Electric Arc Furnaces Market Size, Share, and Analysis, By Type (DC Arc Furnace and AC Arc Furnace), By Application (Ferrous Metals and Non-Ferrous Metals), By Capacity (Below 100 Tons, 100-300 Tons, and Above 300 Tons), and By Region (North America, Euro

Electric Arc Furnaces Market Size, Share, and Analysis, By Type (DC Arc Furnace and AC Arc Furnace), By Application (Ferrous Metals and Non-Ferrous Metals), By Capacity (Below 100 Tons, 100-300 Tons, and Above 300 Tons), and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2024-2034

Electric Arc Furnaces Market Size, Share, and Analysis, By Type (DC Arc Furnace and AC Arc Furnace), By Application (Ferrous Metals and Non-Ferrous Metals), By Capacity (Below 100 Tons, 100-300 Tons, and Above 300 Tons), and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2024-2034

PRODUCT OVERVIEW

Electric Arc Furnaces Market is anticipated to grow at a CAGR of 9.2% in the forecast period (2024-2034), with the market size valued at USD 0.93 billion in 2023 and projected to reach USD 2.45 billion by 2034.

Electric arc furnaces (EAFs) refer to essential equipment that are used in the production of steel and utilizes electric arcs between graphite electrodes and recycled steel scrap to reach temperatures as high as 3000°C. The process melts the scrap, which enables the elimination of impurities and offer precise control over the steel composition. EAFs have advantages over traditional blast furnaces, such as low emissions, less energy use, and more material flexibility. They play an important role in the production of specialty steels and alloys with specific compositions, which makes substantial contributions to modern steel manufacturing. Furthermore, EAFs play an important role in steel recycling, which supports sustainable practices through the efficient use of scrap metal. Therefore, EAFs are efficient alternative in steel manufacturing, which assures that the industry complies with environmental and economic requirements.

MARKET HIGHLIGHTS

Electric Arc Furnaces Market is anticipated to reach USD 2.45 billion, growing at a CAGR of 9.2% during the forecast period, owing to high demand for steel and other metals due to infrastructure developments happening across developing economies. Additionally, technological improvements, along with the integration of AI and data visualization tools are assisting in using electric furnaces more effortlessly and efficiently. Moreover, electric furnaces are predominately used in the steelmaking and metal recycling industries. It is used to create steel and across the automobile, construction, and manufacturing sectors. In metal recycling, it is employed in recycling waste metals from landfills. Furthermore, continuous R&D initiatives to improve EAF technology, such as the integration of digitalization and automation, are projected to boost market growth.

Electric Arc Furnaces Market Segments:

• By Type
• DC Arc Furnace
• AC Arc Furnace
• By Application
• Ferrous Metals
• Non-Ferrous Metals
• By Capacity
• Below 100 Tons
• 100-300 Tons
• Above 300 Tons

MARKET DYNAMICS

Growth Drivers

Surge In Global Steel Demand in Every Major Industry to Drive the Market

Advancement In Furnace Technology Is Leading the Way for Electric Furnace Market

Restraint

High Initial Investments for Setting Up the Industrial Plants Can Hinder the Financial Growth

Key Players

• Danieli & C. Officine Meccaniche S.p.A.
• SMS group GmbH
• Nippon Steel Corporation
• Siemens AG
• Electrotherm (India) Limited
• Tenova S.p.A.
• Mitsubishi Heavy Industries, Ltd.
• China First Heavy Industries
• Primetals Technologies Limited
• Techint Group
• IHI Corporation
• TENOVA LOI Thermprocess GmbH
• Doshi Technologies Pvt. Ltd.
• Inductotherm Corp.
• Mcwane, Inc.
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Global Laboratory Temperature Control Units Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAG.R – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA

Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 3-month post-sales analyst support.

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