Latest News- Induction Furnace Market in India: Channel induction furnaces is expected to lead the Type segment during 2025-2029

The Induction Furnace Market in India is being driven by Rising demand for steel and alloys in India

The Induction Furnace Market in India is expected to grow at a CAGR of 7.2% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 113.6 million. In the Indian steel industry, the induction furnace plays a pivotal role in the operational efficiency of integrated steel plants. With the global steel market increasingly favoring performance-based contracts, induction furnace suppliers are now expected to deliver not just hardware but also value-added services. These contracts require furnace suppliers to shoulder a significant portion of the equipment and service costs, with payments linked to the financial performance of the steel plant. As a result, the provision of services that optimize furnace performance and enhance plant profitability has become a key differentiator for induction furnace suppliers in India. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Channel induction furnaces
  • Coreless induction furnaces
• End-user
  • Steel industry
  • Copper industry
  • Aluminum industry
  • Zinc industry
• Capacity
  • More than 100 ton
  • Upto 1 ton
• Geography
  • India

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising demand for steel and alloys in India
• Increasing government support to boost industrial growth in India
• Growing foundry industry in India

However, the market also witnesses some limitations, which are as follows:

• Shortage of highly skilled manpower
• Intense competition within furnace industry
• Environmental regulations related to industrial activities

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Market Scope in Induction Furnace Market in India Research Report

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Research Analysis Overview

The Induction Furnace Market in India is witnessing significant growth due to advancements in technologies like eddy currents and skin effect, which enhance magnetic field efficiency. High-frequency generators, solid state devices, and power electronics are key components driving this market. Control systems with PID control, data acquisition, process simulation, optimization algorithms, and finite element analysis are essential for efficient furnace operation. Material science, phase diagrams, heat treatment cycles, and stress relief are crucial for microstructure control in various industries. Powder metallurgy processes, injection molding, ceramic composites, refractory coatings, and advanced coatings offer enhanced thermal shock resistance, wear resistance, and corrosion protection. Digitalization is transforming the industry with remote monitoring, digital twins, artificial intelligence, machine learning, deep learning, and internet of things enabling smart manufacturing.

Market Research Overview

Induction heating, a segment of the electromagnetic induction technology, is a significant component of the industrial machinery and supplies market in India. The market size for induction furnaces in India is calculated based on the combined revenue generated by manufacturers of coils, frequency controllers, and power supplies. The growth of this market is driven by several factors, including the increasing demand for melting metals at higher temperatures for various industries. Advanced coil designs and frequency control systems are key trends in the market, enabling precise and efficient heating processes. The global industrial machinery and supplies and components market, which includes manufacturers of machinery and components used in the industrial environment, is expected to experience significant growth due to the increasing industrial output in developing countries, particularly in process and discrete industries. This growth is attributed to the expanding demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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