According to our new research study, titled " Vacuum Furnaces Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, End User, and Geography," the vacuum furnaces market share is projected to reach US$ 1,248.86 million by 2028 from US$ 881.88 million in 2021. The vacuum furnaces market size is estimated to grow at a CAGR of 5.3% from 2022 to 2028.
However, based on parameters such as overall revenue, brand image, current Interior Design Software portfolio, geographic reach, customer base, technology adoption & integration, new product/service/feature launches, partnerships, mergers & acquisitions, and other market-related activities, the above five key players operating at a global level. The high and fast-growing number of start-ups in this market are anticipated to drive the growth of the market over the forecast period of 2021 to 2028.
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The market players present in the Vacuum Furnaces Market are mainly focusing on product and service enhancements by integrating advanced features and technologies into their offerings.
The vacuum furnaces market is expanding due to increased demand and growth in a variety of industries, including electronics, medicine, crystal growth, energy, artificial jewels, and others. A wide range of enterprises and research institutes employ vacuum furnaces. Additionally, due to its advantages over traditional furnaces, such as reduced carbon dioxide emissions and environmental friendliness, the use of a vacuum furnace is becoming increasingly widespread instead of a blast furnace. Furthermore, the market is expected to rise by applying the Internet of Things (IoT) concept and systems integration to improve furnace maintainability and controllability over the next few years.
Furthermore, business continued to rise in the second half of 2021, with vacuum furnace orders approaching pre-pandemic levels. According to Ipsen (US), its customers in eleven states across the US and four other countries — India, Japan, Mexico, and Taiwan placed fresh equipment orders since the beginning of July 2021. Heat exchangers, jet engine components, fasteners, and saw blades are among the products processed in the furnaces.
Key Findings of Study
The global vacuum furnaces market has been segmented into 5 major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). Asia Pacific stands out as one of the most important for the vacuum furnaces market, owing to rapid industrialization in APAC economies, such as India, China, and Japan. Furthermore, major manufacturers are extensively spending on R&D to provide innovative products to end customers and to meet the need for heat treatment solutions, which is expected to drive the vacuum furnaces market forward in the years to come.
Similarly, the demand for high-end products that require thermal treatments, such as temperature control or heating followed by cooling in accordance with particular time cycles, is increasing in Middle Eastern countries. One of the largest consumers in this region is the automotive industry.
Companies operating in the North America vacuum furnaces market reported increased demands from the aerospace and additive manufacturing sectors. In Q1 of 2022, Ipsen performed over 250 field service visits to monitor installation and start-up, furnace relocation, preventive maintenance, calibrations, and leak checks to boost its after-sales services. Strategic initiatives to improve response times and collaboration on co-development projects facilitate regional vacuum furnaces market growth.
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