Global Electrical Steel Market to Witness Robust Growth, Driven by Rising Demand for Energy-Efficient Electrical Equipment and Renewable Energy Sources

Global Electrical Steel Market to Witness Robust Growth, Driven by Rising Demand for Energy-Efficient Electrical Equipment and Renewable Energy Sources

The global Electrical Steel Market is poised for substantial growth in the upcoming years, propelled by the increasing need for energy-efficient electrical equipment, expanding power generation infrastructure, and the growing adoption of renewable energy sources. Electrical steel, a specialized type of steel designed for use in electrical equipment such as transformers and motors, plays a crucial role in enhancing energy efficiency and reducing losses in power transmission and distribution.

As per insights from SNS Insider, the Electrical Steel Market achieved a valuation of USD 28.94 billion in 2022. Projections suggest a significant expansion, with an anticipated value of USD 45.09 billion by 2030. This growth trajectory is set to maintain a steady Compound Annual Growth Rate (CAGR) of 5.7% during the forecast period spanning from 2023 to 2030.

Some of the major players in the Electrical Steel Market are:

·        ArcelorMittal

·        Cleveland-Cliffs Corporation

·        Nippon Steel Corporation

·        Baosteel Group Hu

·        Voestalpine AG

·        JFE Holdings Inc

·        Tata Steel

·        POSCO

·        Slovenian Steel Group

·        ThyssenKrupp AG.

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Advancing Energy Efficiency and Power Infrastructure

As the world strives to reduce energy consumption and minimize environmental impact, the demand for electrical steel is surging. Electrical steel, also known as silicon steel or lamination steel, is characterized by its unique magnetic properties that help reduce energy losses through hysteresis and eddy current losses in electrical devices.

Key Market Drivers

Energy Transition and Renewable Energy Adoption: The increasing integration of renewable energy sources, such as wind and solar, into the power grid necessitates the use of high-quality electrical steel to optimize energy conversion and distribution processes.

Energy-Efficient Transformers and Motors: Electrical steel is a critical component in the manufacturing of energy-efficient transformers and motors, enabling lower energy losses and improved performance.

Urbanization and Power Demand: Rapid urbanization, industrialization, and growing power demand are driving investments in power infrastructure, including substations and distribution networks that require electrical steel components.

Automotive Electrification: The rise of electric vehicles (EVs) and hybrid vehicles is increasing the demand for electrical steel in traction motors and other EV components.

Segmentation

The electrical steel market is segmented based on type, application, end-use industry, and region. Types of electrical steel include grain-oriented and non-grain-oriented variants, each suited for specific applications. Applications range from power generation, transmission, and distribution equipment to electric motors, automotive components, and household appliances.

Market segmentation

By Type

·        Transmission Poles

·        Distribution Pole

By Material

·        Wood

·        Composites

·        Concrete

·        Steel

By Pole Size

·        Below 40ft

·        Between 40 & 70ft

·        Above 70ft

By Application

·        Telecommunication

·        Energy Transmission & Distribution

·        Sub-Transmission Lines

·        Heavy Power Lines

·        Street Lighting

·        Others

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Regional Outlook

Geographically, Asia-Pacific is anticipated to be a prominent market for electrical steel due to rapid industrialization, urbanization, and substantial investments in power infrastructure across countries like China and India. North America and Europe are also expected to contribute significantly to the market growth due to ongoing energy efficiency initiatives and advancements in automotive electrification.

Technological Advancements and Innovation

The electrical steel industry is witnessing technological advancements aimed at improving the magnetic properties, energy efficiency, and performance of electrical steel materials. Manufacturers are investing in research and development to introduce innovative alloys and manufacturing processes that cater to the evolving needs of the market.

Sustainability and Environmental Responsibility

With the global focus on sustainability and reducing carbon footprints, manufacturers are increasingly adopting environmentally responsible practices in the production and recycling of electrical steel, contributing to a more sustainable energy ecosystem.

Conclusion

The global electrical steel market is on the cusp of significant growth as the world emphasizes energy efficiency, renewable energy adoption, and sustainable power infrastructure. Electrical steel's role in enhancing energy performance, reducing losses, and supporting crucial technological advancements positions it as a key enabler of the ongoing energy transition and electrification efforts.

Table of Contents

1.     Introduction

2.     Research Methodology

3.     Market Dynamics

4.     Impact Analysis

4.1. COVID-19 Impact Analysis

4.2. Impact of Ukraine- Russia war

4.3. Impact of Ongoing Recession on Major Economies

5.     Value Chain Analysis

6.     Porter’s 5 forces model

7.     PEST Analysis

8.     Electrical Steel Market Segmentation, By Type

9.     Electrical Steel Market Segmentation, By Application

10. Regional Analysis

11. Company Profile

12. Competitive Landscape

13. USE Cases and Best Practices

14. Conclusion

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