Rockville , Aug. 10, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, The Electric Arc Furnace and Components Market revenues were estimated at US$ 1.65 Billion in 2022 and are anticipated to grow at a CAGR of 2.7% from 2023 to 2033. By the end of 2033, the market is expected to reach a US$ 2.2 Billion valuation. China is expected to be the largest market, which with a CAGR of 3.5% is expected to reach US$ 645.7 Million by 2033.
The Electric Arc Furnace (EAF) and components market has been witnessing significant growth, driven by several factors, including stringent safety regulations and the increasing demand for reliable circuit breakers. Safety regulations in the industrial sector have become more stringent in recent years, especially in steelmaking, due to the potential risks associated with high-temperature operations and heavy machinery. As a result, steel manufacturers are compelled to invest in advanced and reliable EAF technologies that adhere to strict safety standards.
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Report Attributes | Details |
| Forecast Period | 2023 - 2033 |
| Value Projection (2033) | US$ 2.2 Billion |
| Growth Rate (2023-2033) | 2.7% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 24 Tables |
| No. of Figures | 182 Figures |
International standards, such as the International Electrotechnical Commission (IEC) standards, provide guidelines for the design, testing, and performance of circuit breakers. These standards, such as IEC 60947, ensure that circuit breakers meet safety requirements and provide reliable protection in high-power applications. International standards, such as ISO 13578, provide safety requirements for machinery and equipment used in the production of steel by electric arc furnaces.
The steel industry is a prominent consumer of electric arc furnaces. As the demand for steel products is rising globally, driven by infrastructure development, automotive production, and construction activities, the need for efficient and reliable steelmaking processes increases. According to the World Steel Association, the global steel industry has been witnessing steady growth in recent years. In 2019, global crude steel production reached 2.06 billion tons, and this trend is expected to continue as economies recover and infrastructure projects are initiated. With increasing steel production and the need for specialized steel products, EAFs provide an efficient and sustainable solution, positioning them as a critical player in the future of steel production.
Analysis by country
Market research on electric arc furnaces and their components in the US:
By 2033, the market in the US is projected to increase by US$ 60.5 million in absolute terms, reaching a value of US$ 284.7 million. From 2023 to 2033, the market in the United States is anticipated to expand at a CAGR of 2.2%.
The United States' annual revenue from the manufacture of iron and steel climbed from over US$ 70 billion in 2009 to US$ 101 billion in 2022. With a focus on environmentally friendly steel production techniques, the US steel industry has been expanding and changing, and as a result, demand for electric arc furnace (EAF) technology is rising quickly.
Competitive Landscape
Key players in the Electric Arc Furnace and Components Market include:
- Schneider Electric,
- Mitsubishi Electric Corporation,
- ABB,
- Siemens,
- Toshiba,
- Tavrida Electric AG,
- Xiamen Huadian Switchgear Co., Ltd.,
- Nippon Steel & Sumikin Engineering,
- Danieli,
- Algoma Steel Group Inc.
Companies are taking up the challenge and designing strategies to maintain the growth in the Electric Arc Furnace and Components sector which will help the market grow.
Some of the recent developments in the Electric Arc Furnace and Components Market are:
- In June 2023, Mitsubishi Electric Corporation's subsidiary ICONICS, Inc. announced that it has formally agreed to acquire ICONICS UK, Ltd., a member of the Mitsubishi Electric Group, on its whole. The acquisition sought to bolster ICONICS' executive team and broaden its global software-as-a-service (SaaS) offering for smart buildings.
- In January 2023, Shinkansai Steel Co., Ltd, a Japanese flat-steel producer, announced its plans to implement Danieli's Q-One technology in its Electric Arc Furnace (EAF) steelmaking process. The Q-One technology, developed by Italian plant supplier Danieli, is designed to optimize the EAF process and improve steel production efficiency.
- In May 2023, ABB declared that it had finished buying Siemens' low-voltage NEMA motor division. ABB's position as a producer of industrial NEMA motors is strengthened by this purchase, which is a component of the company's successful growth strategy for the Motion business area.
- In May 2021, Siemens announced that it had signed an agreement to acquire Supplyframe, a platform for electronics development and supply, for a total purchase price of US$ 700 million. This acquisition is part of Siemens' strategy to accelerate its digital marketplace and enhance its offerings in the electronics industry.
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Segmentation of the Global Electric Arc Furnace and Components Market
- By Current Type:
- AC EAF
- DC EAF
- By Type:
- EAF
- Below 100 tons
- 100-300 tons
- Above 300 tons
- Power Cables
- Furnace Transformers
- Arc Furnace Vacuum Circuit Breaker
- Graphite Electrodes
- Refractory lining
- Water Cooled System
- Scrap Preheating System
- Vacuum Switches
- EAF
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Electric Arc Furnace and Components Market, presenting historical market data (from 2018 to 2022) and forecast statistics from 2023 to 2033.
The study reveals extensive growth in Electric Arc Furnace and Components Market by Current Type (AC EAF, DC EAF), by Type (EAF, Furnace Transformers, Arc Furnace Vacuum Circuit Breaker, Graphite Electrodes, Refractory lining, Water Cooled System, Scrap Preheating System, Vacuum Switches), by Region (North America, Latin America, Europe, South Asia & ASEAN, East Asia, Middle East and Africa, and Oceania) from 2023 to 2033.
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