August 08, 2023 08:58 ET | Source: Research and Markets Research and Markets
Dublin, Aug. 08, 2023 (GLOBE NEWSWIRE) -- The "Industrial Ovens - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering. Global Industrial Ovens Market to Reach $16.3 Billion by 2030 In the changed post COVID-19 business landscape, the global market for Industrial Ovens estimated at US$9.6 Billion in the year 2022, is projected to reach a revised size of US$16.3 Billion by 2030, growing at a CAGR of 6.8% over the analysis period 2022-2030. Tunnel Oven
Curing Ovens, one of the segments analyzed in the report, is projected to record 6.9% CAGR and reach US$6.3 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Drying Ovens segment is readjusted to a revised 7.5% CAGR for the next 8-year period. The U.S. Market is Estimated at $2.6 Billion, While China is Forecast to Grow at 10.6% CAGR The Industrial Ovens market in the U.S. is estimated at US$2.6 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$3.6 Billion by the year 2030 trailing a CAGR of 10.6% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.1% and 5.6% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 5.1% CAGR.
Looking Ahead to 2023 The global economy is at a critical crossroads with a number of interlocking challenges and crises running in parallel. The uncertainty around how Russia's war on Ukraine will play out this year and the war's role in creating global instability means that the trouble on the inflation front is not over yet. Food and fuel inflation will remain a persistent economic problem.
Higher retail inflation will impact consumer confidence and spending. As governments combat inflation by raising interest rates, new job creation will slowdown and impact economic activity and growth. Lower capital expenditure is in the offing as companies go slow on investments, held back by inflation worries and weaker demand.
With slower growth and high inflation, developed markets seem primed to enter into a recession. Fears of new COVID outbreaks and China's already uncertain post-pandemic path poses a real risk of the world experiencing more acute supply chain pain and manufacturing disruptions this year.
Volatile financial markets, growing trade tensions, stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced. The year 2023 is expected to be a tough year for most markets, investors and consumers. Nevertheless, there is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.
The "Market Overview" section of the report provides valuable insights into the world of Industrial Ovens. It covers influencer market insights, global market trajectories, and the impact of significant factors such as the Covid-19 pandemic and the looming global recession. The competitive landscape is explored with a focus on the global key competitors' percentage market share in 2022 (E) and the competitive market presence classification for players worldwide in the same year.
The report's "Focus on Select Players" section takes a closer look at specific players within the market.
In the "Market Trends & Drivers" section, the key trends and driving forces shaping the Industrial Ovens market are discussed.
The "Global Market Perspective" section includes an analysis of the Industrial Ovens market across different geographic regions, including the USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East, and Africa. The analysis encompasses current and future assessments for various types of ovens, such as Curing Ovens, Drying Ovens, Baking Ovens, Reflow Ovens, and more. The report provides insights into annual sales from 2020 to 2027 and % CAGR. This comprehensive perspective also offers historic reviews and a 15-year outlook for these types of ovens across different regions.
A selection of companies mentioned in this report includes
For more information about this report visit https://www.researchandmarkets.com/r/1n5ik6
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