Asia Pacific Induction Heating Systems Market - By Product (Portable, Stationary), By End Use (Automotive, Aerospace, Power Generation, Shipbuilding, Oil & Gas) & Global Forecast Report, 2024 – 2032

Asia Pacific Induction Heating Systems Market - By Product (Portable, Stationary), By End Use (Automotive, Aerospace, Power Generation, Shipbuilding, Oil & Gas) & Global Forecast Report, 2024 – 2032

Asia Pacific Induction Heating Systems Market Size

Asia Pacific Induction Heating Systems Market size surpassed USD 574.8 million in 2023 and is slated to exhibit over 4.1% CAGR from 2024 to 2032. This is credited to the large-scale integration of clean energy sources.

Global induction heating systems market is set to cross USD 2.8 billion by 2032 owing to growing automotive industry. Government bodies have introduced strict regulatory norms to bolster energy-efficient and clean energy technology deployment. Several APAC countries, including India and China, are also making a transition to electric mobility to reach decarbonization targets. For example, Guangzhou, Xi’an, and Shenzhen cities in China operate public transport systems that are 100% electric. These factors will escalate the use of induction heating tools in EV part manufacturing processes that involve the bonding of metals and other conductive materials.

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Costs of renewable energy, especially wind and solar, continue to decline, leading to extensive investment in this sector. The reliance on clean energy as a power source for induction heating equipment will therefore increase, creating lucrative opportunities for industry development. However, concerns regarding high operational and maintenance costs, along with the rising purchase prices, may deter APAC consumers from making long-term investments in these systems.
 

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Asia Pacific Induction Heating Systems Market Analysis

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Asia Pacific induction heating systems market from the stationary product segment is poised to register more than 4% growth rate through 2030. The mounting usage of environment-friendly technologies for hardening, brazing and annealing applications is one of the prominent factors driving product consumption. Stationary induction heating systems also exhibit low noise emissions, zero exhaust gas, and are highly reliable and durable. These key features are encouraging end-users to rely on stationary units over traditional counterparts to fulfill their induction heating requirements.

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APAC induction heating systems market value from the power generation end-use segment is anticipated to reach nearly USD 170 million by 2030, owing to the extensive application scope of induction heating systems in slewing rings and gears production for wind turbines. This system is also utilized in repairing industrial gas turbine components. Furthermore, the increasing consumption of renewable energy and the upgradation of solar PV modules will stimulate the demand for induction heating tools in power generation applications across the region.

The shipbuilding end-use segment will also record considerable revenue by 2030. The strong demand for new vessels and the mounting investment in refurbishment projects for existing fleets will promote induction heating system usage. Additionally, the requirement for ergonomically designed equipment has surged. These factors, alongside the introduction of regulatory standards for the modification and rebuilding of vessels, will further augment industry dynamics in the region.

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China is expected to hold around 25% share of the Asia Pacific induction heating systems market by 2030, on account of the increased deployment of advanced heating systems in compliance with stringent government norms, as well as increasing car sales. Based on estimates from the China Passenger Car Association, total passenger car sales reached 1.95 million in September 2022, indicating a 21.2% rise from the previous year. Moreover, the introduction of strict government mandates to limit greenhouse gas emissions in the nation will drive the use of induction heating systems in automotive part production.

Asia Pacific Induction Heating Systems Market Share

Top companies operating in the induction heating systems market in Asia Pacific are

• Ultraflex Power Technologies
• Microtech Inductions Pvt. Ltd.
• Solidheat Industries Pte. Ltd.
• C-Tech Innovation
• TM Induction Heating
• EFD Induction
• KBG INDUCTION
• Abhay Induction Tech Pvt. Ltd.
• Kitashiba Electric Co., Ltd.
• Inductotherm Group Japan
• Neturen Co., Ltd
• Schaeffler (Singapore) Pte. Ltd.
• Electrotherm

These firms are focusing on business expansions and other strategies to reinforce their presence in the market.

For instance, in August 2022, Schaeffler (Singapore) expanded its warehouse facility, including distribution and consolidation centers, across India. The expansion required the warehouse to be equipped with 16,000 pallet sites in a 100,000 sq. feet area. Such initiatives will enable the company to establish a strong footprint in the regional industry.

COVID-19 Impact

Following a dip in aerospace services delivery due to COVID-19-induced disruptions in 2020, the aviation industry is poised to observe growth and reach pre-pandemic peak levels over the coming decade. Aviation associations including IATA have also urged APAC states to ease border measures to expedite the region’s recovery from the pandemic. These factors will also augment aircraft manufacturing. Aerospace and defense service providers often utilize induction heating to meet their manufacturing requirements. The potential rise in aircraft production will therefore add impetus to market development in the region.

The Asia Pacific induction heating systems market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD” from 2018 to 2030, for the following segments

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Market Insights, By Product

• Portable
• Stationary

Market Insights, By End Use

• Automotive
• Aerospace
• Power Generation
• Shipbuilding
• Oil & Gas
• Others

The above information has been provided for the following countries

• China
• Japan
• India
• Australia
• South Korea
• Thailand
• Singapore
• Malaysia
• Philippines
• Indonesia
• Vietnam
• Indonesia