According to a new report by Global Industry Analysts Inc., the global industrial furnaces and ovens market is expected to reach $12.5 billion by 2017. Growth in the market will reportedly result primarily from the growing popularity of hybrid furnaces, increasing replacement of old furnaces, availability of new oxygen technologies, and increasing demand from developing countries.

According to the report, the world market for industrial furnaces and ovens is dominated by Europe, followed by the U.S. Asia-Pacific is poised to register the fastest compounded annual growth rate over the analysis period. Segment-wise, industrial electric heating equipment constitutes the largest product segment. The industrial furnace market continues to see increased popularity of hybrid furnaces.

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