Induction Furnace Market Size, Share, Industry to See Drastic Growth Post 2023
Induction Furnace Market: According to Market Research Future (MRFR), The global induction furnace market is expected to cross USD 1.5 Billion at a CAGR of 5.6% from 2022 to 2030 (forecast period). The report presents the COVID-19 review of the global induction furnace market and provides a rigorous illustration of market segments, emerging developments, growth forecasts, and market challenges. Induction Furnace Market provides a clean, energy-efficient, and controllable melting process and are commonly used in the production of steel, copper, and aluminum. Induction furnaces use convection current to achieve the melting point of these metals, thereby utilizing less energy than other furnaces that typically fire at higher temperatures than those needed to melt the metals. Market Dynamics The increasing railroad industry, along with a higher demand for mining, smelting, and metal alloy machinery, contributes to the growth of the induction furnace industry. Steel and copper production