Vacuum Furnaces Market Size, Share, and Scope by 2031
The vacuum furnaces market size is projected to reach US$ 1,511.7 million by 2031 from US$ 1,007.9 million in 2023. The market is expected to register a CAGR of 5.2% during 2023–2031. The growth of the construction sector with the rise in investment towards energy infrastructure is likely to remain key trends in the market.
Vacuum Furnaces Market Analysis
The rise in demand for vacuum furnaces from industrial applications is anticipated to fuel the market growth in the coming years. In addition, the growing use of vacuum furnaces in the aerospace and defense industry is expected to fuel market growth in the coming years. Moreover, growth in the construction sector in the developing and developed regions across the globe and a rise in investment toward power infrastructure to fulfill the demand for electricity are anticipated to create opportunities for key vacuum furnace manufacturers from 2023 to 2031.
Vacuum Furnaces Market Overview
The vacuum furnace ecosystem consists of three major stakeholders, such as raw materials suppliers, vacuum furnace manufacturers and end users. The raw materials suppliers’ providers include the companies which provide various raw materials for assembling and designing furnaces for the desired application. For instance, some of the major product types are metals, actuators, motors and drives, among other product types. Vacuum furnace manufacturers collect raw materials in order to construct a variety of vacuum furnaces for various applications for different industry verticals. End-user sector companies use these vacuum furnaces for a variety of products. The raising trend of pre-mold structuring, Industry 4.0, deployment of technologies such as IoT and cloud computing, along increasing demand for efficient automation systems across industries are some of the key factors that are fuelling the demand for vacuum furnaces.
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Vacuum Furnaces Market: Strategic Insights
Market Size Value in US$ 881.88 million in 2021 Market Size Value by US$ 1248.86 million by 2028 Growth rate CAGR of 5.3% from 2022 to 2028. Forecast Period 2022- 2028 Base Year 2021
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Vacuum Furnaces Market: Strategic Insights
| Market Size Value in | US$ 881.88 million in 2021 |
| Market Size Value by | US$ 1248.86 million by 2028 |
| Growth rate | CAGR of 5.3% from 2022 to 2028. |
| Forecast Period | 2022- 2028 |
| Base Year | 2021 |
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Vacuum Furnaces Market Drivers and Opportunities
Growing Application in the Aerospace Industry to Favor Market
The aerospace industry is one of the major end-users of vacuum furnaces. As heat treatment is used in the aerospace industry to improve the resistance of various components toward wear and corrosion, major methods involve the heat treatment of engine parts subjected to mechanical stresses and strains. As it offers high reliability, a smaller installed footprint, and ease of maintenance, vertical vacuum furnace heat treatment is utilized to heat parts with a cylindrical cross-section or parts that can be stacked vertically, which is commonly processed in the aerospace industry. Vacuum furnaces are used for brazing, annealing, solution treatment, aging, hardening, stress relief, and other thermal treatments. As a result, the vacuum furnace market is growing owing to the wide range of applications in the aerospace industry.
Furthermore, the aerospace and defense (A&D) industry is engaged in the development of new technologies and solutions, extending development prospects, and establishing new markets. New technologies and processes that evolve quickly and are commercialized can enhance efficiencies and lower production costs. Trends in increased commercial air travel and client order activity are substantially better than in the pre-COVID-19 era, a bullish omen for the business. Global COVID-19 vaccine distribution assists in the normalization of air travel. Therefore, the revival of the aerospace industry drives the vacuum furnace market.
Integration of New Technologies
The future of metallurgical heat processing technology is continually changing. Vacuum furnace technology is well known and used by engineering industrialists with the vision of establishing this process technology as a vehicle capable of enabling many of the novel thermal-metallurgical transformations of today's engineered and manufactured products. According to existing and expected international trends, vacuum furnace technology currently has significant potential to continue to develop in the future. It is a technology that will enable materials science and its industrial partners to easily enter the third millennium. Therefore, vacuum heat processing technology plays an essential role in brazing complex geometric non-ferrous aluminum alloys
Vacuum Furnaces Market Report Segmentation Analysis
Key segments that contributed to the derivation of the vacuum furnaces market analysis are product type and end-user
- Based on product type, the vacuum furnaces market is divided into vacuum quench furnaces, vacuum brazing furnaces, vacuum carburizing furnaces, and others. The vacuum quench furnaces segment held the largest market share in 2023.
- By end-user, the market is classified into aerospace, automotive, tool and die, power generation, and others. The aerospace segment held the largest market share in 2023.
Vacuum Furnaces Market Share Analysis by Geography
The geographic scope of the vacuum furnaces market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America.
The scope of the vacuum furnaces market report encompasses North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, Spain, the UK, and Rest of Europe), Asia Pacific (China, India, Australia, Japan, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South America (Brazil, Argentina, and the Rest of South America). In terms of revenue, Asia Pacific dominated the vacuum furnaces market share in 2023. Europe was the second-largest revenue contributor to the global vacuum furnaces market, followed by North America.
Vacuum Furnaces Market Report Scope
Vacuum Furnaces Market News and Recent Developments
The vacuum furnaces market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the vacuum furnace market are listed below:
- HHV and ASM Technologies have formed joint venture for semiconductor equipment manufacturing. Both the companies have formed a 50:50 joint venture. The new entity so formed will manufacture tools, sub-systems components and components for semiconductor and solar industries. (Source: HHV Ltd, Press Release, February 2022)
- Ipsen is expanding its service capacities by adding ultrasonic wall thickness testing for vacuum furnaces. This test would help identify the integrity of their chambers and estimate its lifespan accordingly. (Source: Ipsen, Press Release, February 2022)
Vacuum Furnaces Market Report Coverage and Deliverables
The “Vacuum Furnaces Market Size and Forecast (2021–2031)” report provides a detailed vacuum furnaces market analysis of the covering below areas:
- Vacuum furnaces market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Vacuum furnace market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Vacuum furnaces market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the vacuum furnaces market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Asia Pacific dominated the vacuum furnaces market in 2023.
Growth of the construction sector with the rise in investment toward energy infrastructure is the future trend of the vacuum furnaces market
AMG Advanced Metallurgical, ALD Vacuum Technologies, Centorr Vacuum Industries, Chugai RO Co., LTD., ECM Technologies, HHV Ltd, IHI Machinery and Furnaces Co, Ltd., Ipsen, Solar Manufacturing, and TAV Vacuum Furnaces are some of the leading players in the vacuum furnaces market.
US$ 1,511.7 million estimated value of the vacuum furnaces market by 2031.
5.2% is the expected CAGR of the vacuum furnaces market.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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