The global industrial furnaces market size is anticipated to reach USD 16996.5 million by 2026, expanding at a CAGR of 5.4 percent during the forecast period. The recurring demand for iron and steel accompanied by other significant materials and metals, increase in adoption of electrical industrial furnaces and surge in demand for lightweight vehicles due to technological advancements are some of the major factors bolstering the industrial furnaces market growth. Besides, increase in adoption of state-of-the-art technologies such as IIoT has remodelled the entire scenario of Industrial furnaces. Therefore, customers today expect manufacturers to offer products that are designed, manufactured, and work on the latest technologies that meet their budgets. Also, they specifically look for Industrial furnaces that are highly insulated so that the fuel consumption and heat loss are reduced, leading to cost reduction.