Induction Heating System Market Analysis

Induction Heating System Market Analysis

Stationary induction heating system market is expected to observe 4.5% growth between 2023 and 2032. Stationary induction heating has emerged as one of the fastest-growing induction heating techniques, due to the high acceptance rate of renewable energy technologies. Additionally, the ongoing upgradation of electrical infrastructure due to rising energy demand and escalating rural electrification projects will foster the product demand.
 

The industry size from the power generation segment is set to cross USD 700 million by 2032. The sector growth can be credited to the increasing use of induction heating techniques in producing wind turbines with maximum uptime and reduced maintenance. The continuous efforts of power generation equipment manufacturers globally toward driving down production costs, improving product quality, and accelerating time to market will favor segment growth. Besides, the accelerating environmental concerns associated with power generation will boost product demand by end of 2032.
 

Europe induction heating system market is slated to accumulate 20% market share by 2032. The regional growth is attributed to the rising demand for heating systems for industrial applications comprising automotive, shipbuilding, and aerospace, among others, in the region. That being said, introduction of more rigorous & stringent emission targets will shift the industry focus toward efficient and sustainable heating solutions, which may favor regional product adoption. Asia Pacific induction heating systems industry is likely to hit USD 760 million by 2030.