Portland, OR, May 30, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global industrial oven market was estimated at $9.42 billion in 2020 and is expected to hit $15.96 billion by 2031, registering a CAGR of 4.5% from 2022 to 2031. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Rapid industrialization, particularly in the emerging economies of the world, drives the growth of the global industrial oven market. On the other hand, initial high cost and limited awareness among manufacturers regarding the requirement of industrial oven over furnaces impede the growth to some extent. However, rapid construction activities, increased automotive production, and high usage of drying &infrared firing oven for the manufacturing of very high-efficiency solar cells are anticipated to pave the way for new opportunities in the industry.
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Covid-19 scenario-
- Disruptions in the supply chain, lack of raw materials, and restrictions on the movement of goods during the pandemic had a sheer negative impact on the global industrial oven market.
- However, as the global situation is getting back to normalcy, the market has also started recouping soon.
The global industrial oven market is analyzed across product, process, end-user industry, and region. Based on product, the curing oven segment accounted for nearly two-fifths of the total market share in 2020, and is expected to rule the roost by 2031. The baking ovens segment, however, would garner the fastest CAGR of 6.3% throughout the forecast period.
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Based on process, the continuous segment contributed to more than half of the total market revenue in 2020, and is projected to lead the trail by 2030. The batch segment, on the other hand, would exhibit the fastest CAGR of 5.6% during the forecast period.
Based on region, the market across Europe held the major share in 2020, garnering nearly two-fifths of the global market. Asia-Pacific, simultaneously, would manifest the fastest CAGR of 6.5% throughout the forecast period.
The key market players analyzed in the global industrial oven market report include Harper International, Eastman manufacturing ltd., Wisconsin Oven Corporation., JPW Ovens & Furnaces, Steelman Industries, Inc., ASC Process Systems, Davron Technologies, Grieve Corporation, Rowan Technologies, and JLS Ovens.These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
