The vacuum furnaces market is expected to grow from US$ 881.88 million in 2021 to US$ 1248.86 million by 2028
It is estimated to grow at a CAGR of 5. 3% from 2021 to 2028. The vacuum furnaces market is expanding due to increased demand and growth in various industries, including electronics, medicine, crystal growth, energy, artificial jewels, and others.
New York, June 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Vacuum Furnaces Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type and End User" - https://www.reportlinker.com/p06289945/?utm_source=GNW
A wide range of enterprises and research institutes employ vacuum furnaces.
Additionally, due to its advantages over traditional furnaces, such as reduced carbon dioxide emissions and environmental friendliness, the use of a vacuum furnace is increasingly becoming widespread.
Furthermore, the vacuum furnaces market is expected to rise by applying the Internet of Things (IoT) concept and systems integration to improve furnace maintainability and controllability over the next few years.
The vacuum furnaces market ecosystem constitutes three major stakeholders, namely, raw materials suppliers, vacuum furnace manufacturers, and end users.Raw materials suppliers’ providers include companies that provide various raw materials for assembling and designing furnaces for the desired application.
For instance, some major product types are metals, actuators, motors, and drives.
Vacuum furnace manufacturers collect raw materials to construct various vacuum furnaces for various applications for different industry verticals.End users use these vacuum furnaces for a variety of products.
The growing trend of pre-mold structuring, Industry 4.0, integration of technologies, such as IoT and cloud computing, and rising demand for efficient automation solutions across industries are some of the key factors that fuel the demand for vacuum furnaces market.
The future of metallurgical thermal processing technology is changing continuously.Vacuum furnace technology has been known and employed by engineering industrialists with the vision to establish this process technology as the vehicle with the capacity to accept many of today’s engineered and manufactured products’ novel thermal metallurgical transformations.
Given existing and expected international trends, vacuum furnace technology presently has a significant potential to flourish well into the future.It is a technology that will enable material science and its industrial partners to enter the third millennium with ease.
Hence, vacuum thermal processing technology plays an essential role in brazing complex geometrical nonferrous alloys aluminum, which is acting as a catalyzer for the growth of the vacuum furnaces market.
Impact of COVID-19 Pandemic on North America Vacuum Furnaces Market
According to IMF data, following the downturn of 3.4% in 2020, the US economy grew by 5.6 % in 2021. Vacuum furnace providers in the region are committed to achieving the highest safety and environmental protection standards in their manufacturing facilities. Within the US, the Pfeiffer Vacuum Group showcased a gratifying product sales development in the fiscal year 2021. Ipsen (US) received new vacuum furnace orders in 2021, confirmed twenty-two new equipment orders, and recorded part bookings in the first quarter of 2022.
The North America vacuum furnaces market witnessed improved business levels, driven by growing demands for improved thermal process capabilities.Vacuum furnace market orders observed a huge demand from the automotive, additive manufacturing, aerospace, commercial heat treating, and tool and die end-use industries.
Companies operating in the North America vacuum furnaces market reported increased demands from the aerospace and additive manufacturing sectors. In Q1 of 2022, Ipsen performed over 250 field service visits to monitor installation and start-up, furnace relocation, preventive maintenance, calibrations and leak checks, and boost its after-sales services.
Strategic initiatives to improve response times and collaboration on co-development projects facilitate regional vacuum furnaces market growth. Further, the establishment of innovation centers, research facilities, and R&D hubs close to semiconductor customers enables vacuum furnace providers to develop and test the next-generation vacuum solutions to maximize sales and profit in the post-pandemic era.
The use of complicated metal injection molding (MIM) has grown into many applications and industries during the last two to three decades. The growing demand for high-quality components with tighter geometrical tolerances and more powerful material properties has prompted the integration of the MIM process into the production lines of various industries, such as automotive, medical, and consumer goods manufacturing, resulting in increased demand for vacuum furnaces and thus driving the vacuum furnaces market.
According to Ipsen (US), its customers in eleven states across the US and four other countries — India, Japan, Mexico, and Taiwan placed fresh equipment orders since the beginning of July 2021.Heat exchangers, jet engine components, fasteners, and saw blades are among the products processed in the furnaces.
Most sales came from aerospace customers, but Ipsen also claims an increase in orders from new industries such as electric car manufacture and additive manufacturing. As a result of the growth of various sectors, the demand for vacuum furnaces is increasing catalyzing the vacuum furnaces market.
By end users, the vacuum furnaces market is segmented into aerospace, automotive, power generation, tool & die, and others.Based on product type, the market is segmented into vacuum quench furnaces, vacuum brazing furnaces, vacuum carburizing furnaces, and others.
Based on geography, the global market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
Among the product type segments, the vacuum quench furnaces segment led the vacuum furnaces market and is anticipated to grow at the fastest CAGR during the forecast period.Metals oxidize when heated to extremely high temperatures, which is not desirable.
Therefore, vacuum furnaces are used as they produce a vacuum inside the system and prevent contamination and oxidation, allowing high consistency and low contamination brazing.
The vacuum furnaces market analysis has been derived using primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and ground handling software forecast concerning all the market segments.Also, primary interviews were conducted with industry participants to validate data and gain more analytical insights into the topic.
Participants in this process are industry experts, such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the Vacuum Furnaces Market.
ALD Vacuum Technologies India Pvt. Ltd, HHV LTD, and Centorr Vacuum Industries are the key companies operating in the vacuum furnaces market, profiled in this market study.
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