Asia Pacific Induction Heating Systems Market size is set to surpass USD 760 million by 2030, according to a new research report by Global Market Insights Inc.
The report reveals that the growth of the APAC automobile sector due to economic and population expansion is one of the key drivers for induction heating equipment demand. Based on statistics from the ASEAN Automotive Federation, in 2020, EV sales stood at 2.45 million in ASEAN member states. These factors are expected to bolster the requirement for induction heating for the hardening, tempering, brazing, and bonding of auto parts. Government bodies have also been introducing favorable tax rebates and incentives to support electric vehicle manufacturing, which may further augment the adoption of induction heating tools.
Introduction of strict emission mandates fuels portable induction heating system production
The portable product segment accounted for around 52% share of the Asia Pacific induction heating systems market in 2021, given the shifting preference toward flexible heating equipment. To minimize greenhouse gas emissions, several legislative mandates and strict codes and standards have been introduced, supporting the deployment of energy-efficient heating units. These factors are likely to propel the usage of portable induction systems as a sustainable method for industrial heating.
Robust demand for new aircraft to boost induction heating tools adoption in aerospace applications
In terms of end-use, the Asia Pacific induction heating systems market from aerospace segment is poised to register more than 4% growth rate through 2030. This is a result of the broad application scope of induction heating in hot heading, bonding of composite materials, and levitation melting and vacuum of special alloys in the aerospace sector. Over the next two decades, new aircraft demand in the region is projected to rise, owing to the retirement of less fuel-efficient fleets and accelerating air traffic in the region. These factors, alongside the surging need for existing fleet maintenance, will accelerate the usage of induction heating in aerospace applications.
Browse key industry insights spread across 200 pages with 148 market data tables & 34 figures & charts from the report, “Asia Pacific Induction Heating Systems Market Size By Product (Portable, Stationary), By End Use (Automotive, Aerospace, Power Generation, Shipbuilding, Oil & Gas), COVID-19 Impact Analysis, Country Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:
Preference for sustainable solutions drives induction heating demand in South Korea
Induction heating systems market in South Korea is anticipated to reach nearly USD 60 million by 2030, on account of the increasing preference for sustainable heating technologies. The regional government has introduced varied initiatives for the development of clean energy projects. The report claims that these factors are likely to stimulate the use of induction heating systems for renewable power generation applications.
Australian induction heating systems market size is also predicted to grow substantially during the forecast period. The ongoing expansion of the metal industry and the consumption of advanced heating solutions in industrial automation, machinery tools, power generation, and railway are among the key factors driving product consumption. Furthermore, the introduction of rigorous emission targets and the high dependence on sustainable heating solutions will bolster induction heating equipment development in Australia.
Expansion of manufacturing bases to strengthen the industry outlook
Top participants operating in the induction heating systems market in APAC are ITW Welding Singapore Pte Ltd., C-Tech Innovation, TM Induction Heating, EFD Induction, Chengdu Jinkezhi Electronic Co., Ltd., Fuji Electric Co., Ltd., KBG INDUCTION, Abhay Induction Tech Pvt. Ltd., Kitashiba Electric Co., Ltd., Uchino Co., Ltd., Schaeffler (Singapore) Pte. Ltd. and Ambrell. These leaders are focusing on business developments and manufacturing base expansions to foster their customer base and bolster their footprint in the market.
For instance, in May 2022, UCHINO expanded its manufacturing facility in Japan. The initiative was intended to develop electrical manufacturing and coil divisions and increase its production capability in the country. This expansion will also enable the company to establish a strong regional presence in the industry.