The market for electric arc furnace transformers is seeing growth due to increasing technological advancements and collaborations.
Fort Collins, Colorado, Nov. 15, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, The Electric Arc Furnace Transformers Market size was valued at USD 1.1 Billion in 2022 and is anticipated to be valued at USD 1.9 Billion by 2032 at a CAGR of 5.8%.
The steel market is growing due to the high demand and availability of scrap steel. China's increasing role in the steel industry has led to a decline in the worldwide share of scrap in metallic utilization. However, as obsolete scrap becomes more available in China due to infrastructure and product replacements, there is a shift towards electric arc furnace (EAF) technology for steelmaking that relies more heavily on scrap. This shift will significantly impact scrap utilization patterns in China and worldwide.
The infrastructure sector's demand for steel will boost market growth. Construction is the largest steel-utilizing industry, accounting for over half of global steel demand. Steel is crucial for building strength, from houses to high-rises, as well as for rooftops and cladding. Steelmakers worldwide are developing low-carbon solutions for energy-efficient buildings. For example, in the HAMK Sheet Metal Center in Finland, steel solutions reduced power and heating costs from USD 13,167 to USD 5,522 per year in a near-zero energy building.
The global population is projected to grow by 2 billion in the next 30 years, reaching 9.7 billion in 2050. With rapid urbanization, reducing natural resource consumption and emissions is crucial for sustainability. Therefore, the market for recycled steel is growing to address resource depletion.
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Segmentation Overview:
The global electric arc furnace transformers market has been segmented into type, application, and region. In the electric arc furnace transformer market, the DC EAF transformer dominates with a 63.9% revenue share and is expected to continue its dominance in the forecast period. DC EAF transformers are more energy-efficient and offer greater efficiency than AC EAF. Steel furnace holds the largest market share, with a 43.3% revenue share.
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Electric Arc Furnace Transformers Market Report Highlights:
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The global electric arc furnace transformers market growth is anticipated at a CAGR of 5.8% by 2032.