According to a market report from Research Beam, the global industrial ovens market, which was valued at more than $8.4 billion in 2016, is projected to grow at a CAGR of 6.2 percent and reach nearly $12.9 billion in 2023. The food production and processing segment, which generated the highest revenue in 2016, is expected to dominate the market throughout the analysis period.
The study analyzed end-user industries including food production and processing, chemical processing, electronics, automotive, aerospace and pharmaceuticals. Geographically, the market was studied across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East and Africa).
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