The Global Market was $64.00 Million USD in 2021 and is growing at a CAGR of 6.24% year on year, it will reach $97.80 Million USD in 2029.
— Roy
LOS ANGELES, CALIFORNIA, USA, March 10, 2023 /EINPresswire.com/ —
Global Electric Arc Furnaces Market Overview
An electric arc furnace is a type of furnace that melts and fuses metals using an electric current. It is among the most prevalent types of industrial furnaces and is used to create a variety of goods, like jewellery, coins, and tools. Other high-tech materials, such as semiconductors, are also made in the electric arc furnace.
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The market is driven by increasing awareness about environmental concerns and growing adoption of renewable energy sources. Furthermore, the growth in large-scale manufacturing across various industries is also contributing to the market growth.
Market Segment and Regional Analysis
There are two types of electric arc furnaces in the market- AC-EAF and DC-EAF. AC-EAF is the older type that uses Alternating Current (AC) to generate heat, while DC-EAF uses Direct Current (DC) to generate heat. AC-EAF furnaces are usually larger in size and produce more heat than DC-EAF furnaces. They are also less expensive to operate than DC-EAF furnaces. The market for AC-EAF electric arc furnaces is growing faster than the market for DC-EAF electric arc furnaces. This is due to the increasing demand for renewable energy products, such as solar energy and wind power.
Electric arc furnaces are used in metallurgical and other industries to smelt ores. The electric arc furnace is a type of furnace used to produce steel, aluminum, and other metallic alloys by supplying an electric current to a metal ore in the presence of a gas such as hydrogen or carbon dioxide.
Electric arc furnaces are used to produce a variety of metals, such as aluminium, steel, and copper, across Asia Pacific, Europe, North America, South America, the Middle East, and Africa.
Prominent Key Players of the Electric Arc Furnaces Market
Electric arc furnaces are a major competitor in the steel market. These furnaces use electric arcs to create heat, which melts the steel. There are many different types of electric arc furnaces, and each has its own advantages and disadvantages. The major competitors of electric arc furnaces market are Danieli SMS Electrotherm TENOVA Primetals Technologies Steel Plantech IHI Doshi.
Key Market Segments Table: Electric Arc Furnaces Market
Based on types, the Electric Arc Furnaces market is primarily split into:
• AC-EAF
• DC-EAF
Based on applications, the Electric Arc Furnaces market covers:
• Metal Smelting
• Ore Smelting
• Others
Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historical data and forecast of the following regions are covered:
• Asia Pacific
• Europe
• North America
• South America
• Middle East And Africa
Analysis of the impact of the Russia-Ukraine War and COVID-19
The “Electric Arc Furnaces Market” is projected to benefit from COVID-19 post-pandemic. Electric arc furnaces are utilised in a wide range of industrial applications, including metallurgy, chemical and petrochemical, power generation, and mining, on the global market. Other end-use industries that employ electric arc furnaces include the manufacture of cement, aluminium smelting, and the construction of automobiles. Due to their low emissions, electric arc furnaces are regarded as clean energy sources. Additionally, Electric Arc Furnaces are powerful and can tolerate strong vibrations and shocks. Consequently, the market for Electric Arc Furnaces is anticipated to expand quickly over the coming years as a result of rising demand from important industry players.
Key Drivers & barriers in the Electric Arc Furnaces Market
The business for electric arc furnaces is expanding quickly as a result of the rising demand for metals and other materials. Market participants are investing in R&D to create new technologies and concentrating on growing their businesses into new geographies. Numerous significant obstacles are hindering the market for “Electric Arc Furnaces.” The fact that people are not aware of the advantages of electric arc furnaces is one of the key problems. The price of electricity presents another difficulty. Small businesses find it challenging to finance these furnaces due to the continually rising cost of power. Additionally, the usage of electric arc furnaces raises environmental concerns. These furnaces have reportedly been shown to be polluting, which is a significant barrier to their implementation.
Key Benefits for Industry Participants & Stakeholders:
• Reduced emissions. Electric arc furnaces produce significantly lower emissions than traditional furnace types, which is beneficial for the environment.
• Reduced operating costs. Electricity is a relatively cheap and reliable source of energy, which means that electric arc furnaces are typically more affordable to operate than other types of industrial furnaces.
• Enhanced quality control. Because electric arc furnaces produce high-quality products with little variation in results, they can enhance the quality assurance process for manufacturing businesses.
Following is the list of TOC for the Electric Arc Furnaces Market:
• Report Summary
• Study Scope and Definition
• Research Segmentation
• Players in Key Market Segments Ranked by Electric Arc Furnaces Revenue
• Market Research by Kind
• Application Market Customer Support
• Personal Assistant
• Customer Retention
• Customer Engagement
• Covid-19 Impact: Global Major Government Policy
• Global Electric Arc Furnaces Market Trends and Growth Strategy
• Global Electric Arc Furnaces Market Players Profiles
• Artificial Solutions Company Profile
• Global Electric Arc Furnaces Production Capacity Market Share by Market Players
• Global Electric Arc Furnaces Revenue Market Share by Market Players
• Global Electric Arc Furnaces Production Forecast by Regions
• Global Electric Arc Furnaces Marketing Channel, Distributors, Customers and Supply Chain
• Analyst’s Viewpoints/Conclusions
• Disclaimer
Inquire or Share Your Questions If Any Before Purchasing This Report
Why is an Electric Arc Furnaces Market Research Report so Important?
Electric arc furnaces are essential for the production of steel. The process begins by heating a metal to a high temperature in an electric arc furnace. This produces a hot gas that is then used to produce steel. The electric arc furnace is important because it is more efficient than other processes used to make steel. Additionally, the electric arc furnace produces a higher quality product than other methods. Consequently, an electric arc furnace market research report is essential for companies that are interested in entering this market.
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