Magnetic Induction Heating Device Market

Magnetic Induction Heating Device Market Outlook (2024 to 2034)

The global magnetic induction heating devices are projected to reach a valuation of US$ 562.8 million in 2024 and thereafter forecasted to expand at a 4.3% CAGR to reach US$ 857.4 million by 2034.

The market for magnetic induction heating devices is poised to expand at a steady compound annual growth rate (CAGR) and generate revenue. The market's expansion is ascribed to the rising demand for magnetic induction heating devices used in several applications such as plastic processing, welding, cooking, sealing, and heating treatment. For the coming time, the study will also provide detailed costs, segmentation, trends, region, and commercial growth of the major key players worldwide.

Throughout the forecast period, the primary factors that are going to drive demand for magnetic induction heating devices are the rising emphasis on sustainability and the growing necessity to limit the usage of fossil fuels.

The expansion of the market for magnetic induction heating devices is also expected to be favorably impacted by technological developments in magnetic induction technologies. The surging demand for these devices is also favored by an expanding array of applications. Sales of magnetic induction heating systems are rising in response to the growing need for clean and sustainable energy options, contributing to the overall expansion of the global market.

Report Attribute	Detail
Magnetic Induction Heating Device Market Size (2024E)	US$ 562.8 Million
Forecasted Market Value (2034F)	US$ 857.4 Million
Global Market Growth Rate (2024 to 2034)	4.3% CAGR
North America Market Value (2034F)	US$ 196.4 Million
Mexico Market Value (2034F)	US$ 15.5 Million
Furnaces Segment Growth Rate (2024 to 2034)	3.3% CAGR
United States Market Value (2034F)	US$ 149 Million
Key Companies Profiled	Schaeffer AG; Radyne Corporation; SKF AB; CEIA S.P.A; GH Induction Atmosphere; VGK Electric; EFD Induction; Inventum Engineers Company Pvt. Ltd.; Krishna Electronics; Inductotherm Group.

What is Pushing the Market for Magnetic Induction Heating Devices Upward?

“Automotive Industry Extensively Employing Magnetic Induction Heating Devices”

A broad range of groups and organizations involved in the design, development, assembly, marketing, and sales of motor vehicles are part of the automotive industry. Based on income, it is one of the prominent financial sectors globally. An expansion of the automotive industry is becoming a prominent modern and economic force.

Requests from customers are transforming the company through innovation's digitalization. The auto industry provides solutions for more environment-friendly cars, public transportation, driving assistance and independent driving, astute framework, and a variety of creative ways to satisfy customer needs. Particularly, the auto and auto part manufacturing industry is well-liked by new representatives. Production determines the number of hours worked and pay for the remaining auto industry.

The global automobile industry's income development is mostly driven by rising per capita income. The company is helpless against changes in the currency due to its reliance on work rates, global buyer spending, finance rates, and the price of crude petroleum globally, leading to increasing magnetic induction heating device market size.

“Manufacturers Desiring for Efficiency and Sustainable Options”

Manufacturers are equipping their equipment with advanced features such as computerized controls, automatic temperature management, and real-time monitoring systems. This ensures a more accurate and effective heating along with better energy management and process control. Furthermore, remote monitoring, predictive maintenance, and machine performance optimization are made possible by the combination of data analytics capabilities and the Internet of Things (IoT). There is an increasing demand for smarter induction heating solutions with technical developments.

Energy efficiency and sustainability are becoming more and more important in a variety of businesses. Energy efficiency and environmental friendliness are well-known features of high-frequency induction heating devices. To reduce heat loss and energy waste, these machines use electromagnetic induction to create heat directly within the workpiece.

High-frequency induction heating devices are in greater demand because of efforts by businesses and governments to lower carbon emissions and promote energy efficiency. In addition, the market is growing because of the need to reduce greenhouse gas emissions and the adoption of severe environmental rules, which are pushing enterprises to use sustainable heating solutions.

The automotive industry's growing requirement for lightweight materials and electric vehicles (EVs) has led to a boom in the need for accurate and efficient induction heating solutions. Automobile applications benefit greatly from high-frequency induction heating systems because of their quick heating times, consistent heating profiles, and low energy usage. Growth in the market is owing to the automotive industry's adoption of new production processes and the trend toward electric vehicles.

“Extensive Usage of Magnetic Induction Devices in Manufacturing Coils”

Because it creates the electromagnetic fields required to heat the workpiece, the induction coil is a crucial part of the process. Improvements in coil design have been crucial in raising the effectiveness, flexibility, and variety of induction brazing systems. More manufacturers are focusing on creating sophisticated and adaptable coil designs that will handle a wide variety of workpiece shapes.

In businesses where components differ greatly in size, shape, and material composition, this flexibility is essential. These advancements in coil design will greatly increase the capacity of its brazing equipment to handle complex workpiece combinations.

Improvements in coil design have helped to enhance brazing process accuracy and heat dispersion. To minimize heat-affected zones in the surrounding areas and ensure the integrity of the joint, it is imperative to be able to accomplish accurate and targeted heating. In the aerospace and automotive sectors, where quality requirements are pivotal, this accuracy is very helpful.

The creation of modular and replaceable coils is another facet of innovative coil design. This makes it possible to make modifications to meet several manufacturing needs. It is now possible for manufacturers to move between several coil layouts without having to retool extensively, which makes the production process more flexible and effective.

What is a Big Threat to Magnetic Induction Heating Device Market Growth?

“Fast Change in Technology Adversely Affecting Market Sentiments”

Strong rivalry exists for the expansion of the market from alternative joining technologies including adhesive bonding, welding, and classical brazing techniques, which will have lower initial prices or are well-established in particular industries. Even if this kind of brazing has benefits such as accurate heating and energy economy, sectors used to establish technologies will be reluctant to make the switch to a comparatively more recent technique.

The market's widespread acceptance will be hampered by people's knowledge of and experience with other technologies, as well as their possible aversion to change. To overcome this limitation and promote adoption, it is necessary to draw attention to the special advantages of this type of brazing, stressing its effectiveness, accuracy, and environmental benefits, as well as to show off its superiority in certain applications.

Country-wise Insights

The market is growing around the globe with the presence of well-established countries including the United States, China, Mexico, and South Korea. The United States market is estimated to hold a significant magnetic induction heating device market share in North America.

Which Market Situations are Improving the Sales in the United States?

“Established Automotive Industry Requiring Magnetic Heating Devices in Large Amounts”

Attribute	United States
Market Value (2024E)	US$ 107.9 Million
Growth Rate (2024 to 2034)	3.3% CAGR
Projected Value (2034F)	US$ 149 Million

Due to the established automotive industry's high need for these devices, sales of magnetic induction heating devices are improving in the United States. For procedures such as metal hardening, soldering, and surface treatment, magnetic induction heating is becoming crucial as automakers use more sophisticated production techniques.

The industry's drive for innovation and sustainability is in line with the need for heating solutions that are both accurate and energy-efficient. The need for magnetic induction technologies is fueled by the rising trend towards electric cars and lightweight materials, which puts producers in a strong position to profit from this strong market demand in the automotive industry.

What Is Escalating the Profits of Manufacturers in China?

“Availability of Aftermarkets Pushing Sales of Magnetic Induction Heating Device Parts”

Attribute	China
Market Value (2024E)	US$ 54.9 Million
Growth Rate (2024 to 2034)	4.6% CAGR
Projected Value (2034F)	US$ 85.8 Million

Because aftermarket components are easier to get and maintain, several producers of magnetic induction heating systems in China are seeing a sharp increase in earnings. Manufacturers will quickly get components because of this accessibility, which lowers downtime and improves operational efficiency.

With the growing market for magnetic induction heating systems, having replacement parts available swiftly encourages customer pleasure and loyalty. The demand for these gadgets is further fueled by China's expanding industrial sector and rising expenditures in manufacturing technology. These elements work together to allow manufacturers to profit from a growing market, increasing both their market share and profitability.

Category-wise Analysis

The market is segmented into several categories including power type and applications. Some of the major applications available are furnace, welding, and cooking.

Which Applications Have a Wide Usage of Magnetic Induction Heating Devices?

“Widespread Use of Magnetic Induction Heating Devices in Cooking”

Attribute	Cooking
Segment Value (2024E)	US$ 140.1 Million
Growth Rate (2024 to 2034)	4.7% CAGR
Projected Value (2034F)	US$ 221.2 Million

Due to its widespread usage in culinary appliances, magnetic induction heating devices are a well-liked option in both domestic and commercial kitchens. Modern cooking habits require precise temperature control, energy economy, and quick heating, all of which this technology provides.

For example, induction cooktops make cooking safer since they heat pots and pans directly without warming the surface around them. Appliances with induction bases are becoming increasingly popular as customer expectations change to include quicker and more effective cooking techniques. Furthermore, the rising popularity of smart kitchen technology adds to the allure of magnetic induction heating in the culinary arts.

Magnetic Induction Heating Devices of What Power are Demanded More?

“0 to 5Kwh Capacity is Majorly Used by End Users”

Attribute	0 to 5 Kwh
Segment Value (2024E)	US$ 360.2 Million
Growth Rate (2024 to 2034)	3.5% CAGR
Projected Value (2034F)	US$ 505.9 Million

Because of its efficiency and adaptability, end customers choose the 0 to 5 kW capacity power type, which is the most common power type utilized in magnetic induction heating systems. Several uses for this power range exist, such as heating tiny to medium-sized components, industrial operations, and cooking.

These kinds of devices are perfect for both residential and business usage since they are energy-efficient and offer enough heating power. The 0 to 5 kW range becomes the ideal option as companies and consumers prioritize energy saving and cost-effectiveness more, increasing demand for magnetic induction heating solutions across several sectors. As a result, it is becoming a new magnetic induction heating device market trend.

Business Competition

Key players in the magnetic induction heating device market are eagerly planning to invest in launching new products including heating cables.

• In November 2021, Havells India Limited, announced the launch of a new campaign to promote its heater based on induction-based heat transfer technology. Magnatron Water Heater was promoted under the campaign titled “Shower that saves power” and was meant to attract more environment-conscious consumers in India.
• China-based consumer electronics manufacturer Xiaomi announced the release of their new MIJIA Ultra-thin Induction Cooker, which employed induction heating technology, in August 2021. The design is very tiny and comes with XiaoAI and NFC app compatibility.

Fact.MR provides detailed information about the price points of key players of the magnetic induction heating device market positioned across the world, sales growth, production capacity, and speculative technological expansion, in this updated market report.

Segmentation of Magnetic Induction Heating Device Market Research

• By Power Type :

  • 0 to 5Kwh
  • 5.1 to 10 Kwh
  • More Than 10 Kwh

• By Application :

  • Furnaces
  • Welding
  • Cooking
  • Brazing
  • Sealing
  • Heating Treatment
  • Plastic Process

• By Region :

  • North America
  • Western Europe
  • Eastern Europe
  • Latin America
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa