United States, Rockville MD, July 18, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global magnetic induction heating devices market accounts for a revenue of US$ 518 million and is anticipated to reach US$ 781.6 million by the end of 2032.
Increasing focus on sustainability and growing need to reduce fossil fuel use are the main factors that are expected to promote demand for magnetic induction heating devices across the forecast period.
Technological advancements in magnetic induction technologies are also anticipated to positively influence magnetic induction heating devices market growth.
Expanding scope of applications is also anticipated to favour magnetic induction heating devices market potential. Increasing demand for sustainable and clean energy alternatives is projected to propel sales of magnetic induction heating systems through 2032.
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Key Takeaways:
- The magnetic induction heating devices market is projected to witness evolution at 4.2% CAGR from 2022 to 2032.
- The magnetic induction heating devices market in North America accounts for a significant market share of 24.1%.
- The magnetic induction heating devices market stands at a revenue total of US$ 124.8 million in 2022.
- Europe magnetic induction heating devices market stands at a value of US$ 113.4 million and holds a market share of 21.9%.
- China magnetic induction heating devices market stands at a valuation of US$ 74.1 million in 2022 and accounts for a market share of 14.3%.
- The United States is anticipated to witness high magnetic induction heating device sales owing to the increasing scope of application of induction heating technologies.
Market Developments:
New market entrants could create and launch innovative products that are integrated with advanced technologies such as artificial intelligence, NFC, etc. Start-ups should also focus on crafting innovative marketing strategies to promote their products and stand out in this highly competitive market space.
- In August 2021, Xiaomi, a Chinese consumer electronics company, announced the launch of its new MIJIA Ultra-thin Induction Cooker that used induction heating technology. The design is ultra-thin and equipped with NFC app support and XiaoAI.
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Competitive Landscape:
Magnetic induction heating device manufacturers are focusing on integrating advanced induction heating technologies in various devices to create more sustainable solutions.
Magnetic induction heating product suppliers are also adopting innovative marketing strategies to promote their products and increase sales.
- In November 2021, Havells India Limited, announced the launch of its new campaign to promote its heater based on induction-based heat transfer technology. The Magnatron Water Heater was promoted under the campaign titled “Shower that saves power” and was meant to attract the more environment-conscious consumers in India.
Segmentation of Magnetic Induction Heating Devices Industry Research
- Magnetic Induction Heating Devices Market by Power Type :
- 0 to 5 kWh
- 5 to 10 kWh
- More than 10 kWh
- Magnetic Induction Heating Devices Market by Application :
- Furnaces
- Welding
- Cooking
- Brazing
- Sealing
- Heating Treatment
- Plastic Processing
- Others
- Magnetic Induction Heating Devices Market by Region :
- North America
- Latin America
- Europe
- APAC
- MEA
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More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global Magnetic Induction Heating Devices Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights by Analysis, By Application (Furnace, Welding, Cooking, Brazing, Sealing, Heating Treatment, Plastic Processing), By Power Type (0 to 5 Kwh, 5 to 10 Kwh, More than 10 Kwh) - Global Market Insights 2022 to 2032
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With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the industrial goods division across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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