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Induction heating is much like (but not) Micro Wave).
It is used extensensively in manufacturing because of its ability to heat a specified area quickly and precisely.
For the most part It consist of copper tubing connected to an high frequency controle. The heat (high freq. bands) are broadcast around the tubing. The water in the tubing serves as a conducter and carrys the heat away from the tubing.
There is also a few different styles of bearing heaters that use Induction with just Iron bars. Lower current (no coolent needed).