Global Refractory Equipment Market 2017-2021

Overview of the global refractory equipment market

Research analysis on the global refractory equipment market identifies that the rise in the number of smart cities will be one of the major factors that will have a positive impact on the growth of the market. Technavio's market research analysts predict that this market will post a revenue of more than USD 500 million by 2021. The rapid rise in the number of smart cities around the world is primarily supported by investments from the private sector. Governments of different countries are partnering with numerous private investors for the development of the smart cities. Presently, EMEA has more number of smart cities and the number of smart cities in APAC will grow at a quicker rate during the forecast period. The increase in number of smart cities and the rising investments will propel the growth of the global cement industry. This in turn, will increase the demand for refractory materials and equipment such as refractory mixer machines in cement factories.

The integration of 3D laser technology into refractory equipment will be one of the major factors driving the growth of this market in the coming years. Refractory equipment fitted with 3D scanners allow precise pictures to be taken and enable better investigation of the lining for any defects, failures, or unequal thickness. Refractory lining must be perfect due to the involvement of high temperatures and increased costs. Moreover, the use of 3D laser technology lowers the turnaround time for projects and helps maintain good quality of inspections.

Competitive landscape and key vendors