PUBLISHER: Grand View Research | PRODUCT CODE: 1842309
PUBLISHER: Grand View Research | PRODUCT CODE: 1842309
The global electric arc furnace market size was estimated at USD 3,616.8 million in 2024 and is projected to reach USD 5,726.0 million by 2033, growing at a CAGR of 5.4% from 2025 to 2033. Rising demand for steel in the construction, automotive, and manufacturing industries is a key driver for the market growth.
Increasing focus on sustainable steel production and recycling of scrap metal has further boosted the adoption of electric arc furnace technology. Advancements in automation, digital monitoring, and energy-efficient furnace designs are enhancing operational performance and reducing production costs.
With governments and industries emphasizing decarbonization, electric arc furnaces are gaining preference over traditional blast furnaces due to their ability to utilize renewable electricity and recycled scrap as feedstock. This not only lowers greenhouse gas emissions but also aligns with circular economy initiatives, making electric arc furnaces a vital solution for sustainable steel production in the coming years.
Global Electric Arc Furnace Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Grand View Research has segmented the global electric arc furnace market report based on furnace type,technology, application, capacity, and region.