Selbyville, Delaware,, Oct. 31, 2024 (GLOBE NEWSWIRE) -- The furnace market is predicted to surpass USD 26.4 billion by 2032, as reported in a research study by Global Market Insights Inc.
As industries and commercial establishments strive to meet stringent environmental regulations and sustainability goals, there is a heightened demand for energy-efficient heating solutions. Furnaces equipped with advanced technology and enhanced efficiency help reduce GHG emissions and lower overall energy consumption, aligning with global efforts to combat climate change. This shift towards greener technologies helps organizations comply with regulatory standards and contributes to long-term cost savings through improved operational efficiency, bolstering the demand for furnaces.
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The furnace market from the medium capacity segment will gain traction through 2032, due to its versatile applications and cost-effectiveness. Medium-capacity furnaces, typically ranging from 1,000 to 10,000 kW, are deployed across industrial and commercial sectors. These furnaces strike a perfect balance between performance and energy consumption, making them an ideal choice for businesses looking to optimize operational efficiency without compromising on heating capabilities. Moreover, advancements in furnace technology, such as improved insulation materials and precision temperature control, have enhanced the efficiency and lifespan of these systems, further boosting their adoption.
The furnace market from the commercial segment will witness decent growth through 2032, as furnaces are integral to various commercial applications, including space heating in large buildings, hot water generation, and heat treatment processes in industries such as automotive, aerospace, and electronics. The demand for commercial furnaces is being driven by the increasing need for reliable and efficient heating solutions in commercial establishments, particularly in regions with harsh climatic conditions. Additionally, the increasing investments in infrastructure development and the expansion of commercial spaces are further fueling the demand for commercial furnaces.
Europe furnace market size will expand at a rapid pace through 2032, led by the focus on energy efficiency, stringent environmental regulations, and the ongoing industrial modernization efforts. The demand for furnaces in Europe is particularly strong in countries such as Germany, the United Kingdom, and France, with an emphasis on reducing carbon emissions and improving energy efficiency across various industries. The European Union’s stringent regulations on energy consumption and emissions have compelled industries to adopt advanced heating solutions, including furnaces that meet the required standards.
Major companies in the furnace market include Bosch Thermotechnology, Carrier Corporation, Trane Technologies, Daikin Industries, Lennox International Inc., Johnson Controls International plc, and Rheem Manufacturing Company among others. They are investing in research and development to innovate and improve furnace technology, focusing on energy efficiency and sustainability to meet regulatory standards and consumer demands. Companies are also expanding their product portfolios to cater to diverse market needs. Strategic partnerships, mergers, and acquisitions are being pursued to enhance market reach and operational capabilities.
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Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definitions
1.2 Market estimates & forecast parameters
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid
1.4.2.2 Public
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2021 - 2032
Chapter 3 Furnace Market Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.5 Porter's analysis
3.5.1 Bargaining power of suppliers
3.5.2 Bargaining power of buyers
3.5.3 Threat of new entrants
3.5.4 Threat of substitutes
3.6 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
