According to our new research study, titled " Vacuum Furnaces Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Product Type, End User, and Geography," the vacuum furnaces market share is projected to reach US$ 1,248.86 million by 2028 from US$ 881.88 million in 2021. The vacuum furnaces market size is estimated to grow at a CAGR of 5.3% from 2022 to 2028.
Demand for Vacuum Furnace Increasing Across Industries to Drive Vacuum Furnaces Market
The utilization of complex metal injection molding (MIM) has significantly increased across multiple industries in the past few decades. The rising need for high-quality components with stricter geometrical tolerances and enhanced material properties has stimulated the incorporation of the MIM process into the production lines of various industries, including medical, automotive, and consumer goods manufacturing, consequently leading to an escalated demand for vacuum furnaces. Furthermore, the contemporary automobile engines, power trains, and mechanical machines require higher power densities, thereby creating an enormous opportunity for cost-effective and innovative manufacturing technologies in the vacuum furnaces market. Additionally, the vacuum furnaces market can benefit from the improved functionality of sophisticated MIM parts that can reduce assembly costs when manufacturing products like premium-designed notebook PCs.
The vacuum furnaces market continued to experience an upswing in the latter half of 2021, with orders for vacuum furnaces approaching pre-pandemic levels. Ipsen (US) reported that customers in eleven US states and four other countries, including India, Japan, Mexico, and Taiwan, have placed new equipment orders since July 2021. These furnaces are utilized to process a range of products such as heat exchangers, jet engine components, fasteners, and saw blades. The majority of sales came from aerospace customers, but Ipsen reported an increase in orders from other industries such as electric car manufacture and additive manufacturing. As a result of growth in various sectors, the vacuum furnaces market is being supported.
According to IMF data, the US economy grew by 5.6% in 2021 following a 3.4% downturn in 2020. In the vacuum furnaces market, providers in the region are committed to adhering to the highest safety and environmental protection standards in their manufacturing facilities. The Pfeiffer Vacuum Group experienced a satisfactory sales development for their products in the fiscal year 2021 within the US. Ipsen (US) also received new vacuum furnace orders in 2021, confirming twenty-two new equipment orders and recording part bookings in the first quarter of 2022.
Growing demand for enhanced thermal process capabilities has propelled the North America vacuum furnaces market, with strong demand seen from the additive manufacturing, aerospace, commercial heat treating, automotive, and tool and die end-use industries.
Companies operating in the region's vacuum furnaces market reported increased demand from these sectors, and Ipsen performed over 250 field service visits in Q1 of 2022 to bolster its after-sales services. To support regional growth, companies are implementing strategic initiatives to improve response times, collaborating on co-development projects, establishing innovation centers, research facilities, and R&D hubs close to semiconductor customers, and developing and testing next-generation vacuum solutions.
Key Findings of Study
The global vacuum furnaces market has been segmented into 5 major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). Asia Pacific stands out as one of the most important for the vacuum furnaces market, owing to rapid industrialization in APAC economies, such as India, China, and Japan. Furthermore, major manufacturers are extensively spending on R&D to provide innovative products to end customers and to meet the need for heat treatment solutions, which is expected to drive the vacuum furnaces market forward in the years to come.
North America is a significant market for vacuum furnaces due to the growth of the construction and automotive industries, as well as the presence of top vacuum heat treatment furnace manufacturers. Meanwhile, Europe is also experiencing a surge in demand for vacuum heat treatment furnaces, particularly in the automotive and construction sectors, as the need for high-quality components continues to rise. In the Middle East, the automotive industry is the largest consumer of vacuum furnaces, with an increasing demand for high-end products requiring thermal treatments.
The European energy revolution is centered around power generation, with clean technologies becoming more affordable and electrification gaining traction. Renewable energy will continue to play a leading role in this shift, driving the demand for mechanical equipment and brakes. In December 2019, the European Union (EU) announced the European Green Deal, reaffirming its commitment to the Paris Climate Agreement and aiming to achieve climate neutrality by 2050, making it the first such continent in the world.
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