Wilmington, Delaware, United States, May 18, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The Global Electric Arc Furnaces Market stood at US$ 800.0 million in 2022 and the global market is projected to reach US$ 1.3 billion by 2031. The global industry is anticipated to expand at a CAGR of 5.7% between 2023 and 2031.
The market value of electric arc furnaces is increasing, owing to the growing demand for steel. The steel industry is witnessing a surge in demand, driven by factors such as infrastructure development, urbanization, and industrialization. Electric arc furnaces play a crucial role in steel production by melting scrap metal and transforming it into high-quality steel. The increasing demand for steel globally is expected to fuel the growth of the electric arc furnaces market.
The advantages of electric arc furnaces are another significant factor contributing to the market growth. Electric arc furnaces offer several advantages over traditional steelmaking processes, such as oxygen-based converters. The advantages include flexibility in raw material selection, lower energy consumption, reduced greenhouse gas emissions, and the ability to produce specialty steels. These factors make electric arc furnaces an attractive choice for steel manufacturers, contributing to market growth.
The market prospects have been driven by factors such as environmental regulations and sustainability. Governments and regulatory bodies are implementing stricter regulations on industries, including steelmaking, with growing concerns about climate change and environmental impact.
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Electric arc furnaces are considered more environmentally friendly compared to conventional steelmaking methods. They emit fewer pollutants and greenhouse gases, leading to a reduced environmental footprint. The focus on sustainability and compliance with environmental regulations is expected to drive the adoption of electric arc furnaces, thereby boosting market growth.
Key Findings of the Market Report
- On the basis of type, AC arc furnace segment is likely to be most preferred, expected to expand at a significant share, attributed to their higher electrical efficiency, which makes them attractive choice for steel manufacturers seeking to optimize energy consumption and reduce operational costs.
- Based on capacity, the more than 400 tons’ segment holds a significant market share, due to the increasing demand for large-scale steel production.
- By application, ferrous metals segment is expected to boost the market growth, attributed to the factors including the growing demand for steel, as well as recycling and environmental sustainability.
Global Electric Arc Furnaces Market: Growth Drivers
- The global Electric Arc Furnaces market is projected to expand at a steady pace from 2023 to 2031, due to the regional infrastructure development, and shift towards electric vehicles.
- Other factors that are projected to augment the market growth include the increasing focus on energy efficiency, and demand for high-quality steel.
- Additionally, the favorable government policies and incentives, as well as increasing investments in research and development are the major factors that are anticipated to fuel the market prospects in the near future.
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Global Electric Arc Furnaces Market: Regional Landscape
- Asia Pacific is expected to dominate the electric arc furnaces market during the forecast period, attributed to increasing industrialization and urbanization.
- The regional market is witnessing an increase, due to the factors such as the government initiatives and investments.
- Growing demand for environmentally sustainable processes, and favorable raw material availability, in the region, are also anticipated to escalate the growth of the regional market over the analysis period.
Global Electric Arc Furnaces Market: Key Players
Some of the key market players in the global Electric Arc Furnaces market are:
- Danieli & C. S.p.A.
- Electrotherm Limited
- Nippon Steel Corp.
- Primetals Technologies Ltd.
- Saint-Gobain
- Siemens AG
- Sinosteel Midwest Group
- SMS Group GmbH
- Tenova S.p.A.
- Whiting Equipment Canada, Inc.
Competitive Landscape
Prominent players in the electric arc furnaces industry are taking advantage of the rapidly increasing demand for electric arc furnaces. To further their outreach, players are relying on collaborations, partnerships, and acquisitions with existing small, medium, and large-scale providers. Some prominent market developments are as follows:
- In 2021, SMS Group introduced the CONSO arc furnace technology, which offers improved energy efficiency and reduced emissions. The technology includes features such as a closed-loop water cooling system and advanced process control algorithms.
- In the same year, Danieli unveiled the Q-Melt Furnace, an innovative electric arc furnace design that incorporates advanced automation and digitalization. The Q-Melt Furnace allows for precise control of the steelmaking process, resulting in higher productivity and quality.
- In 2020, Tenova introduced the iEAF®+ technology, an advanced electric arc furnace solution. It incorporates intelligent process control and automation features to optimize energy consumption and reduce environmental impact. The iEAF®+ technology also enables efficient use of scrap and facilitates the production of high-quality steel.
- In the same year, Primetals Technologies launched the Consteel® Evolution, an upgraded version of its Consteel® technology. The Consteel® Evolution is an innovative continuous scrap preheating system for electric arc furnaces. It offers improved energy efficiency, reduced operating costs, and enhanced environmental performance.
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Global Electric Arc Furnaces Market: Segmentation
Type
- DC Arc Furnace
- AC Arc Furnace
Capacity
- Up to 100 Tons
- 100 - 200 Tons
- 200 - 300 Tons
- 300 - 400 Tons
- More than 400 tons
Application
- Non-ferrous Metals
- Ferrous Metals
Distribution Channel
- Direct
- Indirect
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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