  • Jyoti CNC Automation Ltd.
  • Magnalenz
  • Megatherm Electronics Pvt. Ltd.
  • Microtech Inductions Pvt. Ltd.
  • Naksh Induction
  • Nutrotherm Induction
  • Orbit Induction
  • Plasma Induction India Pvt. Ltd.
  • Priyanka Induction Supermelt
  • Shapet Induction Co.
  • Srishtech Metal Casting Pvt. Ltd.

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