Electric Arc Furnace Market SWOT Analysis by 2031
The Electric Arc Furnace Market is expected to register a CAGR of 11.2% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The Electric Arc Furnace Market Report is segmented by Type into the following subsegments: DC Electric Arc Furnace and AC Electric Arc Furnace. It is also segmented by Application, including Metal Smelting, Ore Smelting, and Others. The global analysis is broken down at the regional level and by major countries. The market evaluation is presented in US$ for the above segmental analysis, with insights into innovations and projections through 2031.
Purpose of the ReportThe report Electric Arc Furnace Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Electric Arc Furnace Market Segmentation
Type- DC Electric Arc Furnace
- AC Electric Arc Furnace
- Metal smelting
- Ore smelting
- Others
Strategic Insights
Electric Arc Furnace Market Growth Drivers- Steel in the Constructions and Manufacture: The growth drivers of the steel market in construction and manufacturing are largely attributed to the production of quality steel through Electric Arc Furnaces (EAFs) furnaces.
- Steelmaking Production: There was a trend toward recycling, since EAFs are cleaner and more energy-efficient than traditional blast furnaces, and they primarily use recycled steel scrap that is better for the environment.
- Technological Innovation in EAFs: Modern Developments of electric arc furnaces along with more modern automation, higher efficiency, and better control systems are propelling the market.
- Smarter Technologies: Integration of IoT and AI at electric arc furnaces by monitoring the real time scenarios of electric arc furnaces and their failures with assured energy optimization.
- Renewal energy usage: Renewal energy sources such as solar or wind power are increasingly used in EAF operations; therefore, production becomes a bit more sustainable.
- High-quality steel demand: The need for steel with better quality is going up as the quality of steel has become more important in most applications- auto parts, high-strength material, etc.
- Growth in Developing Economies: Rapid industrialization in emerging economies, such as China, India, and Brazil, is driving an increase in demand for electric arc furnaces in order to produce steel.
- Retrofitting and upgrading older EAFs: The contract will include installing new technologies such as automation and energy-saving technologies in existing furnaces.
- Circles of Economy: With the increased emphasis on recycling and reducing waste, EAFs that support sustainable practices are in demand. Scrap metal use is promoted, and it even reduces emissions.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Electric Arc Furnace Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Electric Arc Furnace Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Have a question?
Naveen
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The market is expected to register a CAGR of 11.2% during 2023–2031.
Factors driving the EAF Market Growth are increases in demand for the recycling of steel, rise in eco-friendly production, reduction in cost, and energy expenditure when producing steel, requirement of high-quality steel, and green steel manufacturing.
The future trends revolve around the adoption of new technologies like upgraded electric arc furnaces with improved energy recovery systems, added AI, and automation in furnace operations along with more focus on environmental sustainability through reduced carbon emissions during steel production.
The key players involved are: Danieli & C. Officine Meccaniche S.p.A., Doshi Technologies Pvt. Ltd, IHI Corporation, JP Steel Plantech Co, Primetals Technologies (Mitsubishi-Hitachi Metals Machinery, Inc.), Siemens AG, SMS group GmbH, Tenova S.p.A., The Electrotherm Group, Inc., Wuxi Dongxong Heavy Arc Furnace Co., Ltd.. They represent some of the most reliable makers of top-class EAF solutions that are efficient, environment-friendly, and pollution-free.,
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Electric Arc Furnace Market - By Type
1.3.2 Electric Arc Furnace Market - By Application
1.3.3 Electric Arc Furnace Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. ELECTRIC ARC FURNACE MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. ELECTRIC ARC FURNACE MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. ELECTRIC ARC FURNACE MARKET - GLOBAL MARKET ANALYSIS
6.1. ELECTRIC ARC FURNACE - GLOBAL MARKET OVERVIEW
6.2. ELECTRIC ARC FURNACE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. ELECTRIC ARC FURNACE MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. DC ELECTRIC ARC FURNACE
7.3.1. Overview
7.3.2. DC Electric Arc Furnace Market Forecast and Analysis
7.4. AC ELECTRIC ARC FURNACE
7.4.1. Overview
7.4.2. AC Electric Arc Furnace Market Forecast and Analysis
8. ELECTRIC ARC FURNACE MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. METAL SMELTING
8.3.1. Overview
8.3.2. Metal smelting Market Forecast and Analysis
8.4. ORE SMELTING
8.4.1. Overview
8.4.2. Ore smelting Market Forecast and Analysis
8.5. OTHERS
8.5.1. Overview
8.5.2. Others Market Forecast and Analysis
9. ELECTRIC ARC FURNACE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Electric Arc Furnace Market Overview
9.1.2 North America Electric Arc Furnace Market Forecasts and Analysis
9.1.3 North America Electric Arc Furnace Market Forecasts and Analysis - By Type
9.1.4 North America Electric Arc Furnace Market Forecasts and Analysis - By Application
9.1.5 North America Electric Arc Furnace Market Forecasts and Analysis - By Countries
9.1.5.1 United States Electric Arc Furnace Market
9.1.5.1.1 United States Electric Arc Furnace Market by Type
9.1.5.1.2 United States Electric Arc Furnace Market by Application
9.1.5.2 Canada Electric Arc Furnace Market
9.1.5.2.1 Canada Electric Arc Furnace Market by Type
9.1.5.2.2 Canada Electric Arc Furnace Market by Application
9.1.5.3 Mexico Electric Arc Furnace Market
9.1.5.3.1 Mexico Electric Arc Furnace Market by Type
9.1.5.3.2 Mexico Electric Arc Furnace Market by Application
9.2. EUROPE
9.2.1 Europe Electric Arc Furnace Market Overview
9.2.2 Europe Electric Arc Furnace Market Forecasts and Analysis
9.2.3 Europe Electric Arc Furnace Market Forecasts and Analysis - By Type
9.2.4 Europe Electric Arc Furnace Market Forecasts and Analysis - By Application
9.2.5 Europe Electric Arc Furnace Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Electric Arc Furnace Market
9.2.5.1.1 Germany Electric Arc Furnace Market by Type
9.2.5.1.2 Germany Electric Arc Furnace Market by Application
9.2.5.2 France Electric Arc Furnace Market
9.2.5.2.1 France Electric Arc Furnace Market by Type
9.2.5.2.2 France Electric Arc Furnace Market by Application
9.2.5.3 Italy Electric Arc Furnace Market
9.2.5.3.1 Italy Electric Arc Furnace Market by Type
9.2.5.3.2 Italy Electric Arc Furnace Market by Application
9.2.5.4 United Kingdom Electric Arc Furnace Market
9.2.5.4.1 United Kingdom Electric Arc Furnace Market by Type
9.2.5.4.2 United Kingdom Electric Arc Furnace Market by Application
9.2.5.5 Russia Electric Arc Furnace Market
9.2.5.5.1 Russia Electric Arc Furnace Market by Type
9.2.5.5.2 Russia Electric Arc Furnace Market by Application
9.2.5.6 Rest of Europe Electric Arc Furnace Market
9.2.5.6.1 Rest of Europe Electric Arc Furnace Market by Type
9.2.5.6.2 Rest of Europe Electric Arc Furnace Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Electric Arc Furnace Market Overview
9.3.2 Asia-Pacific Electric Arc Furnace Market Forecasts and Analysis
9.3.3 Asia-Pacific Electric Arc Furnace Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Electric Arc Furnace Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Electric Arc Furnace Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Electric Arc Furnace Market
9.3.5.1.1 Australia Electric Arc Furnace Market by Type
9.3.5.1.2 Australia Electric Arc Furnace Market by Application
9.3.5.2 China Electric Arc Furnace Market
9.3.5.2.1 China Electric Arc Furnace Market by Type
9.3.5.2.2 China Electric Arc Furnace Market by Application
9.3.5.3 India Electric Arc Furnace Market
9.3.5.3.1 India Electric Arc Furnace Market by Type
9.3.5.3.2 India Electric Arc Furnace Market by Application
9.3.5.4 Japan Electric Arc Furnace Market
9.3.5.4.1 Japan Electric Arc Furnace Market by Type
9.3.5.4.2 Japan Electric Arc Furnace Market by Application
9.3.5.5 South Korea Electric Arc Furnace Market
9.3.5.5.1 South Korea Electric Arc Furnace Market by Type
9.3.5.5.2 South Korea Electric Arc Furnace Market by Application
9.3.5.6 Rest of Asia-Pacific Electric Arc Furnace Market
9.3.5.6.1 Rest of Asia-Pacific Electric Arc Furnace Market by Type
9.3.5.6.2 Rest of Asia-Pacific Electric Arc Furnace Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Electric Arc Furnace Market Overview
9.4.2 Middle East and Africa Electric Arc Furnace Market Forecasts and Analysis
9.4.3 Middle East and Africa Electric Arc Furnace Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Electric Arc Furnace Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Electric Arc Furnace Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Electric Arc Furnace Market
9.4.5.1.1 South Africa Electric Arc Furnace Market by Type
9.4.5.1.2 South Africa Electric Arc Furnace Market by Application
9.4.5.2 Saudi Arabia Electric Arc Furnace Market
9.4.5.2.1 Saudi Arabia Electric Arc Furnace Market by Type
9.4.5.2.2 Saudi Arabia Electric Arc Furnace Market by Application
9.4.5.3 U.A.E Electric Arc Furnace Market
9.4.5.3.1 U.A.E Electric Arc Furnace Market by Type
9.4.5.3.2 U.A.E Electric Arc Furnace Market by Application
9.4.5.4 Rest of Middle East and Africa Electric Arc Furnace Market
9.4.5.4.1 Rest of Middle East and Africa Electric Arc Furnace Market by Type
9.4.5.4.2 Rest of Middle East and Africa Electric Arc Furnace Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Electric Arc Furnace Market Overview
9.5.2 South and Central America Electric Arc Furnace Market Forecasts and Analysis
9.5.3 South and Central America Electric Arc Furnace Market Forecasts and Analysis - By Type
9.5.4 South and Central America Electric Arc Furnace Market Forecasts and Analysis - By Application
9.5.5 South and Central America Electric Arc Furnace Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Electric Arc Furnace Market
9.5.5.1.1 Brazil Electric Arc Furnace Market by Type
9.5.5.1.2 Brazil Electric Arc Furnace Market by Application
9.5.5.2 Argentina Electric Arc Furnace Market
9.5.5.2.1 Argentina Electric Arc Furnace Market by Type
9.5.5.2.2 Argentina Electric Arc Furnace Market by Application
9.5.5.3 Rest of South and Central America Electric Arc Furnace Market
9.5.5.3.1 Rest of South and Central America Electric Arc Furnace Market by Type
9.5.5.3.2 Rest of South and Central America Electric Arc Furnace Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. ELECTRIC ARC FURNACE MARKET, KEY COMPANY PROFILES
11.1. DANIELI AND C. OFFICINE MECCANICHE S.P.A.
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. DOSHI TECHNOLOGIES PVT. LTD
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. IHI CORPORATION
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. JP STEEL PLANTECH CO.
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. PRIMETALS TECHNOLOGIES (MITSUBISHI-HITACHI METALS MACHINERY, INC.)
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. SIEMENS AG
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. SMS GROUP GMBH
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. TENOVA S.P.A.
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. THE ELECTROTHERM GROUP, INC.
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. WUXI DONGXONG HEAVY ARC FURNACE CO., LTD.
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. Danieli and C. Officine Meccaniche S.p.A.
2. Doshi Technologies Pvt. Ltd
3. IHI Corporation
4. JP Steel Plantech Co.
5. Primetals Technologies (Mitsubishi-Hitachi Metals Machinery, Inc.)
6. Siemens AG
7. SMS group GmbH
8. Tenova S.p.A.
9. The Electrotherm Group, Inc.
10. Wuxi Dongxong Heavy Arc Furnace Co., Ltd.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Get Free Sample For