Executive Summary

The global electric arc furnace transformers market is projected to witness significant growth over the forecast period. The rising demand for steel production across the globe is expected to drive the market growth. The increasing focus on infrastructure development and industrialization in emerging economies is likely to propel the demand for electric arc furnace transformers. The market size is projected to reach USD 1.5 billion by 2026, up from USD 1.1 billion in 2020. The market is expected to grow at a CAGR of 5% during the forecast period of 2021-2026.

Important Note: The companies listed in the image above are for reference only. The final study will cover 18–20 key players in this market, and the list can be adjusted based on our client’s requirements.

Key Market Insights

• The global electric arc furnace transformers market is expected to grow at a CAGR of 5% during the forecast period of 2021-2026.
• The market size is projected to reach USD 1.5 billion by 2026, up from USD 1.1 billion in 2020.
• The rising demand for steel production across the globe is expected to drive the market growth.
• The increasing focus on infrastructure development and industrialization in emerging economies is likely to propel the demand for electric arc furnace transformers.

Market Analysis

The global electric arc furnace transformers market is expected to witness significant growth over the forecast period. The rising demand for steel production across the globe is expected to drive the market growth. The increasing focus on infrastructure development and industrialization in emerging economies is likely to propel the demand for electric arc furnace transformers.

The Asia-Pacific region is expected to dominate the global electric arc furnace transformers market during the forecast period. The region is witnessing significant growth in steel production, driven by the increasing demand from the construction and automotive industries. The rapid urbanization and infrastructure development in countries such as China and India are likely to fuel the demand for electric arc furnace transformers in the region.

The Middle East and Africa region is expected to witness significant growth in the electric arc furnace transformers market during the forecast period. The region is witnessing a surge in steel production, driven by the growing demand from the construction and oil and gas industries. The increasing investment in infrastructure development and industrialization in countries such as Saudi Arabia and UAE is likely to fuel the demand for electric arc furnace transformers in the region.

The North America region is expected to witness moderate growth in the electric arc furnace transformers market during the forecast period. The region is witnessing steady growth in steel production, driven by the increasing demand from the construction and automotive industries. The growing focus on renewable energy and the adoption of electric vehicles are likely to impactnthe demand for electric arc furnace transformers in the region.

Market Drivers

1. Growing demand for steel production The rising demand for steel production across the globe is expected to drive the market growth. Steel is a critical component in various industries, such as construction, automotive, and aerospace. The increasing urbanization and infrastructure development in emerging economies are likely to propel the demand for steel, which, in turn, is likely to fuel the demand for electric arc furnace transformers.
2. Increasing investment in infrastructure development The increasing focus on infrastructure development and industrialization in emerging economies is likely to propel the demand for electric arc furnace transformers. The governments in various countries are investing heavily in infrastructure development, such as roads, bridges, airports, and railways. This is likely to fuel the demand for steel, which, in turn, is likely to fuel the demand for electric arc furnace transformers.
3. Technological advancements The advancements in technology are likely to drive the market growth. The manufacturers are developing advanced electric arc furnace transformers that are more efficient, reliable, and durable. The use of digital technology and IoT-enabled devices is likely to improve the performance of electric arc furnace transformers.

Market Restraints

1. High initial cost The high initial cost of electric arc furnace transformers is likely to restrain the market growth. The manufacturing and installation of electric arc furnace transformers require significant investment, which is likely to deter small and medium-scale steel manufacturers from investing in them.
2. High maintenance cost The high maintenance cost of electric arc furnace transformers is likely to restrain the market growth. The transformers require regular maintenance to ensure their optimal performance. The maintenance cost can be significant, particularly for older transformers.

Market Opportunities

1. Increasing adoption of renewable energy The increasing adoption of renewable energy is likely to create significant opportunities for the electric arc furnace transformers market. The renewable energy sources, such as wind and solar, are intermittent, and the electric arc furnace transformers can be used to regulate the voltage and current to ensure their optimal performance.
2. Growing demand for electric vehicles The Growing demand for electric vehicles is likely to create significant opportunities for the electric arc furnace transformers market. The electric vehicles require significant amounts of steel, which, in turn, is likely to fuel the demand for electric arc furnace transformers.

Market Dynamics

The global electric arc furnace transformers market is highly competitive and fragmented. The market is dominated by a few large players, such as Siemens AG, ABB Ltd., and Schneider Electric SE. The manufacturers are focusing on developing advanced and efficient electric arc furnace transformers to remain competitive in the market.

The increasing demand for steel production is likely to fuel the demand for electric arc furnace transformers. The growing focus on infrastructure development and industrialization in emerging economies is likely to create significant opportunities for the market.

The market is also witnessing various mergers and acquisitions, collaborations, and partnerships among the key players to expand their market presence and increase their product offerings. The manufacturers are also investing heavily in research and development to develop advanced electric arc furnace transformers.

Regional Analysis

The Asia-Pacific region is expected to dominate the global electric arc furnace transformers market during the forecast period. The region is witnessing significant growth in steel production, driven by the increasing demand from the construction and automotive industries. The rapid urbanization and infrastructure development in countries such as China and India are likely to fuel the demand for electric arc furnace transformers in the region.

The Middle East and Africa region is expected to witness significant growth in the electric arc furnace transformers market during the forecast period. The region is witnessing a surge in steel production, driven by the growing demand from the construction and oil and gas industries. The increasing investment in infrastructure development and industrialization in countries such as Saudi Arabia and UAE is likely to fuel the demand for electric arc furnace transformers in the region.

The North America region is expected to witness moderate growth in the electric arc furnace transformers market during the forecast period. The region is witnessing steady growth in steel production, driven by the increasing demand from the construction and automotive industries. The growing focus on renewable energy and the adoption of electric vehicles are likely to impact the demand for electric arc furnace transformers in the region.

Europe is also expected to witness moderate growth in the electric arc furnace transformers market during the forecast period. The region is witnessing significant growth in steel production, driven by the increasing demand from the automotive and construction industries. The focus on reducing carbon emissions and the adoption of renewable energy sources are likely to create significant opportunities for the electric arc furnace transformers market in the region.

Competitive Landscape

Leading companies in the Global Electric Arc Furnace Transformers Market:

1. ABB Ltd.
2. Siemens AG
3. Schneider Electric SE
4. Toshiba Corporation
5. General Electric Company
6. Hitachi, Ltd.
7. Fuji Electric Co., Ltd.
8. Mitsubishi Electric Corporation
9. Hyundai Electric & Energy Systems Co., Ltd.
10. LSIS Co., Ltd.

Please note: This is a preliminary list; the final study will feature 18–20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.

Segmentation

The global electric arc furnace transformers market is segmented based on type, rating, and application.

By Type:

• Single-Phase
• Three-Phase

By Rating:

• Up to 5 MVA
• 5-15 MVA
• Above 15 MVA

By Application:

• Steel Industry
• Non-Ferrous Metals Industry

Category-wise Insights

By Type: The three-phase electric arc furnace transformers segment is expected to dominate the market during the forecast period. The segment is witnessing significant demand from the steel and non-ferrous metals industries. The three-phase electric arc furnace transformers are more efficient and reliable than single-phase transformers.

By Rating: The above 15 MVA rating segment is expected to dominate the market during the forecast period. The segment is witnessing significant demand from the steel industry. The high-rating transformers are required for large-scale steel production.

By Application: The steel industry segment is expected to dominate the market during the forecast period. The segment is witnessing significant demand from emerging economies such as China and India. The increasing demand for steel from the construction and automotive industries is likely to fuel the demand for electric arc furnace transformers in the segment.

Key Benefits for Industry Participants and Stakeholders

1. To gain a comprehensive understanding of the global electric arc furnace transformers market and its dynamics.
2. To identify the market drivers, restraints, and opportunities.
3. To analyze and forecast the market size, in terms of value and volume.
4. To identify and analyze the key trends in the market.
5. To identify and analyze the key players and their strategies.
6. To understand the impact of COVID-19 on the market.
7. To identify and analyze the key industry developments.
8. To identify the SWOT analysis of the market.
9. To provide valuable insights to the industry participants and stakeholders.

SWOT Analysis

Strengths:

1. Growing demand for steel production
2. Increasing investment in infrastructure development
3. Technological advancements

Weaknesses:

1. High initial cost
2. High maintenance cost

Opportunities:

1. Increasing adoption of renewable energy
2. Growing demand for electric vehicles

Threats:

1. Intense competition
2. Fluctuating raw material prices

Market Key Trends

1. Technological advancements
2. Increasing adoption of renewable energy
3. Growing demand for electric vehicles

Covid-19 Impact

The COVID-19 pandemic has had a significant impact on the global electric arc furnace transformers market. The pandemic has resulted in a decline in the demand for steel production, as various industries were forced to shut down or reduce their operations due to the lockdown measures. The disruptions in the supply chain and the shortage of labor and raw materials have also impacted the market growth.

However, with the relaxation of lockdown measures and the resumption of industrial activities, the demand for steel production is gradually recovering. The governments in various countries are also implementing stimulus packages to revive the economy, which is likely to fuel the demand for infrastructure development and industrialization.

The manufacturers are also focusing on developing advanced and efficient electric arc furnace transformers to cater to the changing market demand. The adoption of digital technology and IoT-enabled devices is likely to improve the performance and efficiency of electric arc furnace transformers.

Key Industry Developments

1. In June 2020, ABB Ltd. introduced a new range of electric arc furnace transformers with a rating of up to 140 MVA. The transformers are designed to improve energy efficiency and reduce carbon emissions.
2. In August 2020, Siemens AG developed a new digital solution for electric arc furnace transformers. The solution is designed to improve the reliability and efficiency of the transformers.
3. In September 2020, Schneider Electric SE announced the acquisition of ProLeiT AG, a leading provider of industrial automation solutions. The acquisition is likely to expand Schneider Electric’s market presence and increase its product offerings.

Analyst Suggestions

The analysts suggest that the manufacturers should focus on developing advanced and efficient electric arc furnace transformers to cater to the changing market demand. The use of digital technology and IoT-enabled devices is likely to improve the performance and efficiency of electric arc furnace transformers.

The manufacturers should also focus on reducing the initial and maintenance costs of electric arc furnace transformers to make them more affordable and accessible to small and medium-scale steel manufacturers.

Future Outlook

The global electric arc furnace transformers market is expected to witness significant growth over the forecast period. The rising demand for steel production, increasing investment in infrastructure development, and technological advancements are likely to drive the market growth.

The market is also likely to witness various mergers and acquisitions, collaborations, and partnerships among the key players to expand their market presence and increase their product offerings. The manufacturers are also likely to invest heavily in research and development to develop advanced electric arc furnace transformers.

Conclusion

The global electric arc furnace transformers market is expected to witness significant growth over the forecast period, driven by the rising demand for steel production and increasing investment in infrastructure development. The manufacturers are focusing on developing advanced and efficient electric arc furnace transformers to cater to the changing market demand.

The market is highly competitive and fragmented, dominated by a few large players such as Siemens AG, ABB Ltd., and Schneider Electric SE. The manufacturers are also likely to invest heavily in research and development to develop advanced electric arc furnace transformers.