Vacuum Furnaces Market is expected to reach US$ 1,248.86 million by 2028

Growth in Construction Sector to Provide Opportunities for Vacuum Furnaces Market during 2021–2028

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 market is estimated to grow at a CAGR of 5.3% from 2022 to 2028.

Vacuum furnaces are industrial furnaces that achieve a near-vacuum state using electric heating components. It is employed across several industries, including aerospace, tool and die, power generation, automotive, and commercial heat treatment. In addition, a vacuum furnace creates and maintains a vacuum throughout the product's processing. Since the furnace contains no oxygen or other gases, the product is protected from oxidation, contamination, and heat loss. This capability enables metals and ceramics to be heated to up to 3,000 degrees Celsius.

The continuous contribution of tech giants in technological advancements has stirred the competitive market across the region, thereby integrating advanced technologies in their respective business processes for better future growth. The North American countries, especially the US and Canada, are technologically advanced and house numerous industries, including automotive, pharmaceutical, semiconductor, and chemicals in the vacuum furnaces market.

For instance, SECO/WARWICK is one of the world's largest and most advanced furnace manufacturers, specializing in single-piece flow UniCase Master low pressure carburizing, ZeroFlow precision gas nitriding, CaseMaster Evolution vacuum oil quench, and a variety of high-pressure gas quench vacuum furnaces in a variety of configurations. Today's vacuum furnaces are far more sophisticated than those of the past. These furnaces carburize today with extreme precision, dependability, and efficiency. Even in oil, these furnaces now provide less quenching distortion. Our clients benefit from the combined experience of the SECO/WARWICK, SECO/VACUUM families, and SECO/unrivaled WARWICK's product portfolio in the vacuum furnaces market.

The vacuum furnaces market is expanding due to the increased demand and growth in various 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.

The vacuum furnaces market ecosystem constitutes three major stakeholders namely: raw materials suppliers, vacuum furnace manufacturers and end users. The raw materials suppliers’ providers include the companies that provide various raw materials for assembling and designing of furnaces for the desired application. For instance, some of the major product types are metals, actuators, motors and drives among other product types. Vacuum furnace manufacturers collect raw materials in order to construct a variety of vacuum furnaces for various applications for different industry verticals. These vacuum furnaces are used by end-user sector companies for a variety of products. The growing trend of pre-mould structuring, Industry 4.0, integration of technologies such as IoT and cloud computing, along with rising demand of efficient automation solutions across industries are some of the key factors that are fuelling the vacuum furnaces market growth.

Based on product type, the market is segmented into vacuum quench furnaces, vacuum brazing furnaces, vacuum carburizing furnaces, and others. The market based on end user is segmented into aerospace, automotive, tool and die, power generation, and others. Based on geography, the market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).

Impact of COVID-19 Pandemic on Vacuum Furnaces Market

According to International Monetary Fund (IMF), the economic output in developing countries rose by 6.5% in 2021, following a decline of 2.0% in 2020. IMF economists had reported average GDP growth of 5.0% for the industrialized nations in 2021. The COVID-19 outbreak posed immediate challenges to the production capacities of the vacuum furnaces market participants. The pandemic had and may continue to negatively impact businesses, resulting in the postponement of aerospace-related businesses, travel restrictions, and health risks to the workforce. However, throughout the pandemic, many companies in the vacuum furnace industry have maintained their operations to meet customer demands. Companies have invested in new technologies and collaborated with the customers to meet their future requirements. Technological advancements have enabled the development of products with reduced size, vibration and noise emissions, and maximum operational reliability in the market. Vacuum furnaces market providers worldwide continue to monitor the global impacts of the COVID-19 and its potential future magnitude.

Leading players in the global vacuum furnaces market are AMG ADVANCED METALLURGICAL; ALD Vacuum Technologies; Centorr Vacuum Industries; Chugai RO Co., LTD; ECM Technologies; HHV Ltd.; HI Machinery and Furnace Co., Ltd.; Ipsen; Solar Manufacturing; and TAV Vacuum Furnaces. Several other companies are functioning in the vacuum furnaces market and are contributing substantial revenues to propel the market growth.

Vacuum Furnaces Market – by Geography

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Vacuum Furnaces Market Size, Share | Industry Report 2028

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Vacuum Furnaces Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Vacuum Quench Furnaces, Vacuum Brazing Furnaces, Vacuum Carburizing Furnaces, and Others) and End User (Aerospace, Automotive, Tool and Die, Power Generation, and Others)