The electric-furnace transformer market is subjected to witness a substantial growth due to the rising energy demands of ever-growing population and rapid industrialization the Asia Pacific region. The recent technological advancements in the power & energy generation sector are expected to drive the growth of the market over the forecast period. Globally, electric-furnace transformer market is predicted to generate massive revenue over the forecast period, providing numerous opportunities for industry participants to invest in research and development of electric-furnace transformers.
The electric furnace transformers are used during maintenance of circuits and machines to balance distributed electricity. The electric furnace transformer are primarily adopted for limiting the voltage fluctuation by processing the breakdown of certain electrical equipment.
The electric-furnace transformer uses shared electromagnetic introduction, thereby altering the voltage and producing electric current that runs over the entire main coil or circuit. This electric current induces a strong magnetic field around the coil. The electric-furnace transformer is likely to act as an energy converter, thus driving power from higher to lower voltage. These factors are expected to foster the growth of electric-furnace transformer market over the forecast period.
Based on the product type, the market is segregated into three types such as resistance furnace transformer, electric arc furnace transformer and induction furnace transformer. Electric arc furnace transformer is gaining traction among smelt and heat treatment industries.
The electric furnace transformer market is broadly categorized into three major segments based on the end-use application type such as ladle furnace, steel furnace and Ferro-alloy furnace. Ladle furnace segment is growing rapidly in the market with substantial revenue generation in the last few years. Growing popularity of electric-furnace transformer in ladle furnace segment is attributed to the rising product penetration in the global market and availability of low cost solutions.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in the recent years owing to the rise in implementation of latest technologies in manufacturing sector, surge in number of research & development activities and existence of well-established industrial infrastructure in the region. In European region, Germany, France, and United Kingdom are projected to witness steady growth over the coming years.
Asia-Pacific region is estimated to hold a major share in the electric furnace transformer market with massive growth in the forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with strong economic growth, rapid industrialization, increasing manufacturing activities and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the electric-furnace transformer market are ABB Group, Siemens AG, General Electric Co., Toshiba Corp., Areva S.A., XD Jinan Transformer Co., Ltd., TEBA Ltd., TWB Company, L.L.C., and Sunten Electric Equipment Co., Ltd.