Saudi Arabia Industrial Furnace Market is expected to grow at a 7.5% CAGR

Saudi Arabia has reportedly relied more on imports to meet its growing demand in Industrial Furnaces Market. India is shifting towards local production to meet its demand as we see the trend is shifting towards reducing imports, owing to which market is expected to grow.

According to TechSci Research report, “Saudi Arabia Industrial Furnace Market – By Region, Competition, Forecast and Opportunities, 2018-2028”, the Saudi Arabia Industrial Furnace Market is expected to register 7.5% CAGR during the forecast period. An industrial furnace is a thermal inclusion and is employed to process and treat raw materials at high temperatures in solid as well as liquid state. It is an industrial heat-treating system that heats above 1,000 degree Fahrenheit. Industrial furnaces are employed by a variety of industries such as manufacturing, iron and steel making, glass making, non-ferrous metals production, calcination in cement production, and ceramic processing. The major objectives of using an industrial furnace are to use heat proficiently (so that losses are minimum), and to manage and control the diverse phases (gas, liquid, or solid) moving at various speeds for different temperatures and times such that corrosion and erosion of the refractory are least.

One of the major factors that drives the growth of the industrial furnaces market include the recurring demand for iron and steel accompanied by other significant materials and metals. In addition, factors such as rise in adoption of electric industrial furnaces and increase in demand for lightweight vehicles, owing to technological advancements, fuel the growth of the global market. Moreover, many automotive component producers utilize industrial furnaces to manufacture and heat treat metallic automotive parts, which are used in automotive assembly. This upward trend of manufacturing lightweight metal components in the automotive industry coupled with the growth in production and sales of automobiles drives the market growth.

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Furthermore, rise in adoption of state-of-the-art technologies such as industry 4.0 and the industrial internet of things (IIoT) has transformed the entire scenario of industrial furnaces by offering enhanced efficiencies and automation. Therefore, such technologies thrive an opportunity for manufacturers of industrial furnaces, who adopt advanced technologies at an early stage.  However, the industrial furnace is a one-time investment for any manufacturing plant as it has a lifespan of approximately 10-15 years, consequently, having a low replacement rate. This factor may restrain the growth of the global market. In addition, many of the advanced countries such as the U.S., Japan, and Germany are well fortified with enough manufacturing units and a smaller number of production facilities have been established in the past few years. Therefore, this is anticipated to negatively influence the development of the industrial furnace market during the forecast period. Growing Industrialization: Saudi Arabia has been actively promoting industrialization as part of its economic diversification efforts. The expansion of industries, including petrochemicals, manufacturing, and metals, has increased the demand for industrial furnaces to facilitate various processes. This growth in industrial sectors is a significant driver of the furnace market.

Oil and Gas Industry: Saudi Arabia is a major player in the global oil and gas industry. The extraction and processing of crude oil and natural gas require high-temperature furnaces for refining and petrochemical production. The oil and gas sector is a significant driver of the industrial furnace market in the country.

Metal and Steel Industry: The metal and steel industry is a substantial contributor to the Saudi Arabian economy. Industrial furnaces are essential for processes like smelting, forging, and heat treatment in this sector. The growth of the metal and steel industry in the country drives the demand for industrial furnaces. As energy efficiency becomes a priority in Saudi Arabia, industries are looking for more energy-efficient and environmentally friendly furnace technologies. This has led to the adoption of advanced and efficient furnace systems that comply with energy efficiency regulations, promoting the growth of the market. Saudi Arabia has been investing in infrastructure development projects, such as construction and transportation. These projects require materials like concrete and steel, which often go through high-temperature processes in industrial furnaces. The increase in infrastructure development activities contributes to the demand for industrial furnaces.

Key market players in the Saudi Arabia Industrial Furnace Market are:

• Carbolite Gero Limited
• Gasbarre Products, Inc.
• NUTEC Group (NUTEC BICKLEY)
•  Epcon Industrial Systems, LP
• International Thermal Systems LLC
• Thermcraft Incorporated
• Ipsen International GmbH
• Andritz AG

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“Ongoing technological advancements in furnace design and manufacturing have improved efficiency, reliability, and safety. The adoption of advanced technologies and automation in industrial furnaces is helping to drive the market as companies seek to enhance their production processes.

Replacement and Upgradation: Many industrial furnaces in Saudi Arabia have reached the end of their operational life, or companies are looking to upgrade their existing equipment for better performance and energy efficiency. This leads to replacement and upgradation projects, contributing to market growth. Compliance with environmental and safety regulations is becoming increasingly important in Saudi Arabia. Industrial furnaces that meet these standards are in demand, and companies are willing to invest in compliant equipment. Investments in research and development efforts in furnace technology by both domestic and international companies are driving innovation and product diversification in the market.

In conclusion, the industrial furnace market in Saudi Arabia is driven by factors like industrialization, the oil and gas industry, metal and steel production, energy efficiency regulations, infrastructure development, technological advancements, replacement and upgradation needs, regulatory compliance, and research and development efforts. These drivers collectively shape the growth and evolution of the industrial furnace market in the country..” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Saudi Arabia Industrial Furnace Market Segmented By Furnace Type (Gas/Fuel Operated Industrial Furnace and Electrically Operated Industrial Furnace), By Arrangement (Tube or Clamshell Type, Box Type, Bottom Loading & Car Bottom Furnace, Top Loading Furnace, and Others), By End User (Metals & Mining, Transportation, Oil & Gas, Chemical, and Others), By Region, and By Competition, 2018-2028,” has evaluated the future growth potential of Saudi Arabia Industrial Furnace Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia Industrial Furnace Market.

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