MarketResearch.biz announces the publication of its most recently generated research report titled, “Global EAF Automation and Optimization Services Market by Type (Electric & Automation Solution, Erection & Commissioning, Process Optimization, Manufacturing Execution Systems, Other Types), By Application (Stainless Steels, Electrical Steels, and Tool Steels), and Region – Global Forecast to 2020 and 2030.”, which offers a holistic view of the Global EAF Automation and Optimization Services Market through systematic segmentation that covers every aspect of the target market. The first five-year cumulative revenue (2021–2025) is projected to be over US$ 39.0 Bn, which is estimated to increase moderately over the latter part of the five-year forecast period.
An electric arc furnace (EAF) is a furnace that uses an electric arc to heat charged materials. Electric arc furnaces are used primarily to manufacture crude steel. EAF recycles a mixture of scrap steel and scraps iron to produce new steel products. In the past few years, the electric furnace steelmaking industry has made remarkable achievements in providing equipment to furnace workers, which reduces the risk of hard manual labor and exposure to harsh environments.
Global EAF Automation and Optimization Services Market: Market Dynamics
The electric arc furnace’s automation and optimization services allow certain additional functions and technologies to be added, thereby reducing the time and work required to make changes or overhauls to the entire system. These solutions can be easily installed into existing automation environments, and the flexibility of automation services is expected to drive market growth.
From concept to product development, the cost of investment and the entire process is high. If the designed product does not produce the expected benefits, it is a major drawback for the market, and it will hinder its development to a certain extent. Company employees need to conduct extensive training on the use and processing of the software according to the end user’s automation level. Handling the functions of the software can also be challenging. This is expected to inhibit market development.
Key strategies such as new feature releases, partnerships, and agreements, acquisitions, and expansions are another factor that is expected to drive the growth of the target market in the next few years. In addition, well-known and local players operating in the market will promote the target market’s growth.
Global EAF Automation and Optimization Services Market: Market Forecast
The comprehensive research report comprises a complete forecast of the Global EAF Automation and Optimization Services Market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the Global EAF Automation and Optimization Services Market is estimated to expand at a moderate CAGR of 6.3% during the forecast period.
Global EAF Automation and Optimization Services Market: Segmental Snapshot
The market report has been segmented based on component type, application, and region. The type segment includes emulsifiers, leavening agents, enzymes, baking powder & mixes, oils, fats & shortenings, starch, and colors & flavors. The application segment includes biscuits & cookies, cakes & pastries, coating batters, and others. The region covered in the analysis is North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
By type: The Electric & Automation Solution segment is expected to register a CAGR of over 7.4%, thereby accounting for the highest revenue share among the type segments.
By application: The Stainless Steels segment is expected to register a CAGR of over 7.0% over the forecast period, thereby accounting for the highest revenue share among the application segments.
By region: The market in Asia-Pacific accounted for the highest revenue share in the Global EAF Automation and Optimization Services Market in 2020 and is estimated to register a CAGR of over 6.3% between 2020 and 2030.
Global EAF Automation and Optimization Services Market: Competitive Analysis
The research report on the Global EAF Automation and Optimization Services Market includes profiles of major companies such as Mitsubishi Heavy Industries, Ltd., Techint (Tenova), Danieli & C. Officine Meccaniche SpA, Ami Automation, SMS Group Gmbh, INTECO melting and casting technologies GmbH, Premier System Integrators Inc, GHI Smart Furnaces, Badische Stahl-engineering Gmbh, Grupo Sarralle.
The Global EAF Automation and Optimization Services Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2021–2025 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the Global EAF Automation and Optimization Services Market for 2018–2028.
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