SAN FRANCISCO, Nov. 13, 2019 /PRNewswire/ -- The global
electrical steel market size is anticipated to reach
USD 40.57 billion by
2025,expanding at a CAGR of 7.2% over the forecast
period, according to a new report by Grand View Research, Inc. The
market is majorly driven by the growing demand for transformers in
the energy industry on account of high requirement of electricity
in the industrial and commercial sector across the globe.
Increasing usage of electrical appliances in the residential and
commercial sectors is expected to further propel the demand for
transformers, thus, complimenting industry growth.
Key suggestions from the report:
- Grain oriented electrical steel is anticipated to register a
CAGR of 7.9% in terms of revenue over the forecast period, owing to
growing demand from transformer cores. Increasing implementation of
energy infrastructure in emerging economies is expected to propel
transformer market demand over the forecast period.
- Motors segment is expected to witness a CAGR of 6.0% in terms
of volume owing to rapid growth in electric vehicles. Increasing
awareness regarding benefits of EV's and HEV's on a global level
coupled with stringent emission standards being adopted by various
regulatory bodies is expected to result in high demand for
motors.
- Asia Pacific was the largest
segment in 2018 accounting for a volume share of 40.2% in the
electrical steel market owing to growing demand from the
manufacturing industry. Government initiatives such as "Make in
India" are expected to fuel market
growth.
- In April 2018, ThyssenKrupp
announced to manufacture cold-rolled grain oriented electrical
steel at its plant in Nashik, India. The new addition in the product
portfolio rises the production capacity to 35,000 tons annually.
This was aimed to meet the growing demand for the product in the
Indian market.
Read 80 page research report with ToC on "Electrical Steel
Market Size, Share & Trends Analysis Report By Product (Grain
Oriented, Non-Grain Oriented), By Application (Transformers), By
Region, And Segment Forecasts, 2019 - 2025" at:
https://www.grandviewresearch.com/industry-analysis/electrical-steel-market
The demand for transformers is likely to increase owing to the
increase in utilization of energy sources due to rising consumption
of electricity and other new projects such as electric vehicle
charging stations. Electrical steel is used to construct
transformer cores owing to its properties such as electrical
resistivity, strength, and hardness.
Favorable regulatory policies play a major role in the market
growth. Regulatory bodies across the globe are largely focusing on
augmenting energy efficiency and reducing losses in transformers.
Increasing focus on energy conservation and reduction in carbon
dioxide emission is anticipated to boost the product demand over
the coming years.
Asia Pacific was the largest
segment in terms of volume followed by Europe and North
America in 2018. According to the International Energy
Agency, Asia Pacific is the
largest consumer of electricity and is expected to consume 46% of
the world's energy by 2040. This is likely to fuel the demand for
transformers, which in turn is expected to augment the market
growth in the region over the coming years.
Market players are adopting strategies such as mergers &
acquisitions and capacity expansions in order to increase their
market share and to strengthen their presence. In September 2019, JFE Shoji Trade Corporation
acquired Cogent Power Inc., a transformer core manufacturer in
Canada. With the acquisition, JFE
Shoji Trade Corporation is likely to enhance the product portfolio
and the geographical presence.
Grand View Research has segmented the global electrical steel
market report on the basis of product, application, and
region:
- Product Outlook (Volume, Kilotons; Revenue, USD Million; 2014 -
2025)
-
- Grain oriented
- Non-grain oriented
- Application Outlook (Volume, Kilotons; Revenue, USD Million;
2014 - 2025)
-
- Transformers
- Motors
- Inductors
- Other applications
- Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2014
- 2025)
-
- North America
-
- Europe
-
- Asia Pacific
-
- Central & South
America
-
- Middle East & Africa
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About Grand View Research:
Grand View Research, U.S.-based market research and consulting
company, provides syndicated as well as customized research reports
and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425
analysts and consultants, adding more than 1200 market research
reports to its vast database each year. These reports offer
in-depth analysis on 46 industries across 25 major countries
worldwide. With the help of an interactive market intelligence
platform, Grand View Research helps Fortune 500 companies and
renowned academic institutes understand the global and regional
business environment and gauge the opportunities that lie
ahead.
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