Industrial Oven Market Size, Share, Competitive Landscape and Trend Analysis Report, by Product, Process, Heating Medium and End-user Industry : Global Opportunity Analysis and Industry Forecast, 2022–2031

The global industrial oven market size was valued at $9,422.1 million in 2020, and is projected to reach $15,967.7 million by 2031, registering a CAGR of 4.5% from 2022 to 2031. Industrial oven are used for a variety of industrial applications such as curing, drying, annealing, tempering, or baking of components, parts, or final products. These oven can be used for both small and large-volume applications, in batches or continuously, with the help of a conveyor line. These oven are available in a variety of temperature ranges, sizes, and configurations based on end-use requirement. Industrial oven is used at every stage of processing, such as aging, annealing, tempering, bonding, baking, homogenizing, stress relieving, hardening, normalizing, preheating, sterilization, and others.

With an unprecedented COVID-19 pandemic, the industrial oven market has been adversely affected during the Covid-19 pandemic. The supply chain disruption, lack of raw material availability, and restrictions on the movement of goods during the pandemic period has affected the industrial oven market. 

The global industrial oven market is expected to witness steady growth, owing to the rapid industrialization, particularly in the emerging economies of the world. Furthermore, replacement of industrial furnaces by industrial oven in heat treatment operations in the manufacturing plants, where less than 1,000 degrees F temperature is required, is expected to boost the market growth during the forecast period. However, the initial cost of the industrial oven restrains its adoption. Moreover, limited awareness among manufacturers regarding the requirement of industrial oven over furnaces for similar applications is anticipated to hamper the growth in near future.

The industrial oven market is segmented on the basis of product, process, heating medium, end-user industry, and region. Based on product, the market is classified into curing, baking, drying, and reflow oven. On the basis of process, it is bifurcated into batch and continuous. Depending on heating medium, the market is categorized into electric heat, fuel- & gas-fired, infrared heaters, and others. The end-user industries analyzed in this study are food production & processing, chemical processing, electrical & electronics, automotive & aerospace, pharmaceuticals, and others.Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

By product type, the curing oven segment dominated the global market in 2020, and is expected to retain its dominance throughout the industrial oven market forecast period. However, the drying oven segment is expected to showcase the highest growth rate, owing to its increased use in various industrial applications such as incubation, sterilization of different products, evaporation (partial or complete), temperature testing, and others.

On the basis of process, it is bifurcated into batch and continuous. The continuous segment dominated the industrial oven market by process in 2020, and the segment is also estimated to witness highest growth rate in the future, as continuous style oven offer the benefits of an industrial oven that can be operated at a continuous rate, thereby offering more economical options for high-volume production. The major advantage of the continuous process over the batch process is consistency in operation.

Depending on heating medium, the market is categorized into electric heat, fuel- & gas-fired, infrared heaters, and others. The infrared heaters segment held the major industrial oven market share in the market, and is projected to remain dominant during the forecast period. 

The end-user industries analyzed in this study are food production & processing, chemical processing, electrical & electronics, automotive & aerospace, pharmaceuticals, and others. Food production & processing accounted for the highest market share in 2020, and is expected to grow at a significant CAGR during the forecast period. Increase in preference for vent less oven in food production and processing is anticipated to drive the industrial oven market growth during the forecast period.

By region, Asia-Pacific is expected to be the fastest growing segment over the forecast period, owing to rapid industrialization in the region. Furthermore, certain noteworthy steel making plants are expected to start projects in India and China in the coming years, which in turn are projected to increase the demand for continuous line industrial oven in these countries. In addition, rapid construction activities, increased automotive production, and high usage of drying &infrared firing oven for the manufacturing of very high-efficiency solar cells are other key growth drivers for the Asia-Pacific industrial oven market.

Major companies have adopted agreement, product launch, expansion, and merger strategies to sustain the intense market competition. Key players profiled in the report include ASC Process Systems, Harper International, Eastman manufacturing ltd., Rowan Technologies, Wisconsin Oven Corporation., JPW Ovens & Furnaces, Davron Technologies, Grieve Corporation, JLS Ovens, and Steelman Industries, Inc.

Other market players (not profiled in report) in the value chain are Ali S.p.A., Duke Manufacturing Co. Inc., The Middleby Corporation, Alto-Shaam, Inc., Edward Don & Company, Fujimak Corporation, Avantco Equipment and Hobart Corporation.

COVID-19 Impact Analysis

• COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December 2020.
• The global coronavirus pandemic has created a number of challenges for exporters in the developing and developed countries. The challenges witnessed by the exporters of industrial oven’ products are likely to remain for the foreseeable future, as different states and governments around the world attempt to tackle COVID-19 with various measures.
• Implementation of curfew and the practice of maintaining social distancing globally affect the domestic as well as international production, which in turn, hampers the growth of the overall market.
• Import &export restrictions on goods and quarantine &lockdown measures imposed by governments are key challenges faced by exporters during this pandemic.
• Delays and disruptions at country borders have impacted the transportation and delivery of industrial oven.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the industrial oven market analysis from 2020 to 2031 to identify the prevailing market opportunities.
• The market research is offered along with information related to key drivers, restraints, and industrial oven market opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier–buyer network.
• In-depth analysis of the industrial oven market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market industry. 
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global industrial oven market trends, key players, market segments, application areas, and growth strategies.