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Induction Heating System Market Growth Outlook with Industry Review & Forecasts

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

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Induction Heating System Market Growth Outlook with Industry Review & Forecasts

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  1. Induction Heating System Market is expected to be USD 2.8 Billion by 2032

  2. 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.

  3. 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.

  4. Browse Full Market Research Report Of Induction Heating System Market@ https://www.gminsights.com/industry-analysis/induction-heating-system-market Inquiry Before Buying@ https://www.gminsights.com/inquiry-before-buying/5642 Request for a Sample of this Research report @ https://www.gminsights.com/request-sample/detail/5642

  5. Induction Heating System Market

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