Market Overview:
The global electric furnace market is expected to grow at a CAGR of 5.5% from 2018 to 2030. The growth in the electric furnace market can be attributed to the increasing demand for energy-efficient heating systems and rising awareness about environment-friendly heating solutions. The electric furnace market is segmented on the basis of type, application, and region. On the basis of type, the electric furnace market is segmented into furnaces with evaporator and furnaces without evaporator. Furnaces with evaporators are more efficient than furnaces without evaporators as they use less energy to heat up a space. On the basis of application, the electric furnace market is segmented into residential and commercial applications. Residential applications are further sub-segmented into new construction and retrofit/replacement segments. Commercial applications are further sub-segmented into industrial, institutional, and retail segments. Geographically, the global electric furnace market is segmented into North America, Latin America, Europe Asia Pacific (APAC),and Middle East & Africa (MEA). North America dominates the global Electric Furnace Market due to high adoption rate of advanced technologies in this region followed by Europe .
Product Definition:
An electric furnace is a heating system that uses electricity to create heat. The heat is then used to warm up a room or building. Electric furnaces are important because they can be used to heat large areas quickly and efficiently.
Furnace with Evaporator:
The furnace with evaporator is a heat exchanger used to increase the temperature of fluid for example, for heating process or to boil liquid in a closed vessel. The basic working principle of this equipment is very simple, it uses forced air as combustion medium and the heated air from furnace passes over the liquid or solid material which absorbs heat and thus increases its temperature.
Furnace without Evaporator:
The evaporator is one of the most important parts of a furnace. It's main function is to remove moisture or air from the combustion chamber. In case of gas furnaces, it removes oxygen and in case of liquid furnaces, it removes water vapor. The evaporation rate can be controlled by changing heat input to the system as well as by controlling flow through various nozzles attached to the evaporator assembly.
Application Insights:
The commercial application segment led the global electric furnace market in 2017 and is projected to expand at a CAGR of XX% over the forecast period. Rapid industrialization in developing countries, such as China, India and Brazil is expected to drive demand for commercial buildings which require large scale heating equipment. This trend is likely to create opportunities for manufacturers across the globe.
The residential application segment accounted for a share of more than 50% in 2017 owing to increasing adoption of energy-efficient products by consumers, especially in developed economies like Germany and U.K., resulting into increased product demand there over the coming years. In addition, growing urbanization along with rising disposable income levels has resulted into an increase in residential construction activities around the world which will further fuel industry growth over next few years.
Regional Analysis:
Asia Pacific dominated the global market in 2017 and is expected to continue its dominance over the forecast period. The growth can be attributed to increasing demand for energy-efficient products, coupled with rising disposable income of consumers. China accounted for a major share in terms of production and export owing to low labor cost as compared to other countries. In addition, availability of raw materials such as steel at economical prices has benefitted Chinese manufacturers.
North America is projected to witness significant growth over the forecast period owing to increased adoption by U.S.
Growth Factors:
- Increasing demand for electric furnaces from the construction sector as a result of growth in infrastructure development activities.
- Rising demand for electric furnaces from the automotive sector due to increasing production of vehicles across the globe.
- Growing popularity of electric furnaces among consumers owing to their energy-efficient and environment-friendly features.
- Proliferation of online retail platforms that offer a wide range of electric furnace models, making them easily accessible to consumers across all regions.
Scope Of The Report
Report Attributes
Report Details
Report Title
Electric Furnace Market Research Report
By Type
Furnace with Evaporator, Furnace without Evaporator
By Application
Residential, Commercial
By Companies
Goodman, Unico, Inc., Bryant, Lennox, Trane, ENTEK, Goodman
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
198
Number of Tables & Figures
139
Customization Available
Yes, the report can be customized as per your need.
Global Electric Furnace Market Report Segments:
The global Electric Furnace market is segmented on the basis of:
Types
Furnace with Evaporator, Furnace without Evaporator
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Residential, Commercial
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Goodman
- Unico, Inc.
- Bryant
- Lennox
- Trane
- ENTEK
- Goodman
Highlights of The Electric Furnace Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Furnace with Evaporator
- Furnace without Evaporator
- By Application:
- Residential
- Commercial
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Electric Furnace Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
An electric furnace is a type of heating appliance that uses electricity to heat up objects.
Some of the key players operating in the electric furnace market are Goodman, Unico, Inc., Bryant, Lennox, Trane, ENTEK, Goodman.
The electric furnace market is expected to grow at a compound annual growth rate of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Electric Furnace Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Electric Furnace Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Electric Furnace Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Electric Furnace Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Electric Furnace Market Size & Forecast, 2020-2028
4.5.1 Electric Furnace Market Size and Y-o-Y Growth
4.5.2 Electric Furnace Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Furnace with Evaporator
5.2.2 Furnace without Evaporator
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Residential
6.2.2 Commercial
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Electric Furnace Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Electric Furnace Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Furnace with Evaporator
9.6.2 Furnace without Evaporator
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Residential
9.10.2 Commercial
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Furnace with Evaporator
10.6.2 Furnace without Evaporator
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Residential
10.10.2 Commercial
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Furnace with Evaporator
11.6.2 Furnace without Evaporator
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Residential
11.10.2 Commercial
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Furnace with Evaporator
12.6.2 Furnace without Evaporator
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Residential
12.10.2 Commercial
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Furnace with Evaporator
13.6.2 Furnace without Evaporator
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Residential
13.10.2 Commercial
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Electric Furnace Market: Competitive Dashboard
14.2 Global Electric Furnace Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Goodman
14.3.2 Unico, Inc.
14.3.3 Bryant
14.3.4 Lennox
14.3.5 Trane
14.3.6 ENTEK
14.3.7 Goodman
