Fatpos Global has released a report titled “Electric Arc Furnaces Market- Analysis of Market Size, Share & Trends for 2023 – 2024 and Forecasts to 2034” which is anticipated to reach USD 2.45 billion by 2034. According to a study by Fatpos Global, the market is expected to portray a CAGR of 9.2% between 2024 and 2034. The rising market research in better steelmaking and incorporation of advanced technologies are expected to boost the growth of Electric Arc Furnaces Market.
The market research study on Electric Arc Furnaces Market includes in-depth insights such as:
"Increasing number of infrastructure and industrial projects in developing countries is set to fuel the steelmaking industry, which directly influence the electric arc furnace market. The adoption of better furnace technology is expected to boost market demand further.", said a lead analyst at Fatpos Global.
Electric arc furnaces (EAFs) are essential components of steel production equipment that use electric arcs between graphite electrodes and recycled steel waste to attain temperatures of up to 3000°C. The technique melts the scrap, eliminating impurities and providing perfect control over the steel composition. EAFs have several advantages over typical blast furnaces, including lower emissions, reduced energy use, and more material flexibility. They play a key role in the manufacture of specialty steels and alloys with specified compositions, which contribute significantly to modern steel production.
Electric Arc Furnaces are classified into AC and DC arc furnaces. DC arc furnaces are likely to dominate the industry due to their high energy efficiency. When compared to AC furnaces, DC furnaces can save more than 10% on total energy consumption. They frequently have longer and faster melting times, which implies that these furnaces can produce more steels or metals in a shorter amount of time, improving their quality and work efficiency. DC furnaces usually have a simpler and sleeker design with fewer electrodes than AC furnaces, resulting in lower maintenance and operational costs.
Key Players in the Market
Some of the key players operating in the Electric Arc Furnaces Market includes 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., and Other Prominent Players.
Get Valuable Insights into Market
In the most recent market study conducted by Fatpos Global, we aim to provide an impartial analysis of the Electric Arc Furnaces Market, encompassing historical demand data and forecasts spanning from 2022 to 2032. This study offers valuable insights into the market's growth trajectory.
The Electric Arc Furnaces Market is categorized based on the Type into DC Arc Furnace and AC Arc Furnace. The market is further categorized by Application into Ferrous Metals and Non-Ferrous Metals. The Electric Arc Furnaces Market is categorized based on Capacity into Below 100 Ton, 100-300 Ton and Above 300 Ton segments. Geographically, our analysis covers key regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.
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