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3 Things to Know About the U.S. Industrial Oven & Furnace Industry

Posted by IndustrySelect on Monday, October 28, 2019

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3 MIN. READ

Today, most industries are experiencing rates of competition and acceleration that would have been unprecedented only years ago. This is no less true for the industrial furnace and oven industry, both on a global scale and relative to the U.S.


The rapid expansion of so many industries has made business challenging for salespeople and marketers. Today, we'll be covering the current state of the U.S. and global industrial and furnace market, as well as predictions and trends that will impact the future of the industry. With this knowledge in hand, salespeople and marketers can approach clients and the industry at large with confidence.


1. The Global Industrial Furnace and Oven Industry is Growing


On a global scale, the industrial furnace and oven industry is projected to grow at a compound annual growth rate (CAGR) of 4.7% over the next five years to reach a value of $15 billion by 2024.


The primary driver of growth in the global industrial furnace and oven market is the increasing demand for metal. Specialty and fabricated metals, in particular, are in high demand due to their use in a variety of cutting-edge technologies.


It's important to note that much of the growth of the global industrial furnace and oven market can be attributed to an accelerating global economy. Given this information, a potential global recession in 2020 could heavily impact the industry at large and have negative ramifications for industrial furnace and ovens manufacturers.


2. The US Industrial Furnace and Oven Industry is Not Faring Well


The U.S. industrial furnace and oven industry is struggling more than the global industry that surrounds it. In 2016, the industry was worth $2.4 billion - a 7.05% decrease year-over-year (YOY).


Additionally, the CAGR for the U.S. industrial furnace and oven industry over the next five years is only predicted to be 2.2%, a noticeably slower growth rate than the industry is experiencing globally.


Surveys by Manufacturing News, Inc. (MNI) found that 5% of U.S. industrial furnace and oven manufacturers reported employment increases, while 5% also reported employment decreases. While the U.S. industrial furnace and oven market is not currently deteriorating, it has reached a state of relative stagnation.


Part of the industry's stagnation can be attributed to President Donald Trump's steel tariffs, which have cost the U.S. steel economy over $5.7 billion. Since metals markets dictate much of the demand for industrial furnaces and ovens, any impact on those markets stands to have adverse effects.


3. Smart Technology and the Internet of Things Will Revolutionize the Industry


The industrial furnace and oven market is positioned to benefit massively from smart technology and advancements in the Internet of Things (IoT). These cutting-edge technologies can help manufacturers reduce waste while simultaneously increasing precision and quality.


In the coming years, expect to see more and more manufacturers in this industry invest heavily in smart technology and IoT renovations, both to engineering and manufacturing processes.

Read More: Top Industrial Furnace & Oven Manufacturers in the U.S. 

Looking to Do Business With U.S. Industrial Oven Manufacturers? 

If you're a salesperson or marketer struggling to get ahead in your industry, IndustrySelect can help.

IndustrySelect provides access to MNI's database of 400,000 U.S. manufacturers on a subscription basis, providing detailed profiles of each company. Subscribers can select up to 30 data points on any manufacturing company in the U.S. to help identify or pre-qualify leads.

Company profiles also include the contact information for hard-to-find executive decision-makers.

Click here to try out a free demo of IndustrySelect today!

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