What is Global Transformers for Electric Furnaces Market?
The Global Transformers for Electric Furnaces Market is a comprehensive study of the worldwide market trends and growth prospects. This market is primarily driven by the increasing demand for energy-efficient electric furnaces in various industries. Transformers for electric furnaces are crucial components that convert high voltage power to lower voltage levels suitable for furnace operations. These transformers are designed to withstand extreme heat and electrical stresses that occur during the furnace operation. The global market for these transformers is expected to grow significantly due to the increasing adoption of electric furnaces in various industries for heat treatment processes.
AC Electric Furnace Transformers, DC Electric Furnace Transformers in the Global Transformers for Electric Furnaces Market:
The Global Transformers for Electric Furnaces Market is segmented into AC Electric Furnace Transformers and DC Electric Furnace Transformers. AC transformers are widely used in electric arc furnaces to convert high voltage AC power to low voltage AC power. These transformers are designed to handle high currents and voltages, making them ideal for heavy-duty applications. On the other hand, DC transformers are used in electric induction furnaces where precise temperature control is required. These transformers convert high voltage DC power to low voltage DC power, providing stable and efficient power supply for the furnace operations. The choice between AC and DC transformers depends on the specific requirements of the furnace operation.
Chemicals, Power generation, Oil & gas, Others in the Global Transformers for Electric Furnaces Market:
The Global Transformers for Electric Furnaces Market finds extensive usage in various sectors such as Chemicals, Power generation, Oil & gas, and others. In the chemical industry, electric furnaces are used for various heat treatment processes such as hardening, tempering, and annealing. Transformers for these furnaces ensure efficient and safe power supply. In the power generation sector, electric furnaces are used for coal gasification and other heat generation processes. Transformers for these furnaces are designed to handle high power loads and extreme temperatures. In the oil & gas industry, electric furnaces are used for various processes such as cracking and reforming. Transformers for these furnaces are designed to withstand the harsh operating conditions in these industries.
Global Transformers for Electric Furnaces Market Outlook:
The Global Transformers for Electric Furnaces Market has shown promising growth in recent years. In 2023, the market was valued at US$ 886 million and it is projected to reach US$ 1172.6 million by 2030. This represents a compound annual growth rate (CAGR) of 4.0% during the forecast period from 2024 to 2030. The Asia-Pacific region has been a major contributor to this growth, accounting for about 54% of the total sales market share in 2019. This growth can be attributed to the increasing industrialization and adoption of energy-efficient electric furnaces in this region.
| Report Metric | Details |
| Report Name | Transformers for Electric Furnaces Market |
| Accounted market size in 2023 | US$ 886 million |
| Forecasted market size in 2030 | US$ 1172.6 million |
| CAGR | 4.0% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | ABB, Siemens, General Electric, Toshiba, CG, Raychem RPG Private Limited, Tamini Trasformatori S.r.l., Green Power Co., Ltd. |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
