Induction Furnace Market in India records a CAGR of 6.63%|Electro Power Enterprise and Foster Induction Pvt. Ltd. Emerge as the Dominant Market Players | Technavio
NEW YORK, Aug. 16, 2021 /PRNewswire/ — The induction furnace market in India is expected to grow by USD 74.81 million during 2021-2025, according to the latest report by Technavio. The report lists out key market participants holding dominant positions in the overall competitive landscape. Some of the dominant players include Electro Power Enterprise (India), Foster Induction Pvt. Ltd. (India), HK Malvi Industries (India), Inductotherm Group (US), and Jyoti CNC Automation Ltd. (India).
Enterprises will go through the Response, Recovery, and Renew phases.
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The report offers a detailed analysis of the impact of the COVID-19 pandemic on the induction furnace market in India in optimistic, probable, and pessimistic forecast scenarios. With the gradual recovery of markets from the aftermath of the COVID-19 pandemic, the industrials sector is likely to witness negative impact during the forecast period. Despite these effects of the pandemic, the induction furnace market in India is likely to register a CAGR of 6.63% during the forecast period.
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Key Market Participants Analysis
Electro Power Enterprise
The company is engaged in the manufacturing and selling of induction furnace fasteners, induction furnace sheets, induction furnace diode, induction heating equipment, and others. They offer different types of induction furnace products such as induction furnace switches, induction furnace thyristor, induction furnace hose clamp, and others.
Foster Induction Pvt. Ltd.
The company offers different types of induction furnaces including induction melting furnaces for gold 2kg, induction melting furnaces for COPPER – SILVER, and others.
HK Malvi Industries
The company offers different types of induction furnaces such as gold melting furnaces, induction melting furnaces, and others.
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Induction Furnace Market in India 2021-2025: Segmentation
Induction furnace market in India is segmented as below:
- End-user
- Steel Industry
- Copper Industry
- Aluminum Industry
- Zinc Industry
- Type
- Channel Induction Furnaces
- Coreless Induction Furnaces
The induction furnace market in India is driven by increasing developments in the Indian furnace industry, a rising focus on technology upgrades, and the growing popularity of the Make in India initiative. By end-user, the steel industry was the largest revenue-generating segment in 2020 and the segment is likely to retain its position in terms of market size during the forecast period. On the other hand, the channel induction surfaces segment led the highest share of the induction furnace market in India as they are majorly deployed for alloys with a low melting point.
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Market Drivers
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