Induction Heating System Market Growth Outlook with Industry Review & Forecasts 2023-2032

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Induction Heating System Market is expected to be
USD 2.8 Billion by 2032
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Industry Overview

• Global Induction Heating System Market size is
  estimated to reach USD 2.8 billion by 2032,
  suggests the latest research report by Global
  Market Insights Inc. As per the report, the rapid
  industrial growth and infrastructure development
  across both developed and developing economies
  will positively influence the industry dynamics
  over 2023-2032.
• Global industrial sector has grown multifold over
  recent decades, aided by increasing
  public-private investments and supportive
  government policies focused on boosting domestic
  manufacturing. According to the latest estimates
  by the Ministry of Finance, the Gross Value Added
  (GVA) of the industrial sector in India recorded
  a 3.7 growth in H1, 2023. In addition, the FDI
  inflow in the country stood at USD 21.3 billion
  in 2022, 76 up from 2021.
• This has led to a commendable rise in industrial
  facilities, which, in consequence, has boosted
  the penetration of induction heating systems. In
  addition, an increased emphasis on adopting
  energy-efficient systems and the shifting
  inclination from fossil toward clean energy
  sources will create favorable growth prospects
  for the induction heating system industry.

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Continue

• Regarding the product, the report cites that the
  overall market size from the portable segment
  garnered over USD 800 million in 2022. Portable
  induction heating systems find widespread usage
  in a variety of industrial applications for
  executing several operations. These systems offer
  a number of advantages over their traditional
  counterparts, including reduced operational
  capital costs, low maintenance, and less power
  usage, which is likely to favor their adoption
  over the estimation period.
• In terms of end-use, the induction heating system
  market share from the automotive segment is
  poised to expand at over 5 CAGR from 2023 to
  2032. Increasing infrastructural investments, in
  line with the rising product demand for varied
  applications ranging from curing, soldering, and
  material testing to forging, will drive segment
  growth. Besides, the key benefits, such as high
  durability, rated output, and more control with
  precise fast heating, associated with induction
  heating systems will propel market revenue.
• From a regional perspective, Asia Pacific
  induction heating system market is likely to
  surpass USD 800 million by 2032. Stringent
  government norms to deploy advanced heating
  systems and limit greenhouse gas emissions will
  favor regional market growth. In addition,
  extensive investments by the public and private
  players across the power generation and oil gas
  sectors to increase industrial output will drive
  product demand across the Asia Pacific.

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Induction Heating System Market

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