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The India - induction furnace market size is forecast to increase by USD 84.85 million, at a CAGR of 6.9% between 2023 and 2028. The growth rate of the market depends on several factors such as the rising demand for steel and alloys in India, the increasing government support to boost industrial growth in India, and the growing foundry industry in India.
The report includes a comprehensive outlook on the India - Induction Furnace Market offering forecasts for the industry segmented by Type, which comprises steel industry, copper industry, aluminum industry, and zinc industry. Additionally, it categorizes End-user into cafes and restaurants, hotels, pubs and clubs, and others, and covers Capacity, including more than 100 ton and up to 1 ton. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
Induction Furnace Market in India Forecast 2024-2028
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The escalating demand for steel and alloys in India is a driving force behind the country's industrial growth and economic development. India's burgeoning population, rapid urbanization, and infrastructure expansion have propelled the need for these essential materials across multiple sectors, shaping the nation's economic landscape. The construction industry, for instance, is a primary consumer of steel and alloys, with projects ranging from residential complexes and commercial buildings to infrastructure ventures like highways and bridges. Initiatives such as Housing for All and the development of smart cities have further fueled the steel demand, as it remain the backbone of structural support.
Moreover, India's robust manufacturing and machinery sector relies heavily on steel and alloys for equipment and machinery production. The nation's position as a steel exporter underscores its competitiveness in the global steel industry, further increasing domestic steel production. Thus, the growing demand for steel and alloys in India is expected to drive the growth of the market in focus during the forecast period.
The induction furnace is part of the critical equipment in an integrated steel plant. The performance of an induction furnace largely determines the operational efficiency of an integrated steel plant. Thus, steel producers operating in the global steel industry have been increasingly signing performance-based contracts with vendors of equipment, including induction furnace vendors. These performance-based contracts require vendors to provide hardware and services to steel producers, and most of the fixed cost of equipment and services is borne by vendors.
Furthermore, vendors are offered payments that are linked to the financial performance of the integrated steel plant. Thus, performance-based contracts have increased the importance of value-added services that lead to the enhanced operational efficiency and profitability of the plant. Therefore, vendors need to expand their service and software offerings that aid in cost reduction, waste minimization, and quality improvement to gain a larger share, thereby contributing to the growth of the induction furnaces market in India during the forecast period.
India lacks skilled manpower for operating induction furnaces. Technology upgrades in induction furnaces require investments in training facilities to educate employees on several aspects, such as different molding processes, patterning, different casting methods, and several other new furnace technologies. The setting up of organized modern training facilities and skill development programs will help foundries while deploying advanced technologies. Currently, a major proportion of the workforce opts for administrative, office, and managerial jobs.
Furthermore, more than 90% of foundries in India are micro, small, and medium enterprises (MSMEs), wherein managers frequently perform functions that larger foundries assign to specialized workers. To improve capacity utilization, Indian foundries must invest in specialized technicians, such as patternmakers, hand core makers, molders, machine core makers, primary sand technologists, and metallurgical assistants, who are specially trained in these tasks. Unless this is achieved, the full potential of the induction furnace market in India cannot be achieved. Thus, the shortage of highly skilled manpower can become a major challenge for the growth of the market in focus during the forecast period.
The channel induction furnaces segment will account for a major share of the market's growth during the forecast period.?
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The channel induction furnaces segment was valued at USD 98.92 million in 2018. Channel induction furnaces are those that are widely used for alloys with a low melting point. A channel furnace consists of a refractory-lined steel shell that contains molten metal. Channel induction furnaces are of two types, namely horizontal and vertical. A vertical channel induction furnace is lined with brick, castable, or dry-vibe refractory, while a horizontal channel induction furnace is lined with brick refractory.
Moreover, the channels incorporated in the inductor supply inert gas to melt, preferably in the region of the neck of the furnace, whereby a flow is generated. Such furnaces use less energy, have negligible maintenance downtime, and are also used to solidify molten metals. Inductotherm is a well-known global leader in induction technology and provides a wide range of induction melting equipment, including channel induction furnaces. They offer customized solutions for various industries, including automotive, aerospace, and foundries. Thus, the growing use of channel induction furnaces will drive the growth of this segment in the market during the forecast period.
India is expected to invest heavily in infrastructure projects to cater to the needs of the growing urban population. Apart from this, the growth of the affordable housing sector and consistently increasing demand for automobiles will lead to a rise in the consumption of steel. India plans to meet this additional demand for steel through domestically produced steel as part of its National Steel Policy, which was announced in 2017. As part of this policy, the Indian government plans to increase its steelmaking capacity by 175 million tons per annum (MTPA) between 2017 and 2030. Such a substantial increase in steel production capacity would require the construction of many blast furnaces. Moreover, increasing investments in steel plants in India are expected to drive the growth of the blast furnaces market.
For instance, in March 2021, Arcelor Mittal Steel signed a deal with the state government of Odisha to set up a steel plant. Similarly, in February 2020, GFG Alliance acquired Adhunik Metaliks and Zion Steel for USD 60.81 million (rupee 425 crores), marking its entry into the Indian steel market. Moreover, in the Union Budget 2020-2021, the Government of India allocated USD 5.4 million (rupee 39.25 crores) for the Ministry of Steel. India is witnessing the construction of new induction furnaces. The government of India is focusing on initiating new programs to expand steel production in the country. The government of India announced various initiatives, such as the Production Linked Incentive (PLI) Scheme, to support the steel industry in the country to increase the overall production of steel. Such factors are expected to drive the growth of this segment in the market in focus during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Electro Power Enterprise - The company offers induction furnaces such as induction furnace diode, induction furnace card, and induction furnace semiconductor fuse.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Agni Electrical Pvt. Ltd., Eltech Electrodesigns and Energy Systems Pvt. Ltd., Foster Induction Pvt. Ltd., Heatcon Sensors Pvt. Ltd., HK Malvi Industries, Indotherm Furnace Pvt. Ltd., Inductotherm Group, Jyoti CNC Automation Ltd., Magnalenz, Megatherm Electronics Pvt. Ltd., Microtech Inductions Pvt. Ltd., Naksh Induction, Nutrotherm Induction, Orbit Induction, Plasma Induction India Pvt. Ltd., Priyanka Induction Supermelt, Shapet Induction Co., and Srishtech Metal Casting Pvt. Ltd.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The induction furnace market in India report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Induction Furnace Market In India Scope |
|
Report Coverage |
Details |
Page number |
89 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.9% |
Market growth 2024-2028 |
USD 84.85 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.38 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Agni Electrical Pvt. Ltd., Electro Power Enterprise, Eltech Electrodesigns and Energy Systems Pvt. Ltd., Foster Induction Pvt. Ltd., Heatcon Sensors Pvt. Ltd., HK Malvi Industries, Indotherm Furnace Pvt. Ltd., Inductotherm Group, Jyoti CNC Automation Ltd., Magnalenz, Megatherm Electronics Pvt. Ltd., Microtech Inductions Pvt. Ltd., Naksh Induction, Nutrotherm Induction, Orbit Induction, Plasma Induction India Pvt. Ltd., Priyanka Induction Supermelt, Shapet Induction Co., and Srishtech Metal Casting Pvt. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Market Segmentation by Capacity
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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