Electric Furnace Transformer Market Size, Share, Growth, And Industry Analysis By Type (Less than 30 MVA, 30-80 MVA and More than 80 MVA) By Application (Steelmaking Ferroalloy Production and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Electric Furnace Transformer Market Report Overview

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The global electric furnace transformer market size is anticipated to be USD 886 million in 2022 and is projected to touch USD 1315.75 million by 2031, exhibiting a CAGR of 4.0% during the forecast period.

Electric transformer helps in the controlling of the voltage and for decades it has been utilized in the industrial process to meet the current supply needs. It is especially operated in the high electric load situation. Technological improvements and modern designs have made it more efficient.

Industrialization is taking over all the nations and the government is compelled to rebuild its infrastructure. The metallurgical industry has regained market status as the construction work continues to amplify in the present times. Moreover, food technology has been revamped and makes use of the latest technology to deliver the best results. The automobile sector has also contributed to the development of the electric furnace transformer market share.

COVID-19 Impact: Frequent Lockdowns to Hamper the Market Demand

The global COVID-19 pandemic has been unprecedented and staggering, with the electric furnace transformer market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

COVID-19 affected the world and people went through one of the most critical times socially and economically. The sudden onset of the pandemic affected the industries at large. As there was a global lockdown imposed, production was affected as the manufacturing units were shut down and the availability of skilled professionals also became a challenge. The steel industry witnessed a slowdown in market demands as the was affected and consumer behavior changed over the pandemic times. Amidst all these, the Russian- Ukraine also impacted the market dynamics. The availability and import of raw materials were influenced by the ongoing war. The energy sector witnessed constraints as the supply was affected by global tension. However, as the world is restoring to a post-pandemic world, the market is anticipated to see healthy growth in the forecasted year.

LATEST TRENDS

"Research and Development to Boost the Market Demand"

The key players are deliberately focusing on research and developments to improve the efficiency of the products. As the compulsion for energy conservation and sustainable industrial process are in great force, the product designs and manufacturing process are being experimented with to deliver the best quality result at the same time eco-friendly. Digital transformation is set to bring a massive change in the electric furnace transformer market in the forecasted year.  

Electric Furnace Transformer Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into less than 30 MVA, 30-80 MVA and more than 80 MVA.  Less than 30 MVA is expected to lead this segment in the forecasted year.

• By Application Analysis

Based on application, the market can be divided into steelmaking, ferroalloy production and others. The steelmaking segment is anticipated to lead this segment.

DRIVING FACTORS

"Increased Demand in the Metallurgical Industry to Accelerate the Product Sale"

The steel market is expected to witness healthy growth in the upcoming years. The growth of the industry is backed by favourable consumer habits and a surge in the application of steel across industries. The emerging economies of the Asia-pacific have observed a strong demand from the domestic market. The rise in living standards and disposable income has changed consumer-spending habits. Moreover, globalization has compelled governments to invest in the building of infrastructure. The consistent construction work has propelled the demand for steel production. The high-scale production and establishment of manufacturing units are boosting the adaptation of electric furnace transformers.

Electric furnace transformer is favored in the process of steel making due to their unique properties. It possesses the ability to melt steel without any interference in the chemical and electric properties. The technological advancement is yet another market driver and the improved opportunities from the ferrous and non-ferrous metal industry are anticipated to intensify the electric furnace transformer market growth. 

"Increasing Application Across Industries to Propel the Electric Furnace Transformer Market Demand"

The technological and quality product design of the electric furnace transformer has grabbed the attention of major industries. The privilege of customization of transformers that are precisely adapted to thermal, mechanical and dielectric constraints. Quality production and designs are favoured across industries such as energy, automobiles and other industrial processes. The electric furnace transformer has the potential to in food processing industries, chemicals and laboratories. The gradual implementation of electric furnace transformers in the high-growth industry is driving the sale of the product.  The ongoing industrialization phase will indulge in the growth of the electric furnace market size in the forthcoming years.

RESTRAINING FACTORS

"High Installation Cost to Hamper the Market Growth"

The rising competition in the market from other alternatives product accompanied by the high installation cost is dampening the market demands. In addition to these, the fluctuating price of the raw materials is another challenging issue for the electric furnace market.  In recent times, the ongoing Russian-Ukraine war has affected the steel industry to an extent. The slowdown of the end-user market might impose difficulties in market expansion.

Electric Furnace Transformer Market Regional Insights

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"Asia Pacific to Dominate the Market due to the Advancement in Metallurgical Industry. "

The Asia Pacific has shown considerable market potential as the economies are developing rapidly accompanied by the implementation of fast technology and globalization. The past decade has raised the living standard of the people as their income continues to grow steadily. As the lifestyle improved, consumer behavior changed. People are more likely to spend millions to possess the best quality things, the metallurgical sector saw healthy growth as the demand for infrastructure and self-dependence of the nations are prioritized.

China is leading the region predominantly due to large-scale investments; the establishment of the high-tech production unit, market demands, availability of skilled people, and the presence of key players have boosted the electric furnace transformer market growth in this region.

"Market Players Focus on New Product Launches to Strengthen Market Position"

Prominent market players are making collaborative efforts by collaborating with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Siemens (Germany)
• Sanding (China)
• ABB (Sweden)
• GE(U.S.)
• China XD Electric (China)
• Tamini (Italy)
• Uralelectrotyazhmash (Russia)
• TEBA (Germany)
• Electrotherm (India)
• Shenda (China)
• Kitashiba Electric (Japan)
• Hyundai (South Korea)
• Liuzhou Special Transformers (China)
• Voltamp Transformers Ltd (India)
• Yixing Xingyi (China)
• Hammond Power Solutions Pvt. Ltd (Canada)
• JiangSu XinTeBian (China)
• Fuji Tusco Co., Ltd (China)

REPORT COVERAGE

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.