May 17, 2023 16:30 ET | Source: Transparency Market Research Transparency Market Research
Wilmington, Delaware, United States, May 18, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The Global Electric Arc Furnaces Market stood at US$ 800.0 million in 2022 and the global market is projected to reach US$ 1.3 billion by 2031. The global industry is anticipated to expand at a CAGR of 5.7% between 2023 and 2031. Submerged Electric Arc Furnace
The market value of electric arc furnaces is increasing, owing to the growing demand for steel. The steel industry is witnessing a surge in demand, driven by factors such as infrastructure development, urbanization, and industrialization. Electric arc furnaces play a crucial role in steel production by melting scrap metal and transforming it into high-quality steel. The increasing demand for steel globally is expected to fuel the growth of the electric arc furnaces market.
The advantages of electric arc furnaces are another significant factor contributing to the market growth. Electric arc furnaces offer several advantages over traditional steelmaking processes, such as oxygen-based converters. The advantages include flexibility in raw material selection, lower energy consumption, reduced greenhouse gas emissions, and the ability to produce specialty steels. These factors make electric arc furnaces an attractive choice for steel manufacturers, contributing to market growth.
The market prospects have been driven by factors such as environmental regulations and sustainability. Governments and regulatory bodies are implementing stricter regulations on industries, including steelmaking, with growing concerns about climate change and environmental impact.
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Electric arc furnaces are considered more environmentally friendly compared to conventional steelmaking methods. They emit fewer pollutants and greenhouse gases, leading to a reduced environmental footprint. The focus on sustainability and compliance with environmental regulations is expected to drive the adoption of electric arc furnaces, thereby boosting market growth.
Key Findings of the Market Report
Global Electric Arc Furnaces Market: Growth Drivers
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Global Electric Arc Furnaces Market: Regional Landscape
Global Electric Arc Furnaces Market: Key Players
Some of the key market players in the global Electric Arc Furnaces market are:
Prominent players in the electric arc furnaces industry are taking advantage of the rapidly increasing demand for electric arc furnaces. To further their outreach, players are relying on collaborations, partnerships, and acquisitions with existing small, medium, and large-scale providers. Some prominent market developments are as follows:
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Global Electric Arc Furnaces Market: Segmentation
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