The Latin America, Middle East and Africa Industrial Oven Market would witness market growth of 7.9% CAGR during the forecast period (2021-2027).
Due to rising industrialization, particularly in emerging economies around the world, the worldwide industrial oven market is predicted to rise steadily. In addition, the substitution of industrial furnaces with industrial ovens in heat treatment activities in manufacturing plants where temperatures less than 1,000 degrees F are required, would help the industry to expand further. On the other hand, the industrial oven's initial cost prevents its widespread use. Furthermore, manufacturers' lack of knowledge of the need for industrial ovens over furnaces for identical purposes is expected to hinder the market growth during the forecasting period.
In the near future, continued technological improvements in the global industrial oven market are projected to give sufficient growth prospects for oven manufacturers and suppliers. To stay competitive and gain market share, key industry players have already turned their focus to innovation and technical breakthroughs. In addition, the advent of novel heating technologies, high-speed convection ovens, interactive oven interfaces, and ventless ovens would help the industry players to keep up the growing demand.
According to USDA Foreign Agricultural Service, Brazil's food processing business was worth US$179 billion in 2018, making it one of the leading worldwide participants in the industry. Brazil's food processing industry grew by 2% in 2018 compared to the previous year, owing to the country's slow recovery from one of the worst economic crises in its history. Considering this, it is expected that the country would witness massive demand for industrial ovens in order to satisfy the demand in food processing industry.
Moreover, many global players are entering the regional market to capitalize on untapped opportunities. For this, these are rolling out effective as well as affordable industrial ovens to both small and large businesses. Further, these players are highly engaged in promotional strategies like marketing their products on social media channels to gain the trust of existing and new customers.
The Brazil market dominated the LAMEA Industrial Oven Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $232.8 million by 2027. The Argentina market is poised to grow at a CAGR of 8.4% during (2021 - 2027). Additionally, The UAE market would exhibit a CAGR of 7.6% during (2021 - 2027).
Based on Process, the market is segmented into Continuous and Batch. Based on Industry, the market is segmented into Food Production & Processing, Automotive & Aerospace, Chemical Processing, Electricals & Electronics, Pharmaceuticals and Others. Based on Heating Medium, the market is segmented into Infrared Heaters, Electric Heat, Fuel & Gas-fired and Others. Based on Product, the market is segmented into Curing Ovens, Baking Ovens, Drying Ovens, Reflow Ovens and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Industrial Oven Market is Predict to reach $12.3 Billion by 2027, at a CAGR of 4.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ASC Process Systems, Harper International Corporation, Thermal Product Solutions LLC (Wisconsin Oven Corporation), JPW Industrial Ovens & Furances, Davron Technologies Inc., Grieve Corporation, JLS Ovens and Furnaces Ltd., Steelman Industries, Inc., and Eastman Manufacturing, Inc.
By Process
By Industry
By Heating Medium
By Product
By Country
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