Electrical Steel Market Conditions: Present and Future Trends 2024 - 2031 | NLMK, Voestalpine AG, POSCO, Nippon Steel & Sumitomo Metal Corporation

Market Overview:

Electrical steel market was valued at US$ 35.7 Billion in 2022 in terms of revenue, exhibiting a CAGR of 6.9% during the forecast period (2022 to 2030).

Market Dynamics:

Growing investments in revamping aging power infrastructure across developed regions is expected to drive the demand for electrical steel over the forecast period. According to the World Energy Outlook by the International Energy Agency, global investments in transmission and distribution infrastructure are expected to reach over $1.6 trillion by 2030. Additionally, rising demand for compact power equipment from end-use industries such as automotive and electronics is further expected to support market growth. Expanding renewable energy sector is another key factor fueling the need for efficient power transmission systems and electrical equipment utilizing electrical steel.

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Electrical Steel Market Drivers:

Growth in the Automotive Industry is Driving the Demand for Electrical Steel

The global automotive industry has been experiencing steady growth over the past few years and is projected to grow at an even higher rate during the forecast period. Electrical steel is widely used in automobile manufacturing for various applications such as motors, transformers, transmission components, and others. With the increasing production of cars worldwide, the demand for electrical steel is increasing steadily. Moreover, the rising adoption of electric and hybrid vehicles will further propel the consumption of electrical steel in the coming years.

Electrical Steel Market Opportunity:

Rising Deployment of Renewable Energy Sources Offers Lucrative Prospects

To mitigate climate change impacts, countries worldwide are taking measures to transition to greener power through an increase in renewable energy capacity from solar, wind, hydropower, and others. This shift is expected to drive electrical steel demand significantly over the coming decade. Electrical steel finds widespread usage in transformer cores, inverters, and other equipment essential for renewable energy generation, transmission, and distribution infrastructure. The growing emphasis on clean energy adoption to achieve Net-Zero targets, therefore, presents promising opportunities for players in the electrical steel market.

Electrical Steel Market Trends:

Increasing Adoption of Advanced Grain-Oriented Electrical Steel Grades

Manufacturers are coming up with advanced grain-oriented (GO) electrical steel grades with improved magnetic properties to enhance the performance and efficiency of transformers, motors, and other magnetic devices. High permeability and lower core losses characteristics of advanced GO electrical steel enable equipment designers to build compact and lightweight apparatus. Leading vendors focus on developing new alloying formulations, innovative coating technologies, and customized production processes to manufacture superior grades of grain-oriented electrical steel. The rising adoption of these premium steel varieties among OEMs defines a prominent trend in the industry.

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Top Companies Included in This Report:

• NLMK
• Voestalpine AG
• POSCO
• Nippon Steel & Sumitomo Metal Corporation
• Thyssenkrupp AG
• JFE Steel Corporation
• ArcelorMittal
• Cogent Power Limited
• Aperam
• Baosteel Group Corporation
• AK Steel Corporation
• ATI
• Schneider Electric
• Nicore Electrical Manufactory Co.
• Ltd

Market Segmentation:

Based on Product Type:

• By Type: Grain-oriented(Hi-Permeability (HiB), Conventional GOES,Laser magnetic domain refinement (LMDR)) Non-grain oriented(Fully Processed,Semi Processed)

Based on Applications:

• By Application : Transformer(Distribution,Transmission,Portable) Motors(1hp - 100hp, 101hp - 200hp, 201hp - 500hp, 501hp-1000hp, Above 1001hp) Inductors

Key Regions/Countries Classified as Follows:

» North America (U.S., Canada, Mexico)

» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)

» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)

» South America (Brazil, Argentina, Rest of SA)

» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

Latest Trends in the Navigation Electrical Steel Market:

💡 Surging Demand: Witness a rising demand for navigation Electrical Steel owing to the escalating usage of GPS-enabled devices and the imperative for precise, up-to-date mapping data.

💡 Innovations in Technology: Witness the emergence of novel technologies aimed at enhancing the precision and dependability of navigation Electrical Steel, encompassing real-time traffic updates, 3D mapping, and augmented reality.

💡 Tailored Solutions for Diverse Industries: Companies are tailoring navigation Electrical Steel solutions to cater to the distinct requirements of various sectors such as automotive, aviation, and maritime.

💡 Fusion with Emerging Technologies: Observe the integration of navigation Electrical Steel with cutting-edge technologies like artificial intelligence and the Internet of Things, facilitating the provision of advanced functionalities.

💡 Rise of Mobile Applications: Experience the proliferation of navigation Electrical Steel in the form of mobile applications, offering enhanced convenience and accessibility to users.

💡 Emphasis on Environmental Sustainability: Witness the development of navigation Electrical Steel systems that consider environmental factors such as traffic congestion and air quality, fostering the provision of sustainable transportation alternatives.

Frequently Asked Questions (FAQs) for Global Navigation Electrical Steel Market Research:

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What is the current size of the Navigation Electrical Steel Market?

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Author Bio:

Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups.

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